Intrinsic value of Marsh&McLennan - MMC

Previous Close

$83.57

  Intrinsic Value

$141.26

stock screener

  Rating & Target

str. buy

+69%

Previous close

$83.57

 
Intrinsic value

$141.26

 
Up/down potential

+69%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as MMC.

We calculate the intrinsic value of MMC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.47
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  13,211
  14,083
  14,990
  15,934
  16,916
  17,940
  19,006
  20,118
  21,278
  22,488
  23,752
  25,072
  26,452
  27,894
  29,402
  30,980
  32,631
  34,359
  36,169
  38,064
  40,049
  42,130
  44,310
  46,595
  48,991
  51,503
  54,137
  56,900
  59,798
  62,838
  66,027
Variable operating expenses, $m
 
  3,184
  3,335
  3,492
  3,656
  3,827
  4,004
  4,190
  4,383
  4,585
  4,795
  4,178
  4,408
  4,649
  4,900
  5,163
  5,438
  5,726
  6,028
  6,343
  6,674
  7,021
  7,384
  7,765
  8,164
  8,583
  9,022
  9,482
  9,965
  10,472
  11,004
Fixed operating expenses, $m
 
  7,895
  8,092
  8,294
  8,502
  8,714
  8,932
  9,155
  9,384
  9,619
  9,859
  10,106
  10,358
  10,617
  10,883
  11,155
  11,434
  11,720
  12,012
  12,313
  12,621
  12,936
  13,260
  13,591
  13,931
  14,279
  14,636
  15,002
  15,377
  15,761
  16,155
Total operating expenses, $m
  10,547
  11,079
  11,427
  11,786
  12,158
  12,541
  12,936
  13,345
  13,767
  14,204
  14,654
  14,284
  14,766
  15,266
  15,783
  16,318
  16,872
  17,446
  18,040
  18,656
  19,295
  19,957
  20,644
  21,356
  22,095
  22,862
  23,658
  24,484
  25,342
  26,233
  27,159
Operating income, $m
  2,664
  3,005
  3,563
  4,147
  4,759
  5,399
  6,070
  6,773
  7,511
  8,285
  9,098
  10,788
  11,685
  12,628
  13,619
  14,662
  15,759
  16,913
  18,128
  19,408
  20,754
  22,173
  23,666
  25,239
  26,896
  28,641
  30,479
  32,416
  34,456
  36,605
  38,868
EBITDA, $m
  3,102
  3,928
  4,492
  5,082
  5,699
  6,346
  7,023
  7,733
  8,478
  9,259
  10,080
  10,942
  11,847
  12,799
  13,799
  14,852
  15,959
  17,124
  18,350
  19,641
  21,000
  22,431
  23,937
  25,524
  27,196
  28,956
  30,811
  32,764
  34,822
  36,989
  39,273
Interest expense (income), $m
  178
  175
  205
  237
  269
  303
  338
  375
  413
  453
  495
  539
  584
  632
  682
  734
  788
  845
  905
  967
  1,032
  1,101
  1,173
  1,248
  1,327
  1,409
  1,496
  1,587
  1,682
  1,782
  1,887
Earnings before tax, $m
  2,480
  2,829
  3,358
  3,911
  4,489
  5,096
  5,731
  6,398
  7,097
  7,831
  8,602
  10,249
  11,101
  11,996
  12,938
  13,928
  14,971
  16,068
  17,224
  18,441
  19,722
  21,072
  22,493
  23,991
  25,569
  27,232
  28,983
  30,829
  32,774
  34,823
  36,981
Tax expense, $m
  685
  764
  907
  1,056
  1,212
  1,376
  1,547
  1,727
  1,916
  2,114
  2,323
  2,767
  2,997
  3,239
  3,493
  3,761
  4,042
  4,338
  4,650
  4,979
  5,325
  5,689
  6,073
  6,478
  6,904
  7,353
  7,825
  8,324
  8,849
  9,402
  9,985
Net income, $m
  1,768
  2,065
  2,451
  2,855
  3,277
  3,720
  4,184
  4,671
  5,181
  5,717
  6,280
  7,482
  8,104
  8,757
  9,444
  10,168
  10,929
  11,730
  12,573
  13,462
  14,397
  15,382
  16,420
  17,514
  18,665
  19,879
  21,158
  22,505
  23,925
  25,420
  26,996

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,026
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  18,190
  18,290
  19,467
  20,693
  21,969
  23,298
  24,683
  26,127
  27,633
  29,205
  30,847
  32,561
  34,353
  36,226
  38,184
  40,233
  42,377
  44,622
  46,972
  49,434
  52,012
  54,714
  57,545
  60,513
  63,625
  66,887
  70,308
  73,896
  77,660
  81,608
  85,750
Adjusted assets (=assets-cash), $m
  17,164
  18,290
  19,467
  20,693
  21,969
  23,298
  24,683
  26,127
  27,633
  29,205
  30,847
  32,561
  34,353
  36,226
  38,184
  40,233
  42,377
  44,622
  46,972
  49,434
  52,012
  54,714
  57,545
  60,513
  63,625
  66,887
  70,308
  73,896
  77,660
  81,608
  85,750
Revenue / Adjusted assets
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Average production assets, $m
  1,830
  1,958
  2,084
  2,215
  2,351
  2,494
  2,642
  2,796
  2,958
  3,126
  3,302
  3,485
  3,677
  3,877
  4,087
  4,306
  4,536
  4,776
  5,027
  5,291
  5,567
  5,856
  6,159
  6,477
  6,810
  7,159
  7,525
  7,909
  8,312
  8,735
  9,178
Working capital, $m
  802
  99
  105
  112
  118
  126
  133
  141
  149
  157
  166
  176
  185
  195
  206
  217
  228
  241
  253
  266
  280
  295
  310
  326
  343
  361
  379
  398
  419
  440
  462
Total debt, $m
  4,807
  5,264
  6,066
  6,901
  7,770
  8,675
  9,618
  10,602
  11,627
  12,698
  13,816
  14,983
  16,203
  17,479
  18,812
  20,208
  21,668
  23,197
  24,797
  26,473
  28,229
  30,069
  31,997
  34,019
  36,137
  38,359
  40,689
  43,132
  45,695
  48,384
  51,205
Total liabilities, $m
  11,998
  12,455
  13,257
  14,092
  14,961
  15,866
  16,809
  17,793
  18,818
  19,889
  21,007
  22,174
  23,394
  24,670
  26,003
  27,399
  28,859
  30,388
  31,988
  33,664
  35,420
  37,260
  39,188
  41,210
  43,328
  45,550
  47,880
  50,323
  52,886
  55,575
  58,396
Total equity, $m
  6,192
  5,834
  6,210
  6,601
  7,008
  7,432
  7,874
  8,335
  8,815
  9,317
  9,840
  10,387
  10,959
  11,556
  12,181
  12,834
  13,518
  14,234
  14,984
  15,769
  16,592
  17,454
  18,357
  19,304
  20,296
  21,337
  22,428
  23,573
  24,774
  26,033
  27,354
Total liabilities and equity, $m
  18,190
  18,289
  19,467
  20,693
  21,969
  23,298
  24,683
  26,128
  27,633
  29,206
  30,847
  32,561
  34,353
  36,226
  38,184
  40,233
  42,377
  44,622
  46,972
  49,433
  52,012
  54,714
  57,545
  60,514
  63,624
  66,887
  70,308
  73,896
  77,660
  81,608
  85,750
Debt-to-equity ratio
  0.776
  0.900
  0.980
  1.050
  1.110
  1.170
  1.220
  1.270
  1.320
  1.360
  1.400
  1.440
  1.480
  1.510
  1.540
  1.570
  1.600
  1.630
  1.650
  1.680
  1.700
  1.720
  1.740
  1.760
  1.780
  1.800
  1.810
  1.830
  1.840
  1.860
  1.870
Adjusted equity ratio
  0.301
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319
  0.319

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,768
  2,065
  2,451
  2,855
  3,277
  3,720
  4,184
  4,671
  5,181
  5,717
  6,280
  7,482
  8,104
  8,757
  9,444
  10,168
  10,929
  11,730
  12,573
  13,462
  14,397
  15,382
  16,420
  17,514
  18,665
  19,879
  21,158
  22,505
  23,925
  25,420
  26,996
Depreciation, amort., depletion, $m
  438
  923
  929
  934
  940
  947
  953
  960
  967
  975
  982
  154
  162
  171
  180
  190
  200
  210
  221
  233
  245
  258
  271
  285
  300
  315
  332
  348
  366
  385
  404
Funds from operations, $m
  1,538
  2,988
  3,380
  3,789
  4,218
  4,667
  5,137
  5,631
  6,148
  6,692
  7,262
  7,636
  8,266
  8,928
  9,625
  10,357
  11,129
  11,940
  12,795
  13,695
  14,642
  15,640
  16,691
  17,799
  18,965
  20,194
  21,489
  22,854
  24,291
  25,805
  27,401
Change in working capital, $m
  -469
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
Cash from operations, $m
  2,007
  2,982
  3,373
  3,783
  4,211
  4,660
  5,130
  5,623
  6,140
  6,683
  7,253
  7,626
  8,256
  8,918
  9,614
  10,346
  11,117
  11,928
  12,782
  13,681
  14,628
  15,626
  16,676
  17,783
  18,949
  20,177
  21,471
  22,834
  24,271
  25,784
  27,378
Maintenance CAPEX, $m
  0
  -81
  -86
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -138
  -145
  -154
  -162
  -171
  -180
  -190
  -200
  -210
  -221
  -233
  -245
  -258
  -271
  -285
  -300
  -315
  -332
  -348
  -366
  -385
New CAPEX, $m
  -253
  -128
  -126
  -131
  -137
  -142
  -148
  -155
  -161
  -168
  -176
  -183
  -192
  -200
  -210
  -219
  -229
  -240
  -252
  -263
  -276
  -289
  -303
  -318
  -333
  -349
  -366
  -384
  -403
  -423
  -443
Cash from investing activities, $m
  -1,056
  -209
  -212
  -223
  -235
  -246
  -258
  -271
  -284
  -298
  -314
  -328
  -346
  -362
  -381
  -399
  -419
  -440
  -462
  -484
  -509
  -534
  -561
  -589
  -618
  -649
  -681
  -716
  -751
  -789
  -828
Free cash flow, $m
  951
  2,774
  3,161
  3,560
  3,977
  4,414
  4,872
  5,352
  5,856
  6,385
  6,940
  7,297
  7,911
  8,555
  9,234
  9,947
  10,698
  11,488
  12,320
  13,196
  14,119
  15,091
  16,115
  17,194
  18,330
  19,528
  20,789
  22,119
  23,519
  24,995
  26,550
Issuance/(repayment) of debt, $m
  385
  769
  802
  835
  869
  905
  943
  983
  1,026
  1,071
  1,118
  1,168
  1,220
  1,275
  1,334
  1,395
  1,460
  1,529
  1,600
  1,676
  1,756
  1,840
  1,928
  2,021
  2,119
  2,222
  2,330
  2,443
  2,563
  2,689
  2,821
Issuance/(repurchase) of shares, $m
  -651
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -385
  769
  802
  835
  869
  905
  943
  983
  1,026
  1,071
  1,118
  1,168
  1,220
  1,275
  1,334
  1,395
  1,460
  1,529
  1,600
  1,676
  1,756
  1,840
  1,928
  2,021
  2,119
  2,222
  2,330
  2,443
  2,563
  2,689
  2,821
Total cash flow (excl. dividends), $m
  334
  3,543
  3,963
  4,394
  4,846
  5,319
  5,815
  6,335
  6,881
  7,455
  8,058
  8,465
  9,131
  9,831
  10,567
  11,342
  12,158
  13,017
  13,921
  14,873
  15,875
  16,931
  18,043
  19,215
  20,449
  21,749
  23,119
  24,562
  26,082
  27,684
  29,371
Retained Cash Flow (-), $m
  321
  -356
  -376
  -391
  -407
  -424
  -442
  -461
  -481
  -501
  -524
  -547
  -572
  -597
  -625
  -654
  -684
  -716
  -750
  -785
  -823
  -862
  -903
  -947
  -993
  -1,041
  -1,091
  -1,145
  -1,201
  -1,259
  -1,321
Prev. year cash balance distribution, $m
 
