Intrinsic value of Arthur J. Gallagher & Co. - AJG

Previous Close

$91.81

  Intrinsic Value

$146.16

stock screener

  Rating & Target

str. buy

+59%

Previous close

$91.81

 
Intrinsic value

$146.16

 
Up/down potential

+59%

 
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 16.9

 

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, %
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  7,565
  8,222
  8,907
  9,618
  10,358
  11,126
  11,925
  12,755
  13,618
  14,515
  15,449
  16,420
  17,431
  18,484
  19,582
  20,726
  21,920
  23,166
  24,467
  25,825
  27,245
  28,730
  30,282
  31,907
  33,606
  35,386
  37,249
  39,200
  41,244
  43,386
Variable operating expenses, $m
  6,206
  6,689
  7,193
  7,716
  8,260
  8,826
  9,413
  10,024
  10,659
  11,319
  11,366
  12,080
  12,824
  13,599
  14,407
  15,249
  16,127
  17,043
  18,000
  19,000
  20,045
  21,137
  22,279
  23,474
  24,725
  26,034
  27,404
  28,840
  30,344
  31,920
Fixed operating expenses, $m
  446
  455
  465
  476
  486
  497
  508
  519
  530
  542
  554
  566
  579
  591
  604
  618
  631
  645
  659
  674
  689
  704
  719
  735
  751
  768
  785
  802
  820
  838
Total operating expenses, $m
  6,652
  7,144
  7,658
  8,192
  8,746
  9,323
  9,921
  10,543
  11,189
  11,861
  11,920
  12,646
  13,403
  14,190
  15,011
  15,867
  16,758
  17,688
  18,659
  19,674
  20,734
  21,841
  22,998
  24,209
  25,476
  26,802
  28,189
  29,642
  31,164
  32,758
Operating income, $m
  914
  1,078
  1,249
  1,426
  1,611
  1,804
  2,004
  2,212
  2,429
  2,654
  3,529
  3,773
  4,028
  4,294
  4,571
  4,860
  5,162
  5,477
  5,807
  6,152
  6,512
  6,889
  7,284
  7,697
  8,130
  8,584
  9,060
  9,558
  10,081
  10,629
EBITDA, $m
  1,797
  1,982
  2,174
  2,375
  2,584
  2,801
  3,027
  3,262
  3,506
  3,760
  4,025
  4,301
  4,588
  4,887
  5,200
  5,526
  5,866
  6,221
  6,593
  6,981
  7,387
  7,812
  8,257
  8,722
  9,210
  9,721
  10,256
  10,817
  11,405
  12,022
Interest expense (income), $m
  113
  195
  253
  313
  376
  442
  510
  581
  654
  731
  810
  893
  979
  1,068
  1,162
  1,259
  1,360
  1,465
  1,575
  1,690
  1,810
  1,935
  2,066
  2,202
  2,345
  2,495
  2,652
  2,816
  2,987
  3,167
  3,355
Earnings before tax, $m
  719
  825
  935
  1,050
  1,170
  1,294
  1,423
  1,558
  1,698
  1,844
  2,636
  2,794
  2,960
  3,132
  3,312
  3,500
  3,697
  3,902
  4,117
  4,342
  4,577
  4,824
  5,082
  5,352
  5,635
  5,933
  6,244
  6,571
  6,914
  7,273
Tax expense, $m
  194
  223
  253
  284
  316
  349
  384
  421
  458
  498
  712
  754
  799
  846
  894
  945
  998
  1,054
  1,112
  1,172
  1,236
  1,302
  1,372
  1,445
  1,522
  1,602
  1,686
  1,774
  1,867
  1,964
Net income, $m
  525
  602
  683
  767
  854
  944
  1,039
  1,137
  1,240
  1,346
  1,924
  2,040
  2,161
  2,287
  2,418
  2,555
  2,699
  2,849
  3,005
  3,170
  3,341
  3,521
  3,710
  3,907
  4,114
  4,331
  4,558
  4,797
  5,047
  5,310

