Marsh & McLennan Companies Inc
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$479.00 | Svgyfc | Splfvbqqhp |
Marsh McLennan Earnings: Multiple Tailwinds Help Maintain Momentum
Marsh McLennan produced another strong quarter, as the company is still benefiting from multiple tailwinds. This drove 9% year-over-year organic growth for the company during the first quarter, well above our long-term growth expectations. While we are impressed with the firm's ability to extend the strong growth it has seen of late, we expect a reversion to the more modest levels of growth the company has enjoyed historically. We will maintain our $167 per share fair value estimate for the narrow-moat firm and see shares as overvalued, as we think the market is overly focused on the company's recent performance.