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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 11.7x - 12.9x | 12.3x |
| Selected Fwd P/E Multiple | 9.0x - 10.0x | 9.5x |
| Fair Value | €282.39 - €312.12 | €297.26 |
| Upside | -20.4% - -12.0% | -16.2% |
| Benchmarks | - | Full Ticker |
| Hannover Rück SE | - | XTRA:HNR1 |
| Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München | - | XTRA:MUV2 |
| Talanx AG | - | XTRA:TLX |
| Assicurazioni Generali S.p.A. | - | XTRA:ASG |
| Unipol Assicurazioni S.p.A. | - | DB:UIPN |
| Allianz SE | - | XTRA:ALVG |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| HNR1 | MUV2 | TLX | ASG | UIPN | ALVG | |||
| XTRA:HNR1 | XTRA:MUV2 | XTRA:TLX | XTRA:ASG | DB:UIPN | XTRA:ALVG | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 12.6% | 15.9% | 16.5% | 11.3% | 3.1% | 4.3% | ||
| 3Y CAGR | 23.7% | 24.7% | 25.1% | 9.7% | 18.7% | 14.3% | ||
| Latest Twelve Months | 27.6% | 23.4% | 25.0% | 2.5% | -4.7% | 16.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 5.5% | 6.4% | 4.8% | 4.7% | 7.7% | 7.4% | ||
| Prior Fiscal Year | 7.1% | 8.0% | 4.1% | 7.3% | 9.6% | 8.4% | ||
| Latest Fiscal Year | 8.8% | 9.3% | 4.8% | 6.8% | 9.5% | 9.1% | ||
| Latest Twelve Months | 8.8% | 9.3% | 4.8% | 6.8% | 9.5% | 9.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.4x | NA | 7.9x | 10.3x | 4.8x | 8.9x | ||
| Price / LTM Sales | 1.3x | 1.3x | 0.6x | 0.9x | 1.0x | 1.3x | ||
| LTM P/E Ratio | 14.5x | 13.9x | 12.7x | 12.6x | 10.1x | 13.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 10.1x | 12.7x | 14.5x | |||||
| Historical LTM P/E Ratio | 9.7x | 12.1x | 18.4x | |||||
| Selected P/E Multiple | 11.7x | 12.3x | 12.9x | |||||
| (x) LTM Net Income | 9,788 | 9,788 | 9,788 | |||||
| (=) Equity Value | 114,364 | 120,384 | 126,403 | |||||
| (/) Shares Outstanding | 384.9 | 384.9 | 384.9 | |||||
| Implied Value Range | 297.14 | 312.78 | 328.41 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 297.14 | 312.78 | 328.41 | 354.70 | ||||
| Upside / (Downside) | -16.2% | -11.8% | -7.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HNR1 | MUV2 | TLX | ASG | UIPN | ALVG | |
| Value of Common Equity | 33,840 | 79,222 | 25,188 | 47,665 | 10,342 | 136,520 | |
| (/) Shares Outstanding | 120.6 | 130.6 | 258.1 | 1,521.9 | 716.2 | 384.9 | |
| Implied Stock Price | 280.60 | 606.40 | 97.60 | 31.32 | 14.44 | 354.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 280.60 | 606.40 | 97.60 | 31.32 | 14.44 | 354.70 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |