External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Arthur J Gallagher & Co / Equity Bottom-Up

Key points
<ul>
<li>Arthur J Gallagher is a strong player in the U.S. SME broking market trading at fair value with potential upside</li>
<li>Estimated 5-year returns are 10% IRR / 1.5x MOIC, with possibility of higher returns with EBITDA growth and multiple expansion</li>
<li>Insurance brokers benefiting from firm P&amp;C pricing cycle and market conditions, providing downside protection and potential for sustained organic growth, investor focus on growth trend maintenance</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

Arthur J Gallagher is a strong player in the U.S. SME broking market trading at fair value with potential upside
Estimated 5-year returns are 10% IRR / 1.5x MOIC, with possibility of higher returns with EBITDA growth and multiple expansion
Insurance brokers benefiting from firm P&amp;C pricing cycle and market conditions, providing downside protection and potential for sustained organic growth, investor focus on growth trend maintenance

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.

Arthur J Gallagher & Co (AJG) - 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>Arthur J.</li><li>Gallagher & Co. delivered an all-around beat in the previous quarter, delivering impressive results in various segments.</li><li>In the retail brokerage operations, the US P/C business showed strong underlying organic growth of around 8%.</li></ul>

Arthur J.Gallagher & Co. delivered an all-around beat in the previous quarter, delivering impressive results in various segments.In the retail brokerage operations, the US P/C business showed strong underlying organic growth of around 8%.

Arthur J. Gallagher & Co: Can The Acquisition of Clements Worldwide Be A Game Changer? - Major Drivers

<ul><li>This is our first report on insurance and reinsurance brokerage player, Arthur J Gallagher & Co.</li><li>The company surpassed Wall Street's revenue and earnings expectations in its latest quarterly result.</li><li>The company posted revenue and organic growth for its risk management and combined brokerage segments.</li></ul>

This is our first report on insurance and reinsurance brokerage player, Arthur J Gallagher & Co.The company surpassed Wall Street's revenue and earnings expectations in its latest quarterly result.The company posted revenue and organic growth for its risk management and combined brokerage segments.

Arthur J Gallagher & Co.: Strategic Acquisitions Pave the Way for Global Expansion! – Initiation of Coverage - Financial Forecasts

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

APlus Asset Advisor / Equity Capital Markets

Established in 2007, APlus Asset Advisor is getting ready to complete its IPO in the Korean stock market in November. Aplus Asset Advisory is the Korean market leader in the independent corporate insurance agency (GA) business that compares and analyzes various products of insurance companies and provides optimal insurance and financial services to its customers. 
The IPO price range is from 10,500 won to 12,300 won. The IPO base deal size is from $26 million to $30 million. According to the bankers' valuation, the expected market cap after the IPO is from 237 billion won to 278 billion won. NH Investment Securities is the lead underwriter of this IPO. The book-building for the institutional investors starts on 5 November. 
Aplus Asset Advisor generated revenue of 269.4 billion won (up 16% YoY) and an operating profit of 20.9 billion won (up 24.9% YoY) in 2019. The company's operating margin averaged 7.1% from 2016 to 1H 2020. From 2016 to 2019, the company's sales increased at a CAGR of 9.3%.

Established in 2007, APlus Asset Advisor is getting ready to complete its IPO in the Korean stock market in November. Aplus Asset Advisory is the Korean market leader in the independent corporate insurance agency (GA) business that compares and analyzes various products of insurance companies and provides optimal insurance and financial services to its customers. 
The IPO price range is from 10,500 won to 12,300 won. The IPO base deal size is from $26 million to $30 million. According to the bankers' valuation, the expected market cap after the IPO is from 237 billion won to 278 billion won. NH Investment Securities is the lead underwriter of this IPO. The book-building for the institutional investors starts on 5 November. 
Aplus Asset Advisor generated revenue of 269.4 billion won (up 16% YoY) and an operating profit of 20.9 billion won (up 24.9% YoY) in 2019. The company's operating margin averaged 7.1% from 2016 to 1H 2020. From 2016 to 2019, the company's sales increased at a CAGR of 9.3%.

United States

Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. The Company's principal activity is the negotiation and placement of insurance for its clients. Gallagher also specializes in furnishing risk management services.

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Arthur J Gallagher & Co (AJG US)

Arthur J Gallagher & Co (AJG) - Sunday, Nov 19, 2023

Estimated 5-year returns are 10% IRR / 1.5x MOIC, with possibility of higher returns with EBITDA growth and multiple expansion

Value Investors Club (VIC)

Arthur J. Gallagher & Co: Can The Acquisition of Clements Worldwide Be A Game Changer? - Major Drivers

Arthur J. Gallagher & Co. delivered an all-around beat in the previous quarter, delivering impressive results in various segments. In the...

Baptista Research

Arthur J Gallagher & Co.: Strategic Acquisitions Pave the Way for Global Expansion! – Initiation of Coverage - Financial Forecasts

This is our first report on insurance and reinsurance brokerage player, Arthur J Gallagher & Co. The company surpassed Wall Street's revenue...

Baptista Research

APlus Asset Advisor IPO Preview

APlus Asset Advisor is getting ready to complete its IPO in the Korean stock market in November. This is the Korean market leader in the...

Douglas Kim

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