Intrinsic value of Arthur J. Gallagher - AJG

Previous Close

$64.75

  Intrinsic Value

$67.12

stock screener

  Rating & Target

hold

+4%

Previous close

$64.75

 
Intrinsic value

$67.12

 
Up/down potential

+4%

 
Rating

hold

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AJG 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, %
  3.76
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  5,595
  5,987
  6,394
  6,817
  7,257
  7,715
  8,192
  8,689
  9,206
  9,746
  10,309
  10,896
  11,509
  12,150
  12,819
  13,519
  14,250
  15,016
  15,817
  16,655
  17,533
  18,452
  19,415
  20,424
  21,481
  22,590
  23,751
  24,970
  26,247
  27,587
  28,992
Variable operating expenses, $m
 
  3,865
  4,102
  4,349
  4,605
  4,872
  5,150
  5,439
  5,741
  6,055
  6,383
  6,349
  6,706
  7,079
  7,469
  7,877
  8,303
  8,749
  9,216
  9,704
  10,215
  10,751
  11,312
  11,900
  12,516
  13,162
  13,839
  14,549
  15,293
  16,074
  16,893
Fixed operating expenses, $m
 
  1,565
  1,604
  1,644
  1,686
  1,728
  1,771
  1,815
  1,861
  1,907
  1,955
  2,004
  2,054
  2,105
  2,158
  2,212
  2,267
  2,324
  2,382
  2,441
  2,502
  2,565
  2,629
  2,695
  2,762
  2,831
  2,902
  2,974
  3,049
  3,125
  3,203
Total operating expenses, $m
  5,128
  5,430
  5,706
  5,993
  6,291
  6,600
  6,921
  7,254
  7,602
  7,962
  8,338
  8,353
  8,760
  9,184
  9,627
  10,089
  10,570
  11,073
  11,598
  12,145
  12,717
  13,316
  13,941
  14,595
  15,278
  15,993
  16,741
  17,523
  18,342
  19,199
  20,096
Operating income, $m
  467
  557
  687
  824
  966
  1,116
  1,271
  1,434
  1,605
  1,784
  1,971
  2,544
  2,750
  2,966
  3,192
  3,430
  3,680
  3,943
  4,219
  4,510
  4,815
  5,136
  5,474
  5,829
  6,203
  6,597
  7,011
  7,447
  7,906
  8,388
  8,897
EBITDA, $m
  818
  1,050
  1,188
  1,333
  1,484
  1,642
  1,807
  1,980
  2,160
  2,350
  2,548
  2,755
  2,973
  3,202
  3,441
  3,693
  3,957
  4,235
  4,526
  4,833
  5,155
  5,494
  5,851
  6,226
  6,620
  7,035
  7,472
  7,931
  8,415
  8,924
  9,460
Interest expense (income), $m
  113
  99
  121
  144
  168
  193
  219
  246
  274
  303
  333
  365
  398
  433
  469
  507
  546
  588
  631
  676
  723
  773
  825
  879
  936
  996
  1,059
  1,124
  1,193
  1,265
  1,341
Earnings before tax, $m
  357
  458
  566
  680
  798
  923
  1,053
  1,189
  1,331
  1,481
  1,638
  2,179
  2,351
  2,533
  2,723
  2,924
  3,134
  3,356
  3,588
  3,834
  4,092
  4,363
  4,649
  4,950
  5,267
  5,601
  5,952
  6,323
  6,713
  7,123
  7,556
Tax expense, $m
  -88
  124
  153
  184
  216
  249
  284
  321
  359
  400
  442
  588
  635
  684
  735
  789
  846
  906
  969
  1,035
  1,105
  1,178
  1,255
  1,336
  1,422
  1,512
  1,607
  1,707
  1,812
  1,923
  2,040
Net income, $m
  414
  334
  413
  496
  583
  674
  768
  868
  972
  1,081
  1,195
  1,591
  1,717
  1,849
  1,988
  2,134
  2,288
  2,450
  2,620
  2,799
  2,987
  3,185
  3,394
  3,613
  3,845
  4,089
  4,345
  4,615
  4,900
  5,200
  5,516

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  546
  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
  11,490
  11,716
  12,512
  13,341
  14,202
  15,099
  16,032
  17,004
  18,017
  19,073
  20,174
  21,323
  22,523
  23,777
  25,086
  26,456
  27,887
  29,385
  30,952
  32,593
  34,310
  36,109
  37,994
  39,968
  42,038
  44,207
  46,480
  48,864
  51,365
  53,987
  56,737
Adjusted assets (=assets-cash), $m
  10,944
  11,716
  12,512
  13,341
  14,202
  15,099
  16,032
  17,004
  18,017
  19,073
  20,174
  21,323
  22,523
  23,777
  25,086
  26,456
  27,887
  29,385
  30,952
  32,593
  34,310
  36,109
  37,994
  39,968
  42,038
  44,207
  46,480
  48,864
  51,365
  53,987
  56,737
Revenue / Adjusted assets
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
Average production assets, $m
  1,663
  1,778
  1,899
  2,025
  2,155
  2,291
  2,433
  2,581
  2,734
  2,895
  3,062
  3,236
  3,418
  3,609
  3,807
  4,015
  4,232
  4,460
  4,698
  4,946
  5,207
  5,480
  5,766
  6,066
  6,380
  6,709
  7,054
  7,416
  7,795
  8,193
  8,611
Working capital, $m
  -196
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
Total debt, $m
  2,848
  2,816
  3,351
  3,906
  4,485
  5,086
  5,712
  6,365
  7,044
  7,753
  8,492
  9,263
  10,068
  10,909
  11,788
  12,707
  13,667
  14,672
  15,724
  16,825
  17,977
  19,184
  20,449
  21,774
  23,162
  24,618
  26,143
  27,743
  29,421
  31,180
  33,025
Total liabilities, $m
  7,893
  7,861
  8,396
  8,951
  9,530
  10,131
  10,757
  11,410
  12,089
  12,798
  13,537
  14,308
  15,113
  15,954
  16,833
  17,752
  18,712
  19,717
  20,769
  21,870
  23,022
  24,229
  25,494
  26,819
  28,207
  29,663
  31,188
  32,788
  34,466
  36,225
  38,070
Total equity, $m
  3,597
  3,854
  4,117
  4,389
  4,672
  4,967
  5,274
  5,594
  5,927
  6,275
  6,637
  7,015
  7,410
  7,823
  8,253
  8,704
  9,175
  9,668
  10,183
  10,723
  11,288
  11,880
  12,500
  13,150
  13,830
  14,544
  15,292
  16,076
  16,899
  17,762
  18,666
Total liabilities and equity, $m
  11,490
  11,715
  12,513
  13,340
  14,202
  15,098
  16,031
  17,004
  18,016
  19,073
  20,174
  21,323
  22,523
  23,777
  25,086
  26,456
  27,887
  29,385
  30,952
  32,593
  34,310
  36,109
  37,994
  39,969
  42,037
  44,207
  46,480
  48,864
  51,365
  53,987
  56,736
Debt-to-equity ratio
  0.792
  0.730
  0.810
  0.890
  0.960
  1.020
  1.080
  1.140
  1.190
  1.240
  1.280
  1.320
  1.360
  1.390
  1.430
  1.460
  1.490
  1.520
  1.540
  1.570
  1.590
  1.610
  1.640
  1.660
  1.670
  1.690
  1.710
  1.730
  1.740
  1.760
  1.770
Adjusted equity ratio
  0.279
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  414
  334
  413
  496
  583
  674
  768
  868
  972
  1,081
  1,195
  1,591
  1,717
  1,849
  1,988
  2,134
  2,288
  2,450
  2,620
  2,799
  2,987
  3,185
  3,394
  3,613
  3,845
  4,089
  4,345
  4,615
  4,900
  5,200
  5,516
Depreciation, amort., depletion, $m
  351
  493
  501
  509
  518
  527
  536
  545
  556
  566
  577
  212
  223
  236
  249
  262
  277
  291
  307
  323
  340
  358
  377
  396
  417
  439
  461
  485
  510
  536
  563
Funds from operations, $m
  653
  827
  914
  1,005
  1,101
  1,200
  1,304
  1,413
  1,527
  1,647
  1,772
  1,802
  1,940
  2,085
  2,237
  2,397
  2,565
  2,741
  2,927
  3,122
  3,327
  3,543
  3,771
  4,010
  4,262
  4,527
  4,806
  5,100
  5,410
  5,736
  6,079
Change in working capital, $m
  31
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
Cash from operations, $m
  622
  830
  917
  1,008
  1,104
  1,203
  1,308
  1,417
  1,531
  1,651
  1,776
  1,806
  1,944
  2,089
  2,242
  2,402
  2,570
  2,746
  2,932
  3,128
  3,333
  3,550
  3,777
  4,017
  4,269
  4,535
  4,814
  5,109
  5,419
  5,745
  6,089
Maintenance CAPEX, $m
  0
  -109
  -116
  -124
  -132
  -141
  -150
  -159
  -169
  -179
  -189
  -200
  -212
  -223
  -236
  -249
  -262
  -277
  -291
  -307
  -323
  -340
  -358
  -377
  -396
  -417
  -439
  -461
  -485
  -510
  -536
New CAPEX, $m
  -218
  -115
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -190
  -199
  -208
  -217
  -227
  -238
  -249
  -261
  -273
  -286
  -300
  -314
  -329
  -345
  -362
  -379
  -398
  -417
Cash from investing activities, $m
  -569
  -224
  -237
  -250
  -263
  -277
  -292
  -307
  -323
  -339
  -356
  -374
  -394
  -413
  -435
  -457
  -479
  -504
  -529
  -556
  -584
  -613
  -644
  -677
  -710
  -746
  -784
  -823
  -864
  -908
  -953
Free cash flow, $m
  53
  606
  680
  758
  841
  926
  1,016
  1,110
  1,209
  1,312
  1,420
  1,432
  1,551
  1,676
  1,807
  1,945
  2,090
  2,242
  2,403
  2,572
  2,749
  2,936
  3,133
  3,340
  3,559
  3,789
  4,031
  4,286
  4,555
  4,838
  5,136
Issuance/(repayment) of debt, $m
  397
  514
  535
  556
  578
  602
  626
  652
  680
  709
  739
  771
  805
  841
  879
  919
  961
  1,005
  1,052
  1,101
  1,153
  1,207
  1,264
  1,325
  1,388
  1,455
  1,526
  1,600
  1,678
  1,759
  1,845
Issuance/(repurchase) of shares, $m
  -55
  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  
  306
  514
  535
  556
  578
  602
  626
  652
  680
  709
  739
  771
  805
  841
  879
  919
  961
  1,005
  1,052
  1,101
  1,153
  1,207
  1,264
  1,325
  1,388
  1,455
  1,526
  1,600
  1,678
  1,759
  1,845
Total cash flow (excl. dividends), $m
  337
  1,120
  1,215
  1,314
  1,419
  1,528
  1,642
  1,762
  1,888
  2,020
  2,159
  2,203
  2,356
  2,517
  2,686
  2,864
  3,051
  3,247
  3,455
  3,672
  3,902
  4,143
  4,398
  4,665
  4,947
  5,244
  5,556
  5,886
  6,232
  6,597
  6,981
Retained Cash Flow (-), $m
  41
  -257
  -262
  -273
  -283
  -295
  -307
  -320
  -333
  -347
  -362
  -378
  -395
  -412
  -431
  -450
  -471
  -493
  -516
  -540
  -565
  -592
  -620
  -650
  -681
  -714
  -748
  -784
  -823
  -863
  -905
Prev. year cash balance distribution, $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 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
 