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
  17,800
  19,347
  20,957
  22,631
  24,371
  26,180
  28,059
  30,012
  32,043
  34,154
  36,350
  38,635
  41,014
  43,492
  46,075
  48,767
  51,576
  54,508
  57,569
  60,766
  64,107
  67,600
  71,253
  75,074
  79,074
  83,260
  87,644
  92,235
  97,045
  102,084
Adjusted assets (=assets-cash), $m
  17,800
  19,347
  20,957
  22,631
  24,371
  26,180
  28,059
  30,012
  32,043
  34,154
  36,350
  38,635
  41,014
  43,492
  46,075
  48,767
  51,576
  54,508
  57,569
  60,766
  64,107
  67,600
  71,253
  75,074
  79,074
  83,260
  87,644
  92,235
  97,045
  102,084
Revenue / Adjusted assets
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
Average production assets, $m
  3,790
  4,119
  4,462
  4,819
  5,189
  5,574
  5,975
  6,390
  6,823
  7,272
  7,740
  8,226
  8,733
  9,261
  9,810
  10,384
  10,982
  11,606
  12,258
  12,939
  13,650
  14,394
  15,172
  15,985
  16,837
  17,728
  18,662
  19,639
  20,663
  21,736
Working capital, $m
  -1,407
  -1,529
  -1,657
  -1,789
  -1,927
  -2,070
  -2,218
  -2,372
  -2,533
  -2,700
  -2,873
  -3,054
  -3,242
  -3,438
  -3,642
  -3,855
  -4,077
  -4,309
  -4,551
  -4,804
  -5,068
  -5,344
  -5,633
  -5,935
  -6,251
  -6,582
  -6,928
  -7,291
  -7,671
  -8,070
Total debt, $m
  4,680
  5,802
  6,969
  8,183
  9,444
  10,756
  12,118
  13,534
  15,006
  16,537
  18,129
  19,786
  21,510
  23,307
  25,179
  27,132
  29,168
  31,293
  33,513
  35,831
  38,253
  40,785
  43,434
  46,204
  49,104
  52,139
  55,317
  58,646
  62,133
  65,786
Total liabilities, $m
  12,905
  14,026
  15,194
  16,407
  17,669
  18,980
  20,343
  21,759
  23,231
  24,762
  26,354
  28,010
  29,735
  31,532
  33,404
  35,356
  37,393
  39,518
  41,737
  44,055
  46,478
  49,010
  51,658
  54,429
  57,328
  60,364
  63,542
  66,870
  70,357
  74,011
Total equity, $m
  4,895
  5,320
  5,763
  6,223
  6,702
  7,199
  7,716
  8,253
  8,812
  9,392
  9,996
  10,625
  11,279
  11,960
  12,671
  13,411
  14,183
  14,990
  15,831
  16,711
  17,629
  18,590
  19,595
  20,645
  21,745
  22,897
  24,102
  25,365
  26,687
  28,073
Total liabilities and equity, $m
  17,800
  19,346
  20,957
  22,630
  24,371
  26,179
  28,059
  30,012
  32,043
  34,154
  36,350
  38,635
  41,014
  43,492
  46,075
  48,767
  51,576
  54,508
  57,568
  60,766
  64,107
  67,600
  71,253
  75,074
  79,073
  83,261
  87,644
  92,235
  97,044
  102,084
Debt-to-equity ratio
  0.960
  1.090
  1.210
  1.310
  1.410
  1.490
  1.570
  1.640
  1.700
  1.760
  1.810
  1.860
  1.910
  1.950
  1.990
  2.020
  2.060
  2.090
  2.120
  2.140
  2.170
  2.190
  2.220
  2.240
  2.260
  2.280
  2.300
  2.310
  2.330
  2.340
Adjusted equity ratio
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  525
  602
  683
  767
  854
  944
  1,039
  1,137
  1,240
  1,346
  1,924
  2,040
  2,161
  2,287
  2,418
  2,555
  2,699
  2,849
  3,005
  3,170
  3,341
  3,521
  3,710
  3,907
  4,114
  4,331
  4,558
  4,797
  5,047
  5,310
Depreciation, amort., depletion, $m
  883
  904
  926
  949
  973
  997
  1,023
  1,050
  1,077
  1,106
  496
  527
  560
  594
  629
  666
  704
  744
  786
  829
  875
  923
  973
  1,025
  1,079
  1,136
  1,196
  1,259
  1,325
  1,393
Funds from operations, $m
  1,408
  1,506
  1,609
  1,715
  1,826
  1,942
  2,062
  2,187
  2,317
  2,452
  2,420
  2,567
  2,720
  2,880
  3,047
  3,221
  3,403
  3,593
  3,791
  3,999
  4,216
  4,444
  4,682
  4,932
  5,193
  5,467
  5,754
  6,056
  6,372
  6,703
Change in working capital, $m
  -117
  -122
  -127
  -132
  -138
  -143
  -149
  -154
  -160
  -167
  -174
  -181
  -188
  -196
  -204
  -213
  -222
  -232
  -242
  -253
  -264
  -276
  -289
  -302
  -316
  -331
  -347
  -363
  -380
  -398
Cash from operations, $m
  1,525
  1,629
  1,736
  1,848
  1,964
  2,085
  2,210
  2,341
  2,477
  2,619
  2,594
  2,748
  2,908
  3,076
  3,251
  3,434
  3,625
  3,824
  4,033
  4,252
  4,480
  4,720
  4,971
  5,234
  5,509
  5,798
  6,101
  6,419
  6,752
  7,101
Maintenance CAPEX, $m
  -223
  -243
  -264
  -286
  -309
  -333
  -357
  -383
  -410
  -437
  -466
  -496
  -527
  -560
  -594
  -629
  -666
  -704
  -744
  -786
  -829
  -875
  -923
  -973
  -1,025
  -1,079
  -1,136
  -1,196
  -1,259
  -1,325
New CAPEX, $m
  -314
  -329
  -343
  -356
  -371
  -385
  -400
  -416
  -432
  -450
  -468
  -487
  -507
  -528
  -550
  -573
  -598
  -624
  -652
  -681
  -711
  -744
  -778
  -814
  -852
  -891
  -933
  -978
  -1,024
  -1,073
Cash from investing activities, $m
  -537
  -572
  -607
  -642
  -680
  -718
  -757
  -799
  -842
  -887
  -934
  -983
  -1,034
  -1,088
  -1,144
  -1,202
  -1,264
  -1,328
  -1,396
  -1,467
  -1,540
  -1,619
  -1,701
  -1,787
  -1,877
  -1,970
  -2,069
  -2,174
  -2,283
  -2,398
Free cash flow, $m
  989
  1,056
  1,129
  1,205
  1,284
  1,367
  1,453
  1,542
  1,635
  1,732
  1,660
  1,765
  1,875
  1,989
  2,107
  2,232
  2,361
  2,496
  2,637
  2,785
  2,940
  3,101
  3,270
  3,447
  3,633
  3,827
  4,031
  4,245
  4,469
  4,704
Issuance/(repayment) of debt, $m
  1,070
  1,121
  1,167
  1,214
  1,262
  1,311
  1,363
  1,416
  1,472
  1,531
  1,592
  1,657
  1,725
  1,797
  1,872
  1,952
  2,036
  2,125
  2,219
  2,318
  2,422
  2,532
  2,648
  2,771
  2,899
  3,035
  3,178
  3,329
  3,487
  3,654
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  1,070
  1,121
  1,167
  1,214
  1,262
  1,311
  1,363
  1,416
  1,472
  1,531
  1,592
  1,657
  1,725
  1,797
  1,872
  1,952
  2,036
  2,125
  2,219
  2,318
  2,422
  2,532
  2,648
  2,771
  2,899
  3,035
  3,178
  3,329
  3,487
  3,654
Total cash flow (excl. dividends), $m
  2,059
  2,178
  2,296
  2,419
  2,546
  2,678
  2,815
  2,958
  3,107
  3,263
  3,252
  3,422
  3,599
  3,785
  3,980
  4,184
  4,397
  4,621
  4,857
  5,103
  5,362
  5,634
  5,919
  6,218
  6,532
  6,863
  7,209
  7,573
  7,956
  8,357
Retained Cash Flow (-), $m
  -396
  -425
  -443
  -460
  -479
  -497
  -517
  -537
  -558
  -581
  -604
  -628
  -654
  -681
  -710
  -740
  -772
  -806
  -842
  -879
  -919
  -961
  -1,005
  -1,051
  -1,100
  -1,151
  -1,205
  -1,263
  -1,323
  -1,386
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
  1,662
  1,752
  1,854
  1,959
  2,068
  2,181
  2,299
  2,421
  2,549
  2,682
  2,648
  2,794
  2,945
  3,104
  3,270
  3,443
  3,625
  3,815
  4,015
  4,224
  4,443
  4,673
  4,914
  5,167
  5,433
  5,711
  6,004
  6,311
  6,633
  6,972
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
  1,594
  1,604
  1,613
  1,613
  1,603
  1,583
  1,553
  1,513
  1,464
  1,406
  1,258
  1,192
  1,120
  1,042
  960
  875
  789
  703
  618
  537
  460
  388
  322
  263
  211
  167
  129
  98
  72
  52
Current shareholders' claim on cash, %
  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 & Co. (AJG)

Valuation Ratios
P/E Ratio 39.5
Price to Sales 2.9
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 26.3
Price to Free Cash Flow 40.5
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 $6934 million for the last fiscal year's total revenue generated by Arthur J. Gallagher & Co.. The default revenue input number comes from 0001 income statement of Arthur J. Gallagher & Co.. 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 9.1% 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 & Co., 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 & Co..
    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 82.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $436 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 & Co..

Corporate tax rate of 27% is the nominal tax rate for Arthur J. Gallagher & Co.. 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 50.1%.

Life of production assets of 15.6 years is the average useful life of capital assets used in Arthur J. Gallagher & Co. 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 -18.6%. 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 - $4498.9 million for Arthur J. Gallagher & Co. - 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 184.106 million for Arthur J. Gallagher & Co. 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 & Co. at the current share price and the inputted number of shares is $16.9 billion.

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