Intrinsic value of Arthur J. Gallagher - AJG

Previous Close

$72.67

  Intrinsic Value

$125.84

stock screener

  Rating & Target

str. buy

+73%

Previous close

$72.67

 
Intrinsic value

$125.84

 
Up/down potential

+73%

 
Rating

str. buy

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

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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 13.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  6,868
  7,613
  8,395
  9,212
  10,066
  10,955
  11,881
  12,845
  13,847
  14,888
  15,969
  17,094
  18,262
  19,477
  20,740
  22,055
  23,423
  24,848
  26,333
  27,881
  29,495
  31,180
  32,939
  34,775
  36,694
  38,700
  40,798
  42,992
  45,288
  47,691
Variable operating expenses, $m
  6,190
  6,798
  7,437
  8,104
  8,801
  9,528
  10,284
  11,071
  11,889
  12,739
  13,042
  13,960
  14,914
  15,906
  16,938
  18,012
  19,129
  20,293
  21,506
  22,770
  24,088
  25,464
  26,900
  28,400
  29,968
  31,606
  33,319
  35,111
  36,986
  38,948
Fixed operating expenses, $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
Total operating expenses, $m
  6,190
  6,798
  7,437
  8,104
  8,801
  9,528
  10,284
  11,071
  11,889
  12,739
  13,042
  13,960
  14,914
  15,906
  16,938
  18,012
  19,129
  20,293
  21,506
  22,770
  24,088
  25,464
  26,900
  28,400
  29,968
  31,606
  33,319
  35,111
  36,986
  38,948
Operating income, $m
  678
  815
  958
  1,108
  1,264
  1,427
  1,597
  1,774
  1,957
  2,148
  2,927
  3,133
  3,348
  3,570
  3,802
  4,043
  4,294
  4,555
  4,827
  5,111
  5,407
  5,716
  6,038
  6,375
  6,727
  7,094
  7,479
  7,881
  8,302
  8,742
EBITDA, $m
  1,489
  1,651
  1,820
  1,997
  2,182
  2,375
  2,576
  2,785
  3,002
  3,228
  3,462
  3,706
  3,959
  4,223
  4,496
  4,781
  5,078
  5,387
  5,709
  6,045
  6,395
  6,760
  7,141
  7,539
  7,955
  8,390
  8,845
  9,321
  9,818
  10,339
Interest expense (income), $m
  113
  169
  236
  306
  379
  455
  535
  618
  705
  795
  889
  987
  1,088
  1,193
  1,302
  1,416
  1,534
  1,657
  1,786
  1,919
  2,058
  2,203
  2,354
  2,512
  2,676
  2,848
  3,028
  3,216
  3,412
  3,618
  3,832
Earnings before tax, $m
  509
  579
  652
  729
  809
  892
  979
  1,069
  1,162
  1,259
  1,941
  2,046
  2,155
  2,268
  2,386
  2,509
  2,636
  2,769
  2,908
  3,053
  3,204
  3,362
  3,526
  3,698
  3,878
  4,066
  4,263
  4,469
  4,684
  4,910
Tax expense, $m
  137
  156
  176
  197
  218
  241
  264
  289
  314
  340
  524
  552
  582
  612
  644
  677
  712
  748
  785
  824
  865
  908
  952
  999
  1,047
  1,098
  1,151
  1,207
  1,265
  1,326
Net income, $m
  371
  423
  476
  532
  591
  651
  714
  780
  848
  919
  1,417
  1,493
  1,573
  1,656
  1,742
  1,831
  1,925
  2,022
  2,123
  2,229
  2,339
  2,454
  2,574
  2,700
  2,831
  2,968
  3,112
  3,262
  3,420
  3,584