  714
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  3,901
  3,588
  4,003
  4,439
  4,895
  5,373
  5,875
  6,401
  6,954
  7,534
  7,918
  8,559
  9,233
  9,943
  10,689
  11,474
  12,301
  13,171
  14,088
  15,053
  16,069
  17,140
  18,268
  19,457
  20,709
  22,028
  23,418
  24,882
  26,424
  28,050
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  3,733
  3,271
  3,462
  3,623
  3,751
  3,843
  3,899
  3,917
  3,896
  3,837
  3,636
  3,516
  3,362
  3,179
  2,971
  2,743
  2,501
  2,250
  1,997
  1,746
  1,504
  1,275
  1,063
  870
  699
  551
  426
  322
  238
  171
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Marsh & McLennan Companies, Inc. is a professional services firm offering clients advice and solutions in risk, strategy and people. The Company is the parent company of various risk advisors and specialty consultants, including Marsh, the insurance broker; Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of human resource and investment related financial advice and services, and Oliver Wyman Group, the management and economic consultancy. It conducts business through two segments: Risk and Insurance Services, which includes risk management activities, as well as insurance and reinsurance broking and services, and Consulting includes health, retirement, talent and investments consulting services and products, and specialized management, economic and brand consulting services. It conducts business in the Risk and Insurance Services segment through Marsh and Guy Carpenter. It conducts business in the Consulting segment through Mercer and Oliver Wyman Group.

FINANCIAL RATIOS  of  Marsh&McLennan (MMC)

Valuation Ratios
P/E Ratio 24.3
Price to Sales 3.3
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 21.4
Price to Free Cash Flow 24.5
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.2%
Cap. Spend. - 3 Yr. Gr. Rate -8.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 72.6%
Total Debt to Equity 77.6%
Interest Coverage 15
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 16.1%
Ret/ On T. Cap. - 3 Yr. Avg. 15%
Return On Equity 27.8%
Return On Equity - 3 Yr. Avg. 23.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.4%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin 20.2%
Oper. Margin - 3 Yr. Avg. 18.5%
Pre-Tax Margin 18.8%
Pre-Tax Margin - 3 Yr. Avg. 17.5%
Net Profit Margin 13.4%
Net Profit Margin - 3 Yr. Avg. 12.4%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 38.6%

MMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMC stock intrinsic value calculation we used $13211 million for the last fiscal year's total revenue generated by Marsh&McLennan. The default revenue input number comes from 2016 income statement of Marsh&McLennan. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MMC stock valuation model: a) initial revenue growth rate of 6.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.5%, whose default value for MMC is calculated based on our internal credit rating of Marsh&McLennan, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Marsh&McLennan.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MMC stock the variable cost ratio is equal to 23%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7702 million in the base year in the intrinsic value calculation for MMC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for Marsh&McLennan.

Corporate tax rate of 27% is the nominal tax rate for Marsh&McLennan. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MMC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MMC are equal to 13.9%.

Life of production assets of 22.7 years is the average useful life of capital assets used in Marsh&McLennan operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MMC is equal to 0.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6192 million for Marsh&McLennan - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 513.945 million for Marsh&McLennan is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Marsh&McLennan at the current share price and the inputted number of shares is $43.0 billion.

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COMPANY NEWS

▶ Marsh & McLennan Agency Acquires Highsmith Insurance   [Feb-08-18 09:00AM  Business Wire]
▶ Marsh & McLennan beats Street 4Q forecasts   [07:55AM  Associated Press]
▶ Mercer Calls for New Imperatives for Financial Security   [Jan-29-18 09:39AM  Business Wire]
▶ American International Group Inc Is Plagued By Core Issues   [Jan-23-18 10:21AM  InvestorPlace]
▶ Why retiring in America has become less attractive   [Jan-21-18 11:57AM  MarketWatch]
▶ Marsh & McLennan Companies Declares Quarterly Dividend   [Jan-17-18 12:00PM  Business Wire]
▶ Rebuilding a Better AIG   [Jan-15-18 07:00AM  Morningstar]
▶ In Search of Innovation, This CEO Encourages Dissent   [Dec-21-17 04:50PM  Fortune Videos]
▶ Marsh & McLennan tops Street 3Q forecasts   [07:37AM  Associated Press]
▶ How To Redefine The Role Of Business In Society   [Sep-28-17 01:40PM  Fortune]
Financial statements of MMC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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