Intrinsic value of Brown&Brown - BRO

Previous Close

$29.67

  Intrinsic Value

$64.12

stock screener

  Rating & Target

str. buy

+116%

Previous close

$29.67

 
Intrinsic value

$64.12

 
Up/down potential

+116%

 
Rating

str. buy

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

We calculate the intrinsic value of BRO 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 2017), $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 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  2,003
  2,130
  2,263
  2,401
  2,544
  2,694
  2,850
  3,013
  3,183
  3,361
  3,547
  3,741
  3,944
  4,156
  4,378
  4,610
  4,854
  5,109
  5,376
  5,655
  5,948
  6,255
  6,577
  6,915
  7,269
  7,640
  8,030
  8,438
  8,867
  9,316
Variable operating expenses, $m
  1,445
  1,515
  1,588
  1,665
  1,744
  1,827
  1,913
  2,004
  2,098
  2,196
  1,963
  2,071
  2,183
  2,300
  2,423
  2,552
  2,687
  2,828
  2,976
  3,130
  3,293
  3,463
  3,641
  3,828
  4,024
  4,229
  4,445
  4,671
  4,908
  5,157
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
  1,445
  1,515
  1,588
  1,665
  1,744
  1,827
  1,913
  2,004
  2,098
  2,196
  1,963
  2,071
  2,183
  2,300
  2,423
  2,552
  2,687
  2,828
  2,976
  3,130
  3,293
  3,463
  3,641
  3,828
  4,024
  4,229
  4,445
  4,671
  4,908
  5,157
Operating income, $m
  559
  615
  675
  736
  800
  867
  937
  1,010
  1,086
  1,165
  1,584
  1,670
  1,761
  1,855
  1,955
  2,058
  2,167
  2,281
  2,400
  2,525
  2,656
  2,793
  2,937
  3,087
  3,245
  3,411
  3,585
  3,767
  3,959
  4,159
EBITDA, $m
  1,261
  1,341
  1,425
  1,512
  1,602
  1,696
  1,795
  1,897
  2,005
  2,116
  2,233
  2,355
  2,483
  2,617
  2,757
  2,903
  3,056
  3,217
  3,385
  3,561
  3,745
  3,939
  4,142
  4,354
  4,577
  4,811
  5,056
  5,313
  5,583
  5,866
Interest expense (income), $m
  38
  53
  64
  76
  88
  100
  113
  127
  141
  156
  171
  188
  205
  222
  241
  260
  280
  301
  323
  347
  371
  396
  423
  451
  480
  511
  543
  577
  612
  650
  689
Earnings before tax, $m
  506
  551
  599
  648
  700
  754
  810
  868
  930
  993
  1,396
  1,466
  1,539
  1,615
  1,695
  1,778
  1,866
  1,957
  2,053
  2,154
  2,259
  2,370
  2,486
  2,607
  2,734
  2,868
  3,008
  3,155
  3,309
  3,471
Tax expense, $m
  137
  149
  162
  175
  189
  204
  219
  234
  251
  268
  377
  396
  415
  436
  458
  480
  504
  528
  554
  582
  610
  640
  671
  704
  738
  774
  812
  852
  893
  937
Net income, $m
  369
  403
  437
  473
  511
  550
  591
  634
  679
  725
  1,019
  1,070
  1,123
  1,179
  1,237
  1,298
  1,362
  1,429
  1,499
  1,572
  1,649
  1,730
  1,814
  1,903
  1,996
  2,094
  2,196
  2,303
  2,416
  2,534