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  16,629
  18,434
  20,326
  22,305
  24,372
  26,526
  28,769
  31,101
  33,527
  36,047
  38,667
  41,389
  44,218
  47,159
  50,219
  53,402
  56,715
  60,165
  63,761
  67,509
  71,417
  75,496
  79,754
  84,201
  88,848
  93,705
  98,784
  104,097
  109,655
  115,474
Adjusted assets (=assets-cash), $m
  16,629
  18,434
  20,326
  22,305
  24,372
  26,526
  28,769
  31,101
  33,527
  36,047
  38,667
  41,389
  44,218
  47,159
  50,219
  53,402
  56,715
  60,165
  63,761
  67,509
  71,417
  75,496
  79,754
  84,201
  88,848
  93,705
  98,784
  104,097
  109,655
  115,474
Revenue / Adjusted assets
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
Average production assets, $m
  3,564
  3,951
  4,357
  4,781
  5,224
  5,686
  6,166
  6,666
  7,186
  7,727
  8,288
  8,872
  9,478
  10,108
  10,764
  11,446
  12,157
  12,896
  13,667
  14,470
  15,308
  16,182
  17,095
  18,048
  19,044
  20,085
  21,174
  22,313
  23,504
  24,751
Working capital, $m
  -1,477
  -1,637
  -1,805
  -1,981
  -2,164
  -2,355
  -2,555
  -2,762
  -2,977
  -3,201
  -3,433
  -3,675
  -3,926
  -4,188
  -4,459
  -4,742
  -5,036
  -5,342
  -5,662
  -5,994
  -6,342
  -6,704
  -7,082
  -7,477
  -7,889
  -8,321
  -8,772
  -9,243
  -9,737
  -10,254
Total debt, $m
  4,366
  5,657
  7,012
  8,430
  9,909
  11,451
  13,057
  14,727
  16,464
  18,269
  20,144
  22,093
  24,119
  26,225
  28,415
  30,694
  33,067
  35,537
  38,112
  40,795
  43,594
  46,514
  49,563
  52,747
  56,074
  59,552
  63,188
  66,992
  70,972
  75,138
Total liabilities, $m
  11,907
  13,199
  14,553
  15,971
  17,450
  18,993
  20,598
  22,269
  24,005
  25,810
  27,685
  29,634
  31,660
  33,766
  35,956
  38,236
  40,608
  43,078
  45,653
  48,336
  51,135
  54,055
  57,104
  60,288
  63,615
  67,093
  70,729
  74,533
  78,513
  82,679
Total equity, $m
  4,723
  5,235
  5,773
  6,335
  6,922
  7,533
  8,170
  8,833
  9,522
  10,237
  10,981
  11,754
  12,558
  13,393
  14,262
  15,166
  16,107
  17,087
  18,108
  19,172
  20,283
  21,441
  22,650
  23,913
  25,233
  26,612
  28,055
  29,563
  31,142
  32,795
Total liabilities and equity, $m
  16,630
  18,434
  20,326
  22,306
  24,372
  26,526
  28,768
  31,102
  33,527
  36,047
  38,666
  41,388
  44,218
  47,159
  50,218
  53,402
  56,715
  60,165
  63,761
  67,508
  71,418
  75,496
  79,754
  84,201
  88,848
  93,705
  98,784
  104,096
  109,655
  115,474
Debt-to-equity ratio
  0.920
  1.080
  1.210
  1.330
  1.430
  1.520
  1.600
  1.670
  1.730
  1.780
  1.830
  1.880
  1.920
  1.960
  1.990
  2.020
  2.050
  2.080
  2.100
  2.130
  2.150
  2.170
  2.190
  2.210
  2.220
  2.240
  2.250
  2.270
  2.280
  2.290
Adjusted equity ratio
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284
  0.284

