Intrinsic value of Brown&Brown - BRO

Previous Close

$51.18

  Intrinsic Value

$62.60

stock screener

  Rating & Target

buy

+22%

Previous close

$51.18

 
Intrinsic value

$62.60

 
Up/down potential

+22%

 
Rating

buy

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

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

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 2016), $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 7.2

 

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, %
  6.38
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  1,767
  1,820
  1,878
  1,942
  2,011
  2,085
  2,164
  2,249
  2,340
  2,437
  2,540
  2,650
  2,765
  2,888
  3,018
  3,155
  3,300
  3,452
  3,614
  3,783
  3,962
  4,151
  4,349
  4,558
  4,778
  5,009
  5,252
  5,508
  5,777
  6,060
  6,357
Variable operating expenses, $m
 
  1,328
  1,362
  1,399
  1,439
  1,482
  1,528
  1,578
  1,631
  1,688
  1,748
  1,544
  1,611
  1,683
  1,758
  1,838
  1,922
  2,011
  2,105
  2,204
  2,308
  2,418
  2,534
  2,656
  2,784
  2,918
  3,060
  3,209
  3,366
  3,531
  3,704
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
  1,305
  1,328
  1,362
  1,399
  1,439
  1,482
  1,528
  1,578
  1,631
  1,688
  1,748
  1,544
  1,611
  1,683
  1,758
  1,838
  1,922
  2,011
  2,105
  2,204
  2,308
  2,418
  2,534
  2,656
  2,784
  2,918
  3,060
  3,209
  3,366
  3,531
  3,704
Operating income, $m
  462
  492
  516
  543
  572
  603
  636
  671
  709
  750
  793
  1,106
  1,154
  1,205
  1,260
  1,317
  1,377
  1,441
  1,508
  1,579
  1,654
  1,732
  1,815
  1,902
  1,994
  2,091
  2,192
  2,299
  2,411
  2,529
  2,654
EBITDA, $m
  570
  785
  810
  837
  867
  899
  933
  970
  1,009
  1,051
  1,095
  1,142
  1,192
  1,245
  1,301
  1,360
  1,422
  1,488
  1,558
  1,631
  1,708
  1,789
  1,875
  1,965
  2,060
  2,159
  2,264
  2,375
  2,491
  2,612
  2,741
Interest expense (income), $m
  38
  36
  39
  42
  46
  50
  54
  58
  63
  68
  74
  79
  86
  92
  99
  106
  114
  122
  131
  140
  150
  160
  170
  182
  193
  206
  219
  233
  247
  262
  278
Earnings before tax, $m
  424
  457
  478
  501
  526
  553
  582
  613
  646
  682
  719
  1,026
  1,069
  1,113
  1,160
  1,210
  1,263
  1,319
  1,377
  1,439
  1,504
  1,573
  1,645
  1,721
  1,801
  1,885
  1,973
  2,066
  2,164
  2,267
  2,375
Tax expense, $m
  167
  123
  129
  135
  142
  149
  157
  166
  175
  184
  194
  277
  289
  301
  313
  327
  341
  356
  372
  389
  406
  425
  444
  465
  486
  509
  533
  558
  584
  612
  641
Net income, $m
  257
  333
  349
  366
  384
  404
  425
  448
  472
  498
  525
  749
  780
  813
  847
  884
  922
  963
  1,005
  1,050
  1,098
  1,148
  1,201
  1,256
  1,315
  1,376
  1,441
  1,508
  1,580
  1,655
  1,734

