Sayfa yüklenirken bir hata oluştu.
Teknik ekibimiz bilgilendirildi, ancak sorunun devam etmesi durumunda lütfen e-posta destek widget ile bize ulaşın.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17,9x - 19,8x | 18,8x |
| Selected Fwd EBITDA Multiple | 11,5x - 12,7x | 12,1x |
| Fair Value | $269,13 - $296,13 | $282,63 |
| Upside | -22,5% - -14,8% | -18,7% |
| Benchmarks | Ticker | Full Ticker |
| Marsh & McLennan Companies, Inc. | MMC | NYSE:MMC |
| Brown & Brown, Inc. | BRO | NYSE:BRO |
| Goosehead Insurance, Inc | GSHD | NasdaqGS:GSHD |
| Willis Towers Watson Public Limited Company | WTW | NasdaqGS:WTW |
| Aon plc | AON | NYSE:AON |
| Arthur J. Gallagher & Co. | AJG | NYSE:AJG |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MMC | BRO | GSHD | WTW | AON | AJG | ||
| NYSE:MMC | NYSE:BRO | NasdaqGS:GSHD | NasdaqGS:WTW | NYSE:AON | NYSE:AJG | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.0% | 17.9% | 35.9% | 5.6% | 12.7% | 26.2% | |
| 3Y CAGR | 9.5% | 16.5% | 78.2% | 3.5% | 26.9% | 24.0% | |
| Latest Twelve Months | 8.4% | 16.3% | 68.3% | 2.2% | 18.7% | 20.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.9% | 32.6% | 13.9% | 25.4% | 28.3% | 27.8% | |
| Prior Fiscal Year | 28.9% | 32.5% | 17.2% | 25.8% | 30.0% | 31.1% | |
| Latest Fiscal Year | 29.5% | 33.9% | 22.8% | 26.8% | 31.7% | 33.2% | |
| Latest Twelve Months | 29.6% | 34.3% | 23.6% | 26.0% | 32.1% | 33.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.44x | 7.36x | 9.05x | 3.65x | 5.99x | 7.63x | |
| EV / LTM EBITDA | 18.4x | 21.4x | 38.3x | 14.0x | 18.7x | 23.0x | |
| EV / LTM EBIT | 20.5x | 24.9x | 44.9x | 17.0x | 22.4x | 29.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.0x | 18.7x | 38.3x | ||||
| Historical EV / LTM EBITDA | 18.2x | 19.9x | 23.0x | ||||
| Selected EV / LTM EBITDA | 17.9x | 18.8x | 19.8x | ||||
| (x) LTM EBITDA | 3,721 | 3,721 | 3,721 | ||||
| (=) Implied Enterprise Value | 66,572 | 70,076 | 73,579 | ||||
| (-) Non-shareholder Claims * | 3,235 | 3,235 | 3,235 | ||||
| (=) Equity Value | 69,807 | 73,311 | 76,815 | ||||
| (/) Shares Outstanding | 256.1 | 256.1 | 256.1 | ||||
| Implied Value Range | 272.58 | 286.26 | 299.94 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 272.58 | 286.26 | 299.94 | 347.44 | |||
| Upside / (Downside) | -21.5% | -17.6% | -13.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MMC | BRO | GSHD | WTW | AON | AJG | |
| Enterprise Value | 135,719 | 35,747 | 2,938 | 35,858 | 97,838 | 85,744 | |
| (+) Cash & Short Term Investments | 1,604 | 669 | 70 | 1,537 | 1,192 | 16,692 | |
| (+) Investments & Other | 471 | 0 | 0 | 0 | 97 | 0 | |
| (-) Debt | (22,419) | (4,038) | (352) | (5,928) | (18,510) | (13,423) | |
| (-) Other Liabilities | (203) | (20) | 57 | (81) | (270) | (34) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 115,172 | 32,358 | 2,713 | 31,386 | 80,347 | 88,979 | |
| (/) Shares Outstanding | 492.9 | 286.6 | 25.1 | 99.1 | 215.9 | 256.1 | |
| Implied Stock Price | 233.66 | 112.90 | 108.26 | 316.55 | 372.08 | 347.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 233.66 | 112.90 | 108.26 | 316.55 | 372.08 | 347.44 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |