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Muenchener Rueckversicherungs-Ges. AG : The bullish impetus is not depleted

02/20/2013 | 04:06am
Opinion : Bullish above EUR 139.1
Target price : EUR 146.3 Potential: 7.22%
Stop loss: EUR 133.9
XETRA
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Muenchener Rueckversicherungs-Ges. could exceed the symbolic threshold of EUR 139.1.

Regarding the fundamentals, we note the low valuation of the group with a ratio "enterprise value/EBITDA" equal to 0.51. Moreover, the security is still cheap with a PER of 8.57x for 2013. Besides, EPS estimates have been regularly revised upward this year.

Technically, prices continue to increase sharply for several month. On all time scales, all indicators are green and moving averages are well oriented. The security is now moving toward the mid-term resistance located at EUR 139.1 and seems able to breakout it soon. This crossing would provide a strong buy signal, with in line of sight the EUR 146.3. Furthermore, it corresponds to an exit of a range which appeared in November.

Given these elements, most active investors could take a buy position and aim to cross the EUR 139.1 resistance for a new bullish signal. The objective will be set at 146.3 EUR. A stop loss must be placed below the EUR 135.7 pivot point, threshold that would invalidate the bullish strategy.

Muenchener Rueckversicherungs-Ges. AG : Muenchener Rueckversicherungs-Ges. AG : The bullish impetus is not depleted
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Financial Ratios

Size 2014e 2015e
Capitalization 30 246 M€ -
Company Value - 30 246 M€
Valuation 2014e 2015e
PER (Price / EPS) 9,94x 9,61x
Capitalization / Revenue 0,57x 0,56x
EV / Revenue - -
EV / EBITDA - -
Yield (DPS / Price) 4,40% 4,55%
Profitability 2014e 2015e
Operating Margin (EBIT / Sales) 8,66% 8,68%
operating Leverage (Delta EBIT / Delta Sales) 1,07x 1,17x
Net Margin (Net Profit / Revenue) 5,59% 5,60%
ROA (Net Profit / Asset) 1,00% -
ROE (Net Profit / Equities) 11,2% 11,1%
Rate of Dividend 43,8% 43,7%
Balance Sheet Analysis 2014e 2015e
CAPEX / Sales   - -
Cash Flow / Sales (Taux d'autofinancement) 2,57% 2,70%
Capital Intensity (Assets / Sales) 5,59x -
Financial Leverage (Net Debt / EBITDA) - -
Income Statement Evolution
Muenchener Rueckversicheru : Income Statement Evolution
More Financials
EPS Revisions
Muenchener Rueckversicheru : EPS Revisions
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