  863
  952
  1,042
  1,135
  1,233
  1,335
  1,443
  1,555
  1,673
  1,797
  1,825
  1,961
  2,104
  2,255
  2,413
  2,580
  2,755
  2,939
  3,133
  3,337
  3,552
  3,778
  4,016
  4,266
  4,530
  4,808
  5,101
  5,410
  5,734
  6,076
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  810
  835
  846
  849
  843
  828
  804
  772
  733
  687
  603
  553
  501
  447
  393
  339
  289
  241
  198
  159
  126
  97
  73
  54
  39
  27
  19
  12
  8
  5
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

Arthur J. Gallagher & Co. and its subsidiaries are engaged in providing insurance brokerage and consulting services, and third-party claims settlement and administration services to both domestic and international entities. The Company operates through three segments: brokerage, risk management and corporate. The brokerage segment primarily consists of retail and wholesale insurance brokerage operations. Its retail brokerage operations negotiate and place property/casualty, employer-provided health and welfare insurance, and healthcare exchange and retirement solutions principally for middle-market commercial, industrial, public entity, religious and not-for-profit entities. The risk management segment provides contract claim settlement and administration services for enterprises that choose to self-insure some or all of their property/casualty coverages and for insurance companies that choose to outsource some or all of their property/casualty claims departments.

FINANCIAL RATIOS  of  Arthur J. Gallagher (AJG)

Valuation Ratios
P/E Ratio 27.9
Price to Sales 2.1
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 28.6
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 120.2%
Cap. Spend. - 3 Yr. Gr. Rate 18.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 59.6%
Total Debt to Equity 79.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 11.4%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 29.4%
Gross Margin - 3 Yr. Avg. 29.9%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 13.8%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 6.9%
Effective Tax Rate -24.6%
Eff/ Tax Rate - 3 Yr. Avg. -23.5%
Payout Ratio 65.7%

AJG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AJG stock intrinsic value calculation we used $5595 million for the last fiscal year's total revenue generated by Arthur J. Gallagher. The default revenue input number comes from 2016 income statement of Arthur J. Gallagher. 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 AJG stock valuation model: a) initial revenue growth rate of 7% 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 6.5%, whose default value for AJG is calculated based on our internal credit rating of Arthur J. Gallagher, 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 Arthur J. Gallagher.
    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 AJG stock the variable cost ratio is equal to 65%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1527 million in the base year in the intrinsic value calculation for AJG 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 4.3% for Arthur J. Gallagher.

Corporate tax rate of 27% is the nominal tax rate for Arthur J. Gallagher. 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 AJG 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 AJG are equal to 29.7%.

Life of production assets of 15.3 years is the average useful life of capital assets used in Arthur J. Gallagher 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 AJG 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 - $3597 million for Arthur J. Gallagher - 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 181.732 million for Arthur J. Gallagher 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 Arthur J. Gallagher at the current share price and the inputted number of shares is $11.8 billion.

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COMPANY NEWS

▶ [$$] JPMorgan: Five Stocks It's Selling and One Buy   [Dec-19-17 03:07PM  Barrons.com]
▶ Stocks With Rising Relative Strength: Gallagher Arthur J & Co   [03:00AM  Investor's Business Daily]
▶ Arthur J. Gallagher beats Street 3Q forecasts   [Oct-26-17 04:33PM  Associated Press]
▶ Illinois-based insurance firm acquires long-standing Santa Fe co.   [Oct-16-17 03:45PM  American City Business Journals]
▶ Arthur J. Gallagher & Co. Acquires DiBrina Group   [Oct-05-17 09:00AM  PR Newswire]
▶ Arthur J. Gallagher & Co. Acquires Lutgert Insurance   [Sep-25-17 09:00AM  PR Newswire]
Financial statements of AJG
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