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  531
  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
  5,263
  4,879
  5,036
  5,206
  5,390
  5,589
  5,802
  6,031
  6,275
  6,534
  6,810
  7,103
  7,414
  7,743
  8,091
  8,458
  8,846
  9,256
  9,688
  10,143
  10,623
  11,128
  11,660
  12,220
  12,809
  13,429
  14,082
  14,768
  15,489
  16,247
  17,044
Adjusted assets (=assets-cash), $m
  4,732
  4,879
  5,036
  5,206
  5,390
  5,589
  5,802
  6,031
  6,275
  6,534
  6,810
  7,103
  7,414
  7,743
  8,091
  8,458
  8,846
  9,256
  9,688
  10,143
  10,623
  11,128
  11,660
  12,220
  12,809
  13,429
  14,082
  14,768
  15,489
  16,247
  17,044
Revenue / Adjusted assets
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
Average production assets, $m
  726
  748
  772
  798
  826
  857
  890
  925
  962
  1,002
  1,044
  1,089
  1,137
  1,187
  1,240
  1,297
  1,356
  1,419
  1,485
  1,555
  1,628
  1,706
  1,788
  1,873
  1,964
  2,059
  2,159
  2,264
  2,374
  2,491
  2,613
Working capital, $m
  291
  -189
  -195
  -202
  -209
  -217
  -225
  -234
  -243
  -253
  -264
  -276
  -288
  -300
  -314
  -328
  -343
  -359
  -376
  -393
  -412
  -432
  -452
  -474
  -497
  -521
  -546
  -573
  -601
  -630
  -661
Total debt, $m
  1,074
  1,108
  1,202
  1,305
  1,416
  1,536
  1,664
  1,802
  1,948
  2,105
  2,271
  2,447
  2,634
  2,832
  3,042
  3,263
  3,496
  3,743
  4,003
  4,277
  4,566
  4,870
  5,190
  5,528
  5,882
  6,256
  6,648
  7,061
  7,495
  7,952
  8,432
Total liabilities, $m
  2,903
  2,937
  3,031
  3,134
  3,245
  3,365
  3,493
  3,631
  3,777
  3,934
  4,100
  4,276
  4,463
  4,661
  4,871
  5,092
  5,325
  5,572
  5,832
  6,106
  6,395
  6,699
  7,019
  7,357
  7,711
  8,085
  8,477
  8,890
  9,324
  9,781
  10,261
Total equity, $m
  2,360
  1,942
  2,004
  2,072
  2,145
  2,224
  2,309
  2,400
  2,497
  2,601
  2,711
  2,827
  2,951
  3,082
  3,220
  3,366
  3,521
  3,684
  3,856
  4,037
  4,228
  4,429
  4,641
  4,864
  5,098
  5,345
  5,605
  5,877
  6,165
  6,466
  6,784
Total liabilities and equity, $m
  5,263
  4,879
  5,035
  5,206
  5,390
  5,589
  5,802
  6,031
  6,274
  6,535
  6,811
  7,103
  7,414
  7,743
  8,091
  8,458
  8,846
  9,256
  9,688
  10,143
  10,623
  11,128
  11,660
  12,221
  12,809
  13,430
  14,082
  14,767
  15,489
  16,247
  17,045
Debt-to-equity ratio
  0.455
  0.570
  0.600
  0.630
  0.660
  0.690
  0.720
  0.750
  0.780
  0.810
  0.840
  0.870
  0.890
  0.920
  0.940
  0.970
  0.990
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.150
  1.170
  1.190
  1.200
  1.220
  1.230
  1.240
Adjusted equity ratio
  0.387
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  257
  333
  349
  366
  384
  404
  425
  448
  472
  498
  525
  749
  780
  813
  847
  884
  922
  963
  1,005
  1,050
  1,098
  1,148
  1,201
  1,256
  1,315
  1,376
  1,441
  1,508
  1,580
  1,655
  1,734
Depreciation, amort., depletion, $m
  108
  292
  293
  294
  295
  296
  297
  298
  300
  301
  302
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  62
  65
  69
  72
  75
  79
  83
  87
Funds from operations, $m
  350
  626
  642
  660
  679
  700
  722
  746
  771
  798
  827
  786
  818
  852
  888
  927
  967
  1,010
  1,055
  1,102
  1,152
  1,205
  1,260
  1,319
  1,380
  1,445
  1,513
  1,584
  1,659
  1,738
  1,821
Change in working capital, $m
  -25
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
Cash from operations, $m
  375
  631
  648
  666
  686
  707
  730
  755
  781
  809
  838
  797
  830
  865
  902
  941
  982
  1,026
  1,072
  1,120
  1,171
  1,225
  1,281
  1,340
  1,403
  1,469
  1,538
  1,611
  1,687
  1,767
  1,852
Maintenance CAPEX, $m
  0
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -69
  -72
  -75
  -79
  -83
New CAPEX, $m
  -18
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -111
  -116
  -122
Cash from investing activities, $m
  -142
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -68
  -72
  -75
  -80
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -120
  -126
  -131
  -139
  -146
  -152
  -160
  -169
  -177
  -186
  -195
  -205
Free cash flow, $m
  233
  585
  599
  615
  631
  649
  669
  690
  713
  737
  762
  717
  746
  777
  809
  843
  880
  918
  958
  1,001
  1,046
  1,093
  1,143
  1,195
  1,250
  1,308
  1,369
  1,433
  1,501
  1,572
  1,647
Issuance/(repayment) of debt, $m
  -73
  90
  94
  102
  111
  120
  128
  138
  147
  156
  166
  176
  187
  198
  209
  221
  234
  247
  260
  274
  289
  304
  320
  337
  355
  373
  393
  413
  434
  456
  480
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
  0
Cash from financing (excl. dividends), $m  
  -91
  90
  94
  102
  111
  120
  128
  138
  147
  156
  166
  176
  187
  198
  209
  221
  234
  247
  260
  274
  289
  304
  320
  337
  355
  373
  393
  413
  434
  456
  480
Total cash flow (excl. dividends), $m
  142
  675
  693
  717
  742
  769
  798
  828
  859
  893
  928
  894
  933
  975
  1,018
  1,065
  1,113
  1,164
  1,218
  1,275
  1,334
  1,397
  1,463
  1,532
  1,605
  1,681
  1,762
  1,846
  1,935
  2,028
  2,127
Retained Cash Flow (-), $m
  -210
  -57
  -62
  -68
  -73
  -79
  -85
  -91
  -97
  -103
  -110
  -117
  -124
  -131
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -235
  -247
  -260
  -273
  -287
  -302
  -317
Prev. year cash balance distribution, $m
 
