Intrinsic value of Marsh&McLennan - MMC

Previous Close

$86.63

  Intrinsic Value

$88.72

stock screener

  Rating & Target

hold

+2%

Previous close

$86.63

 
Intrinsic value

$88.72

 
Up/down potential

+2%

 
Rating

hold

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

We calculate the intrinsic value of MMC 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 43.7

 

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, %
  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
  5.08
Revenue, $m
  14,978
  15,969
  17,000
  18,074
  19,191
  20,354
  21,567
  22,831
  24,149
  25,525
  26,961
  28,462
  30,029
  31,668
  33,382
  35,175
  37,051
  39,015
  41,071
  43,224
  45,480
  47,844
  50,321
  52,917
  55,639
  58,493
  61,485
  64,624
  67,916
  71,370
Variable operating expenses, $m
  11,372
  12,057
  12,768
  13,509
  14,280
  15,083
  15,920
  16,792
  17,702
  18,651
  18,606
  19,642
  20,723
  21,854
  23,037
  24,274
  25,569
  26,924
  28,343
  29,829
  31,386
  33,017
  34,727
  36,518
  38,397
  40,366
  42,431
  44,597
  46,869
  49,252
Fixed operating expenses, $m
  476
  487
  497
  508
  520
  531
  543
  555
  567
  579
  592
  605
  618
  632
  646
  660
  675
  689
  705
  720
  736
  752
  769
  786
  803
  821
  839
  857
  876
  895
Total operating expenses, $m
  11,848
  12,544
  13,265
  14,017
  14,800
  15,614
  16,463
  17,347
  18,269
  19,230
  19,198
  20,247
  21,341
  22,486
  23,683
  24,934
  26,244
  27,613
  29,048
  30,549
  32,122
  33,769
  35,496
  37,304
  39,200
  41,187
  43,270
  45,454
  47,745
  50,147
Operating income, $m
  3,129
  3,426
  3,735
  4,056
  4,391
  4,740
  5,104
  5,484
  5,881
  6,294
  7,763
  8,215
  8,688
  9,182
  9,699
  10,240
  10,807
  11,401
  12,023
  12,675
  13,358
  14,074
  14,825
  15,613
  16,439
  17,306
  18,215
  19,170
  20,171
  21,222
EBITDA, $m
  4,440
  4,755
  5,082
  5,424
  5,779
  6,150
  6,536
  6,939
  7,359
  7,798
  8,257
  8,737
  9,238
  9,762
  10,311
  10,885
  11,486
  12,116
  12,776
  13,467
  14,192
  14,951
  15,748
  16,583
  17,459
  18,378
  19,342
  20,354
  21,416
  22,530
Interest expense (income), $m
  178
  296
  345
  395
  447
  501
  557
  616
  677
  741
  807
  876
  949
  1,024
  1,103
  1,186
  1,272
  1,363
  1,457
  1,556
  1,660
  1,768
  1,882
  2,001
  2,126
  2,256
  2,394
  2,537
  2,688
  2,846
  3,012
Earnings before tax, $m
  2,833
  3,081
  3,340
  3,609
  3,890
  4,183
  4,488
  4,807
  5,140
  5,487
  6,887
  7,266
  7,663
  8,079
  8,513
  8,968
  9,445
  9,944
  10,467
  11,015
  11,590
  12,193
  12,825
  13,487
  14,183
  14,912
  15,678
  16,482
  17,325
  18,210
Tax expense, $m
  765
  832
  902
  974
  1,050
  1,129
  1,212
  1,298
  1,388
  1,482
  1,859
  1,962
  2,069
  2,181
  2,299
  2,421
  2,550
  2,685
  2,826
  2,974
  3,129
  3,292
  3,463
  3,642
  3,829
  4,026
  4,233
  4,450
  4,678
  4,917
Net income, $m
  2,068
  2,249
  2,438
  2,635
  2,840
  3,054
  3,277
  3,509
  3,752
  4,006
  5,027
  5,304
  5,594
  5,897
  6,215
  6,547
  6,895
  7,259
  7,641
  8,041
  8,461
  8,901
  9,362
  9,846
  10,354
  10,886
  11,445
  12,031
  12,647
  13,293