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
  6,126
  6,515
  6,920
  7,342
  7,781
  8,239
  8,717
  9,215
  9,735
  10,279
  10,846
  11,440
  12,060
  12,709
  13,388
  14,099
  14,843
  15,623
  16,439
  17,294
  18,190
  19,130
  20,114
  21,147
  22,230
  23,365
  24,556
  25,805
  27,116
  28,491
Adjusted assets (=assets-cash), $m
  6,126
  6,515
  6,920
  7,342
  7,781
  8,239
  8,717
  9,215
  9,735
  10,279
  10,846
  11,440
  12,060
  12,709
  13,388
  14,099
  14,843
  15,623
  16,439
  17,294
  18,190
  19,130
  20,114
  21,147
  22,230
  23,365
  24,556
  25,805
  27,116
  28,491
Revenue / Adjusted assets
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
Average production assets, $m
  3,670
  3,903
  4,146
  4,398
  4,661
  4,936
  5,222
  5,520
  5,832
  6,158
  6,498
  6,853
  7,225
  7,614
  8,020
  8,446
  8,892
  9,359
  9,848
  10,360
  10,897
  11,460
  12,050
  12,668
  13,317
  13,997
  14,711
  15,459
  16,244
  17,068
Working capital, $m
  -797
  -848
  -901
  -956
  -1,013
  -1,072
  -1,134
  -1,199
  -1,267
  -1,338
  -1,412
  -1,489
  -1,570
  -1,654
  -1,742
  -1,835
  -1,932
  -2,033
  -2,139
  -2,251
  -2,367
  -2,490
  -2,618
  -2,752
  -2,893
  -3,041
  -3,196
  -3,358
  -3,529
  -3,708
Total debt, $m
  1,187
  1,401
  1,625
  1,857
  2,099
  2,351
  2,615
  2,889
  3,176
  3,475
  3,788
  4,115
  4,457
  4,814
  5,189
  5,580
  5,990
  6,420
  6,869
  7,341
  7,834
  8,352
  8,895
  9,464
  10,060
  10,686
  11,342
  12,030
  12,752
  13,510
Total liabilities, $m
  3,376
  3,590
  3,813
  4,045
  4,287
  4,540
  4,803
  5,078
  5,364
  5,664
  5,976
  6,303
  6,645
  7,003
  7,377
  7,769
  8,179
  8,608
  9,058
  9,529
  10,023
  10,540
  11,083
  11,652
  12,248
  12,874
  13,530
  14,219
  14,941
  15,698
Total equity, $m
  2,751
  2,925
  3,107
  3,296
  3,494
  3,699
  3,914
  4,138
  4,371
  4,615
  4,870
  5,136
  5,415
  5,706
  6,011
  6,331
  6,665
  7,015
  7,381
  7,765
  8,167
  8,589
  9,031
  9,495
  9,981
  10,491
  11,026
  11,586
  12,175
  12,792
Total liabilities and equity, $m
  6,127
  6,515
  6,920
  7,341
  7,781
  8,239
  8,717
  9,216
  9,735
  10,279
  10,846
  11,439
  12,060
  12,709
  13,388
  14,100
  14,844
  15,623
  16,439
  17,294
  18,190
  19,129
  20,114
  21,147
  22,229
  23,365
  24,556
  25,805
  27,116
  28,490
Debt-to-equity ratio
  0.430
  0.480
  0.520
  0.560
  0.600
  0.640
  0.670
  0.700
  0.730
  0.750
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
Adjusted equity ratio
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  369
  403
  437
  473
  511
  550
  591
  634
  679
  725
  1,019
  1,070
  1,123
  1,179
  1,237
  1,298
  1,362
  1,429
  1,499
  1,572
  1,649
  1,730
  1,814
  1,903
  1,996
  2,094
  2,196
  2,303
  2,416
  2,534
Depreciation, amort., depletion, $m
  703
  726
  750
  776
  802
  829
  858
  888
  919
  951
  650
  685
  722
  761
  802
  845
  889
  936
  985
  1,036
  1,090
  1,146
  1,205
  1,267
  1,332
  1,400
  1,471
  1,546
  1,624
  1,707
Funds from operations, $m
  1,072
  1,129
  1,187
  1,249
  1,313
  1,380
  1,449
  1,522
  1,598
  1,677
  1,669
  1,755
  1,846
  1,940
  2,039
  2,143
  2,251
  2,365
  2,484
  2,608
  2,739
  2,876
  3,019
  3,170
  3,328
  3,493
  3,667
  3,849
  4,040
  4,240
Change in working capital, $m
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
Cash from operations, $m
  1,121
  1,179
  1,240
  1,304
  1,370
  1,439
  1,511
  1,587
  1,665
  1,747
  1,743
  1,832
  1,926
  2,025
  2,128
  2,235
  2,348
  2,466
  2,590
  2,720
  2,856
  2,998
  3,148
  3,304
  3,469
  3,641
  3,822
  4,012
  4,211
  4,419
Maintenance CAPEX, $m
  -345
  -367
  -390
  -415
  -440
  -466
  -494
  -522
  -552
  -583
  -616
  -650
  -685
  -722
  -761
  -802
  -845
  -889
  -936
  -985
  -1,036
  -1,090
  -1,146
  -1,205
  -1,267
  -1,332
  -1,400
  -1,471
  -1,546
  -1,624
New CAPEX, $m
  -224
  -233
  -243
  -253
  -263
  -274
  -286
  -299
  -312
  -325
  -340
  -355
  -372
  -389
  -407
  -426
  -446
  -467
  -489
  -512
  -537
  -563
  -590
  -619
  -649
  -680
  -713
  -748
  -785
  -824
Cash from investing activities, $m
  -569
  -600
  -633
  -668
  -703
  -740
  -780
  -821
  -864
  -908
  -956
  -1,005
  -1,057
  -1,111
  -1,168
  -1,228
  -1,291
  -1,356
  -1,425
  -1,497
  -1,573
  -1,653
  -1,736
  -1,824
  -1,916
  -2,012
  -2,113
  -2,219
  -2,331
  -2,448
Free cash flow, $m
  553
  579
  607
  637
  667
  699
  732
  766
  802
  839
  787
  827
  869
  913
  959
  1,007
  1,058
  1,110
  1,165
  1,223
  1,283
  1,346
  1,412
  1,481
  1,553
  1,629
  1,709
  1,792
  1,880
  1,971
Issuance/(repayment) of debt, $m
  211
  214
  223
  232
  242
  252
  263
  275
  287
  299
  313
  327
  342
  358
  374
  392
  410
  429
  450
  471
  494
  518
  543
  569
  597
  626
  656
  688
  722
  758
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  
  211
  214
  223
  232
  242
  252
  263
  275
  287
  299
  313
  327
  342
  358
  374
  392
  410
  429
  450
  471
  494
  518
  543
  569
  597
  626
  656
  688
  722
  758
Total cash flow (excl. dividends), $m
  764
  793
  830
  869
  909
  951
  995
  1,040
  1,088
  1,138
  1,100
  1,154
  1,211
  1,271
  1,334
  1,399
  1,468
  1,540
  1,615
  1,694
  1,777
  1,863
  1,954
  2,050
  2,150
  2,255
  2,365
  2,480
  2,602
  2,729
Retained Cash Flow (-), $m
  -168
  -175
  -182
  -189
  -197
  -206
  -214
  -224
  -234
  -244
  -255
  -266
  -279
  -291
  -305
  -319
  -334
  -350
  -367
  -384
  -402
  -422
  -442
  -464
  -486
  -510
  -535
  -561
  -588
  -617
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
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  74
  78
  82
  86
  90
  95
  100
  105
  111
  116
  122
  128
  135
  142
Cash available for distribution, $m
  596
  619
  649
  680
  712
  745
  780
  817
  855
  894
  845
  888
  933
  980
  1,029
  1,080
  1,134
  1,190
  1,248
  1,310
  1,374
  1,442
  1,512
  1,586
  1,664
  1,745
  1,830
  1,920
  2,013
  2,112
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
  571
  566
  564
  560
  552
  541
  527
  510
  491
  469
  401
  379
  355
  329
  302
  274
  247
  219
  192
  166
  142
  120
  99
  81
  65
  51
  39
  30
  22
  16
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