  475
  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
 
  1,093
  631
  649
  669
  690
  713
  737
  762
  790
  819
  777
  809
  844
  880
  918
  959
  1,001
  1,046
  1,094
  1,143
  1,196
  1,251
  1,309
  1,370
  1,435
  1,502
  1,573
  1,648
  1,727
  1,809
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
 
  1,048
  578
  565
  551
  535
  517
  498
  477
  454
  429
  369
  345
  321
  295
  270
  244
  218
  193
  168
  145
  124
  104
  86
  70
  56
  44
  34
  25
  19
  14
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

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 27.9
Price to Sales 4.1
Price to Book 3
Price to Tangible Book
Price to Cash Flow 19.1
Price to Free Cash Flow 20.1
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 $1767 million for the last fiscal year's total revenue generated by Brown&Brown. The default revenue input number comes from 2016 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 3% 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 73.4%.

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 3.5% 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 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 BRO are equal to 41.1%.

Life of production assets of 31.1 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 -10.4%. 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 - $2360 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 140.916 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 $7.2 billion.

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COMPANY NEWS

▶ Brown & Brown tops Street 3Q forecasts   [Oct-16-17 05:39PM  Associated Press]
▶ Brown & Brown Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Todd Davis Joins Brown & Brown Insurance   [Jul-31-17 09:58PM  Business Wire]
▶ ETFs with exposure to Brown & Brown, Inc. : July 24, 2017   [Jul-24-17 02:33PM  Capital Cube]
▶ Brown & Brown tops Street 2Q forecasts   [Jul-17-17 10:17PM  Associated Press]
▶ ETFs with exposure to Brown & Brown, Inc. : July 14, 2017   [Jul-14-17 01:14PM  Capital Cube]
▶ Brown & Brown, Inc. Announces Quarterly Cash Dividend   [Jul-13-17 06:00PM  GlobeNewswire]
▶ Brown & Brown acquires assets of two firms   [Jun-23-17 10:20AM  American City Business Journals]
Financial statements of BRO
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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