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
  21,833
  23,279
  24,782
  26,346
  27,975
  29,671
  31,438
  33,281
  35,203
  37,208
  39,302
  41,489
  43,775
  46,164
  48,662
  51,275
  54,010
  56,873
  59,870
  63,009
  66,298
  69,743
  73,354
  77,139
  81,106
  85,266
  89,629
  94,204
  99,003
  104,037
Adjusted assets (=assets-cash), $m
  21,833
  23,279
  24,782
  26,346
  27,975
  29,671
  31,438
  33,281
  35,203
  37,208
  39,302
  41,489
  43,775
  46,164
  48,662
  51,275
  54,010
  56,873
  59,870
  63,009
  66,298
  69,743
  73,354
  77,139
  81,106
  85,266
  89,629
  94,204
  99,003
  104,037
Revenue / Adjusted assets
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
  0.686
Average production assets, $m
  6,066
  6,468
  6,885
  7,320
  7,772
  8,243
  8,734
  9,246
  9,780
  10,338
  10,919
  11,527
  12,162
  12,826
  13,520
  14,246
  15,006
  15,801
  16,634
  17,506
  18,419
  19,377
  20,380
  21,431
  22,534
  23,690
  24,902
  26,173
  27,506
  28,905
Working capital, $m
  374
  399
  425
  452
  480
  509
  539
  571
  604
  638
  674
  712
  751
  792
  835
  879
  926
  975
  1,027
  1,081
  1,137
  1,196
  1,258
  1,323
  1,391
  1,462
  1,537
  1,616
  1,698
  1,784
Total debt, $m
  6,390
  7,315
  8,277
  9,279
  10,321
  11,406
  12,537
  13,717
  14,947
  16,230
  17,570
  18,970
  20,433
  21,962
  23,561
  25,233
  26,984
  28,816
  30,734
  32,743
  34,847
  37,053
  39,363
  41,786
  44,325
  46,987
  49,779
  52,708
  55,779
  59,001
Total liabilities, $m
  13,973
  14,898
  15,860
  16,862
  17,904
  18,989
  20,120
  21,300
  22,530
  23,813
  25,153
  26,553
  28,016
  29,545
  31,144
  32,816
  34,567
  36,399
  38,317
  40,326
  42,430
  44,636
  46,946
  49,369
  51,908
  54,570
  57,362
  60,291
  63,362
  66,584
Total equity, $m
  7,860
  8,380
  8,922
  9,485
  10,071
  10,681
  11,318
  11,981
  12,673
  13,395
  14,149
  14,936
  15,759
  16,619
  17,518
  18,459
  19,444
  20,474
  21,553
  22,683
  23,867
  25,108
  26,407
  27,770
  29,198
  30,696
  32,266
  33,913
  35,641
  37,453
Total liabilities and equity, $m
  21,833
  23,278
  24,782
  26,347
  27,975
  29,670
  31,438
  33,281
  35,203
  37,208
  39,302
  41,489
  43,775
  46,164
  48,662
  51,275
  54,011
  56,873
  59,870
  63,009
  66,297
  69,744
  73,353
  77,139
  81,106
  85,266
  89,628
  94,204
  99,003
  104,037
Debt-to-equity ratio
  0.810
  0.870
  0.930
  0.980
  1.020
  1.070
  1.110
  1.140
  1.180
  1.210
  1.240
  1.270
  1.300
  1.320
  1.340
  1.370
  1.390
  1.410
  1.430
  1.440
  1.460
  1.480
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.570
  1.580
Adjusted equity ratio
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,068
  2,249
  2,438
  2,635
  2,840
  3,054
  3,277
  3,509
  3,752
  4,006
  5,027
  5,304
  5,594
  5,897
  6,215
  6,547
  6,895
  7,259
  7,641
  8,041
  8,461
  8,901
  9,362
  9,846
  10,354
  10,886
  11,445
  12,031
  12,647
  13,293
Depreciation, amort., depletion, $m
  1,311
  1,329
  1,348
  1,368
  1,388
  1,409
  1,432
  1,455
  1,479
  1,504
  494
  522
  550
  580
  612
  645
  679
  715
  753
  792
  833
  877
  922
  970
  1,020
  1,072
  1,127
  1,184
  1,245
  1,308
Funds from operations, $m
  3,379
  3,578
  3,786
  4,002
  4,228
  4,463
  4,708
  4,964