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  371
  423
  476
  532
  591
  651
  714
  780
  848
  919
  1,417
  1,493
  1,573
  1,656
  1,742
  1,831
  1,925
  2,022
  2,123
  2,229
  2,339
  2,454
  2,574
  2,700
  2,831
  2,968
  3,112
  3,262
  3,420
  3,584
Depreciation, amort., depletion, $m
  811
  836
  862
  889
  918
  948
  979
  1,011
  1,045
  1,079
  535
  572
  611
  652
  694
  738
  784
  832
  882
  934
  988
  1,044
  1,103
  1,164
  1,229
  1,296
  1,366
  1,440
  1,516
  1,597
Funds from operations, $m
  1,182
  1,258
  1,338
  1,422
  1,509
  1,599
  1,693
  1,791
  1,893
  1,999
  1,952
  2,066
  2,184
  2,308
  2,436
  2,570
  2,709
  2,854
  3,005
  3,162
  3,327
  3,498
  3,677
  3,864
  4,060
  4,264
  4,478
  4,702
  4,936
  5,181
Change in working capital, $m
  -152
  -160
  -168
  -176
  -183
  -191
  -199
  -207
  -215
  -224
  -233
  -242
  -251
  -261
  -272
  -283
  -294
  -306
  -319
  -333
  -347
  -362
  -378
  -395
  -413
  -431
  -451
  -472
  -494
  -517
Cash from operations, $m
  1,335
  1,419
  1,506
  1,597
  1,692
  1,790
  1,892
  1,998
  2,108
  2,222
  2,184
  2,307
  2,436
  2,569
  2,708
  2,852
  3,003
  3,160
  3,324
  3,495
  3,674
  3,860
  4,055
  4,259
  4,472
  4,696
  4,929
  5,174
  5,430
  5,698
Maintenance CAPEX, $m
  -206
  -230
  -255
  -281
  -308
  -337
  -367
  -398
  -430
  -464
  -498
  -535
  -572
  -611
  -652
  -694
  -738
  -784
  -832
  -882
  -934
  -988
  -1,044
  -1,103
  -1,164
  -1,229
  -1,296
  -1,366
  -1,440
  -1,516
New CAPEX, $m
  -368
  -387
  -406
  -424
  -443
  -462
  -481
  -500
  -520
  -540
  -561
  -583
  -606
  -630
  -656
  -682
  -710
  -740
  -771
  -803
  -838
  -874
  -913
  -953
  -996
  -1,041
  -1,089
  -1,139
  -1,192
  -1,247
Cash from investing activities, $m
  -574
  -617
  -661
  -705
  -751
  -799
  -848
  -898
  -950
  -1,004
  -1,059
  -1,118
  -1,178
  -1,241
  -1,308
  -1,376
  -1,448
  -1,524
  -1,603
  -1,685
  -1,772
  -1,862
  -1,957
  -2,056
  -2,160
  -2,270
  -2,385
  -2,505
  -2,632
  -2,763
Free cash flow, $m
  760
  802
  846
  892
  941
  992
  1,045
  1,100
  1,158
  1,218
  1,124
  1,189
  1,257
  1,327
  1,400
  1,476
  1,554
  1,636
  1,721
  1,810
  1,902
  1,998
  2,099
  2,203
  2,312
  2,426
  2,545
  2,669
  2,798
  2,934
Issuance/(repayment) of debt, $m
  1,233
  1,292
  1,355
  1,417
  1,480
  1,542
  1,606
  1,670
  1,737
  1,805
  1,875
  1,949
  2,026
  2,106
  2,190
  2,279
  2,372
  2,471
  2,574
  2,683
  2,799
  2,920
  3,049
  3,184
  3,327
  3,478
  3,636
  3,804
  3,980
  4,166
Issuance/(repurchase) of shares, $m
  116
  90
  61
  30
  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  
  1,349
  1,382
  1,416
  1,447
  1,480
  1,542
  1,606
  1,670
  1,737
  1,805
  1,875
  1,949
  2,026
  2,106
  2,190
  2,279
  2,372
  2,471
  2,574
  2,683
  2,799
  2,920
  3,049
  3,184
  3,327
  3,478
  3,636
  3,804
  3,980
  4,166
Total cash flow (excl. dividends), $m
  2,108
  2,184
  2,262
  2,339
  2,420
  2,534
  2,651
  2,771
  2,895
  3,023
  3,000
  3,138
  3,283
  3,433
  3,590
  3,755
  3,927
  4,107
  4,296
  4,493
  4,701
  4,919
  5,147
  5,387
  5,639
  5,903
  6,181
  6,473
  6,779
  7,100
Retained Cash Flow (-), $m
  -487
  -512
  -537
  -562
  -587
  -612
  -637
  -663
  -689
  -716
  -744
  -773
  -804
  -835
  -869
  -904
  -941
  -980
  -1,021
  -1,064
  -1,110
  -1,158
  -1,209
  -1,263
  -1,320
  -1,379
  -1,442
  -1,509
  -1,579
  -1,652
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
  1,621
  1,671
  1,724
  1,777
  1,833
  1,922
  2,014
  2,108
  2,206
  2,307
  2,256
  2,365
  2,479
  2,598
  2,721
  2,851
  2,986
  3,127
  3,274
  3,429
  3,591
  3,760
  3,938
  4,124
  4,319
  4,524
  4,739
  4,964
  5,200
  5,448
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,554
  1,530
  1,501
  1,463
  1,421
  1,395
  1,360
  1,318
  1,267
  1,210
  1,071
  1,009
  943
  872
  799
  724
  650
  576
  504
  436
  371
  312
  258
  210
  168
  132
  102
  77
  57
  41
Current shareholders' claim on cash, %
  99.1
  98.5
  98.2
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0

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 31.3
Price to Sales 2.3
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow 32.1
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 $6159.6 million for the last fiscal year's total revenue generated by Arthur J. Gallagher. The default revenue input number comes from 0001 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 11.5% 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 4.3%, 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 91.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.4% 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 51.9%.

Life of production assets of 15.5 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 -21.5%. 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 - $4235.6 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 182.6 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 $13.3 billion.

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COMPANY NEWS

▶ Arthur J. Gallagher & Co. Acquires Super-Advice Entities   [Sep-03-18 07:00PM  PR Newswire]
▶ Arthur J. Gallagher: 2Q Earnings Snapshot   [Jul-26-18 04:54PM  Associated Press]
▶ Arthur J. Gallagher & Co. Acquires Belton Boisselle Ltd.   [Jul-19-18 09:00AM  PR Newswire]
▶ [$$] Deal Close Announcements: June 4-8   [Jun-08-18 05:10PM  The Wall Street Journal]
▶ [$$] Palladium to More Than Triple Its Money on Pronto Insurance Sale   [May-10-18 07:08PM  The Wall Street Journal]
▶ Arthur J. Gallagher: 1Q Earnings Snapshot   [May-01-18 04:37PM  Associated Press]
▶ Chicago Cubs and Gallagher Announce "Gallagher Way"   [Apr-08-18 02:45PM  PR Newswire]
▶ Arthur J. Gallagher & Co. Acquires McGregor & Associates   [Mar-29-18 09:00AM  PR Newswire]

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