Brown & Brown, Inc. is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services. It operates through four segments: the Retail Segment, which provides a range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers; the National Programs Segment, which acts as a managing general agent, provides professional liability and related package products; the Wholesale Brokerage Segment, which markets and sells excess and surplus commercial and personal lines insurance, and the Services Segment, which provides insurance-related services, including third-party claims administration and medical utilization management services.

FINANCIAL RATIOS  of  Brown&Brown (BRO)

Valuation Ratios
P/E Ratio 16.2
Price to Sales 2.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 11.6
Growth Rates
Sales Growth Rate 6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 2.4%
Financial Strength
Quick Ratio 9
Current Ratio 0.2
LT Debt to Equity 43.1%
Total Debt to Equity 45.5%
Interest Coverage 12
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11.4%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 31.7%
Operating Margin 26.1%
Oper. Margin - 3 Yr. Avg. 26.4%
Pre-Tax Margin 24%
Pre-Tax Margin - 3 Yr. Avg. 23.3%
Net Profit Margin 14.5%
Net Profit Margin - 3 Yr. Avg. 14.1%
Effective Tax Rate 39.4%
Eff/ Tax Rate - 3 Yr. Avg. 39.4%
Payout Ratio 27.2%

BRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRO stock intrinsic value calculation we used $1881 million for the last fiscal year's total revenue generated by Brown&Brown. The default revenue input number comes from 2017 income statement of Brown&Brown. 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 BRO stock valuation model: a) initial revenue growth rate of 6.5% 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 BRO is calculated based on our internal credit rating of Brown&Brown, 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 Brown&Brown.
    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 BRO stock the variable cost ratio is equal to 73.2%.

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 BRO 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 Brown&Brown.

Corporate tax rate of 27% is the nominal tax rate for Brown&Brown. 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 BRO stock is equal to 1.6%.

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 BRO are equal to 183.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Brown&Brown 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 BRO is equal to -39.8%. 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 - $2583 million for Brown&Brown - 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 139 million for Brown&Brown 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 Brown&Brown at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ Brown & Brown, Inc. Announces Quarterly Cash Dividend   [Jul-12-18 05:15PM  GlobeNewswire]
▶ Buy These 5 Low Leverage Stocks on Chances of Rate Hike   [Jul-06-18 12:40PM  InvestorPlace]
▶ Is Brown & Brown Inc (NYSE:BRO) Undervalued?   [10:06AM  Simply Wall St.]
▶ Central Florida insurance giant Brown & Brown strikes a deal   [Jun-06-18 04:15PM  American City Business Journals]
▶ Brown & Brown: 1Q Earnings Snapshot   [Apr-23-18 06:39PM  Associated Press]
▶ Brown & Brown, Inc. Completes 2-for-1 Stock Split   [Mar-28-18 05:00PM  GlobeNewswire]
▶ Brown & Brown, Inc. Announces 2-For-1 Stock Split   [Feb-26-18 05:15PM  GlobeNewswire]
▶ Brown & Brown beats Street 4Q forecasts   [Jan-22-18 05:17PM  Associated Press]
▶ Brown & Brown, Inc. Announces Quarterly Cash Dividend   [Jan-19-18 05:30PM  GlobeNewswire]
▶ Ashland Launches New Gelcoat   [07:54AM  Market Realist]
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