  5,231
  5,510
  5,521
  5,826
  6,144
  6,478
  6,826
  7,191
  7,574
  7,974
  8,394
  8,833
  9,294
  9,777
  10,284
  10,816
  11,373
  11,958
  12,572
  13,216
  13,892
  14,601
Change in working capital, $m
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
Cash from operations, $m
  3,355
  3,553
  3,760
  3,975
  4,200
  4,434
  4,678
  4,932
  5,198
  5,475
  5,485
  5,788
  6,105
  6,437
  6,783
  7,147
  7,527
  7,925
  8,342
  8,779
  9,238
  9,718
  10,222
  10,751
  11,305
  11,887
  12,497
  13,137
  13,809
  14,515
Maintenance CAPEX, $m
  -257
  -274
  -293
  -312
  -331
  -352
  -373
  -395
  -418
  -443
  -468
  -494
  -522
  -550
  -580
  -612
  -645
  -679
  -715
  -753
  -792
  -833
  -877
  -922
  -970
  -1,020
  -1,072
  -1,127
  -1,184
  -1,245
New CAPEX, $m
  -383
  -402
  -418
  -435
  -452
  -471
  -491
  -512
  -534
  -557
  -582
  -608
  -635
  -664
  -694
  -726
  -760
  -795
  -833
  -872
  -914
  -957
  -1,003
  -1,052
  -1,102
  -1,156
  -1,212
  -1,271
  -1,333
  -1,399
Cash from investing activities, $m
  -640
  -676
  -711
  -747
  -783
  -823
  -864
  -907
  -952
  -1,000
  -1,050
  -1,102
  -1,157
  -1,214
  -1,274
  -1,338
  -1,405
  -1,474
  -1,548
  -1,625
  -1,706
  -1,790
  -1,880
  -1,974
  -2,072
  -2,176
  -2,284
  -2,398
  -2,517
  -2,644
Free cash flow, $m
  2,715
  2,877
  3,050
  3,229
  3,416
  3,611
  3,814
  4,025
  4,246
  4,476
  4,436
  4,687
  4,949
  5,223
  5,509
  5,809
  6,122
  6,451
  6,794
  7,155
  7,532
  7,928
  8,342
  8,777
  9,233
  9,711
  10,213
  10,739
  11,292
  11,871
Issuance/(repayment) of debt, $m
  903
  925
  962
  1,001
  1,042
  1,085
  1,131
  1,179
  1,230
  1,284
  1,340
  1,400
  1,463
  1,529
  1,599
  1,673
  1,750
  1,832
  1,918
  2,009
  2,105
  2,205
  2,311
  2,422
  2,539
  2,662
  2,792
  2,928
  3,071
  3,222
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  
  903
  925
  962
  1,001
  1,042
  1,085
  1,131
  1,179
  1,230
  1,284
  1,340
  1,400
  1,463
  1,529
  1,599
  1,673
  1,750
  1,832
  1,918
  2,009
  2,105
  2,205
  2,311
  2,422
  2,539
  2,662
  2,792
  2,928
  3,071
  3,222
Total cash flow (excl. dividends), $m
  3,618
  3,802
  4,012
  4,230
  4,458
  4,696
  4,945
  5,204
  5,476
  5,759
  5,776
  6,086
  6,411
  6,752
  7,108
  7,481
  7,873
  8,283
  8,713
  9,164
  9,637
  10,133
  10,653
  11,199
  11,772
  12,374
  13,005
  13,668
  14,363
  15,093
Retained Cash Flow (-), $m
  -501
  -520
  -541
  -563
  -586
  -611
  -636
  -663
  -692
  -722
  -754
  -787
  -823
  -860
  -899
  -941
  -985
  -1,031
  -1,079
  -1,130
  -1,184
  -1,240
  -1,300
  -1,362
  -1,428
  -1,498
  -1,570
  -1,647
  -1,728
  -1,812
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
  3,117
  3,282
  3,471
  3,667
  3,872
  4,086
  4,309
  4,541
  4,784
  5,037
  5,022
  5,299
  5,589
  5,892
  6,209
  6,540
  6,888
  7,252
  7,634
  8,034
  8,453
  8,892
  9,353
  9,837
  10,344
  10,876
  11,434
  12,020
  12,635
  13,281
Discount rate, %
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
  2,969
  2,962
  2,955
  2,928
  2,883
  2,819
  2,736
  2,636
  2,519
  2,386
  2,123
  1,980
  1,827
  1,669
  1,507
  1,344
  1,184
  1,029
  881
  744
  618
  505
  405
  319
  246
  186
  138
  100
  70
  48
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

