External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points
<ul>
<li>Marsh McLennan is the largest insurance broker globally, with strong organic growth driven by its consulting business</li>
<li>Current valuation at $198 with an EV/2024E EBITDA of 16.0x is considered fair, offering potential 5-year returns of 12% IRR / 1.7x MOIC</li>
<li>Predicted returns could increase to 16% IRR / 2.1x MOIC with a 13% EBITDA growth rate and a multiple expansion to 17.0x, with a favorable market backdrop for insurance brokers helping to drive growth trends</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points

Marsh McLennan is the largest insurance broker globally, with strong organic growth driven by its consulting business
Current valuation at $198 with an EV/2024E EBITDA of 16.0x is considered fair, offering potential 5-year returns of 12% IRR / 1.7x MOIC
Predicted returns could increase to 16% IRR / 2.1x MOIC with a 13% EBITDA growth rate and a multiple expansion to 17.0x, with a favorable market backdrop for insurance brokers helping to drive growth trends

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Marsh & Mclennan Cos (MMC) - Sunday, Nov 19, 2023

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Marsh & McLennan Companies Inc.</li><li>wrapped up the 2023 fiscal year with strong results, underscoring the firm’s robust organic and inorganic growth strategies.</li><li>Total revenue for the year was $22.7 billion, marking a growth of 10%.</li></ul>

Marsh & McLennan Companies Inc.wrapped up the 2023 fiscal year with strong results, underscoring the firm’s robust organic and inorganic growth strategies.Total revenue for the year was $22.7 billion, marking a growth of 10%.

Marsh & McLennan Companies: Client-Centric Approach

<ul><li>This is our first report on global insurance major, Marsh McLennan.</li><li>The company had a mixed quarterly result as it failed to meet the revenue expectations of analysts but managed an earnings beat.</li><li>The company recently announced the acquisition of MZI (McDonald Zaring Insurance), a full-service agency situated in Walla Walla, Washington.</li></ul>

This is our first report on global insurance major, Marsh McLennan.The company had a mixed quarterly result as it failed to meet the revenue expectations of analysts but managed an earnings beat.The company recently announced the acquisition of MZI (McDonald Zaring Insurance), a full-service agency situated in Walla Walla, Washington.

Marsh McLennan: Initiation of Coverage – Recent Acquisitions & Key Drivers

<ul>
<li>Marsh &amp; McLennan Companies, Inc. managed to exceed the revenue and earnings expectations of Wall Street.</li>
<li>The company achieved an unprecedented quarterly underlying revenue growth over two decades and reported substantial growth in adjusted EPS.</li>
<li>Marsh McLennan Agency acquired Graham Company, a top-100 US insurance and benefits broker and risk management consultancy, bolstering the company's Mid-Atlantic presence.</li>
</ul>


Marsh &amp; McLennan Companies, Inc. managed to exceed the revenue and earnings expectations of Wall Street.
The company achieved an unprecedented quarterly underlying revenue growth over two decades and reported substantial growth in adjusted EPS.
Marsh McLennan Agency acquired Graham Company, a top-100 US insurance and benefits broker and risk management consultancy, bolstering the company's Mid-Atlantic presence.


Marsh & McLennan Companies: String Of Recent Acquisitions Driving Growth? - Major Drivers

<ul>
<li>Marsh McLennan delivered an all-around beat in the most recent quarterly result, showcasing strong performance across its businesses and regions, continuing its impressive streak of underlying revenue growth.</li>
<li>The company reported an 11% underlying revenue growth on top of a 10% increase in the second quarter of the previous year.</li>
<li>Marsh McLennan remains optimistic about its full-year outlook, expecting high single-digit underlying revenue growth, margin expansion, and strong growth in adjusted EPS for 2023.</li>
</ul>


Marsh McLennan delivered an all-around beat in the most recent quarterly result, showcasing strong performance across its businesses and regions, continuing its impressive streak of underlying revenue growth.
The company reported an 11% underlying revenue growth on top of a 10% increase in the second quarter of the previous year.
Marsh McLennan remains optimistic about its full-year outlook, expecting high single-digit underlying revenue growth, margin expansion, and strong growth in adjusted EPS for 2023.


Marsh & McLennan Co: Can The Acquisition Of Graham Companies Be A Game Changer? Major Drivers

United States

Marsh & McLennan Companies, Inc. is a professional services firm providing advice and solutions in the areas of risk, strategy, and human capital. Marsh & McLennan offers analysis, advice, and transactional capabilities to clients worldwide.

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Marsh & Mclennan (MMC US)

Marsh & Mclennan Cos (MMC) - Sunday, Nov 19, 2023

Current valuation at $198 with an EV/2024E EBITDA of 16.0x is considered fair, offering potential 5-year returns of 12% IRR / 1.7x MOIC

Value Investors Club (VIC)

Marsh & McLennan Companies: Client-Centric Approach

Marsh & McLennan Companies Inc. wrapped up the 2023 fiscal year with strong results, underscoring the firm’s robust organic and inorganic...

Baptista Research

Marsh McLennan: Initiation of Coverage – Recent Acquisitions & Key Drivers

This is our first report on global insurance major, Marsh McLennan. The company had a mixed quarterly result as it failed to meet the revenue...

Baptista Research

Marsh & McLennan Companies: String Of Recent Acquisitions Driving Growth? - Major Drivers

Marsh & McLennan Companies, Inc. managed to exceed the revenue and earnings expectations of Wall Street. The company achieved an unprecedented...

Baptista Research

Marsh & McLennan Co: Can The Acquisition Of Graham Companies Be A Game Changer? Major Drivers

Marsh McLennan delivered an all-around beat in the most recent quarterly result, showcasing strong performance across its businesses and regions,...

Baptista Research

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