Munich Re's 1H Disappoints on Non-Technical Results; Shares Undervalued
Munich Re reported a disappointing first half of 2018, with ERGO still lagging. We maintain our EUR 205 fair value estimate and no-moat rating.The combined ratio of 102% in the second quarter is visually unappealing for what has traditionally been such a strong business. This comes down to actual claims experience, but the half combined looks much better at 95.5%.
Where we differ from the market on these results is that though ERGO is still amid its turnaround and not yet delivering as expected...
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