Marsh & McLennan Companies, Inc. is a professional services firm offering clients advice and solutions in risk, strategy and people. The Company is the parent company of various risk advisors and specialty consultants, including Marsh, the insurance broker; Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of human resource and investment related financial advice and services, and Oliver Wyman Group, the management and economic consultancy. It conducts business through two segments: Risk and Insurance Services, which includes risk management activities, as well as insurance and reinsurance broking and services, and Consulting includes health, retirement, talent and investments consulting services and products, and specialized management, economic and brand consulting services. It conducts business in the Risk and Insurance Services segment through Marsh and Guy Carpenter. It conducts business in the Consulting segment through Mercer and Oliver Wyman Group.

FINANCIAL RATIOS  of  Marsh&McLennan (MMC)

Valuation Ratios
P/E Ratio 25.2
Price to Sales 3.4
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 22.2
Price to Free Cash Flow 25.4
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.2%
Cap. Spend. - 3 Yr. Gr. Rate -8.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 72.6%
Total Debt to Equity 77.6%
Interest Coverage 15
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 16.1%
Ret/ On T. Cap. - 3 Yr. Avg. 15%
Return On Equity 27.8%
Return On Equity - 3 Yr. Avg. 23.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.4%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin 20.2%
Oper. Margin - 3 Yr. Avg. 18.5%
Pre-Tax Margin 18.8%
Pre-Tax Margin - 3 Yr. Avg. 17.5%
Net Profit Margin 13.4%
Net Profit Margin - 3 Yr. Avg. 12.4%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 38.6%

MMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMC stock intrinsic value calculation we used $14024 million for the last fiscal year's total revenue generated by Marsh&McLennan. The default revenue input number comes from 0001 income statement of Marsh&McLennan. 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 MMC stock valuation model: a) initial revenue growth rate of 6.8% 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 5%, whose default value for MMC is calculated based on our internal credit rating of Marsh&McLennan, 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 Marsh&McLennan.
    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 MMC stock the variable cost ratio is equal to 76.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $466 million in the base year in the intrinsic value calculation for MMC 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 Marsh&McLennan.

Corporate tax rate of 27% is the nominal tax rate for Marsh&McLennan. 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 MMC 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 MMC are equal to 40.5%.

Life of production assets of 22.1 years is the average useful life of capital assets used in Marsh&McLennan 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 MMC is equal to 2.5%. 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 - $7359 million for Marsh&McLennan - 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 504.98 million for Marsh&McLennan 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 Marsh&McLennan at the current share price and the inputted number of shares is $43.7 billion.

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COMPANY NEWS

▶ [$$] Marsh & McLennan Aims for Growth With Acquisition of U.K. Insurer   [Sep-18-18 02:48PM  The Wall Street Journal]
▶ [$$] Marsh & McLennan to Buy Jardine Lloyd Thompson   [03:43AM  The Wall Street Journal]
▶ Mercer Welcomes Back Three Leaders to its New York Office   [Sep-12-18 11:24AM  Business Wire]
▶ Mercer buying Clayton investment consultancy   [Aug-14-18 03:23PM  American City Business Journals]
▶ Trisha Tyler Named 2018 Female Leader of the Year   [Jul-27-18 09:00AM  Business Wire]
▶ Marsh & McLennan: 2Q Earnings Snapshot   [08:09AM  Associated Press]
▶ Marsh & McLennan Agency Acquires Klein Agency   [Jul-03-18 09:00AM  Business Wire]
▶ Marsh & McLennan Agency Acquires Insurance Associates   [Jul-02-18 09:00AM  Business Wire]
▶ Insurance giant Marsh & McLennan to grow in Austin with acquisition   [Jun-25-18 03:30PM  American City Business Journals]
▶ Century-old Houston insurance firm to be acquired by New York company   [01:02PM  American City Business Journals]
▶ Marsh to Acquire Wortham Insurance   [08:07AM  Business Wire]
▶ [$$] Willis Towers Watson chief prepared to do more deals   [Jun-24-18 05:37AM  Financial Times]
▶ [$$] AIG: The long struggle to repair its reputation   [Jun-17-18 03:00AM  Financial Times]
▶ Marsh & McLennan Companies Holds 2018 Stockholders Meeting   [May-17-18 11:15AM  Business Wire]
▶ Marsh & McLennan: 1Q Earnings Snapshot   [08:19AM  Associated Press]
▶ Should You Buy Marsh & McLennan Companies Inc (NYSE:MMC)?   [Apr-12-18 12:07PM  Simply Wall St.]
▶ Sunit Patel Joins Mercer as Chief Actuary, US Health   [Apr-10-18 09:00AM  Business Wire]

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