Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Based on the latest Q1 2024 financial results of Marsh & McLennan Companies Inc., there are several key highlights presenting a neutral standpoint of the company's performance.</li><li>Positive aspects include strong underlying revenue growth of 9% and an upswing of 11% in adjusted operating income compared to the prior year.</li><li>The company's adjusted operating margin expanded by 80 basis points from Q1 2023 and completed $300 million of share repurchases within the quarter.</li></ul>

Based on the latest Q1 2024 financial results of Marsh & McLennan Companies Inc., there are several key highlights presenting a neutral standpoint of the company's performance.Positive aspects include strong underlying revenue growth of 9% and an upswing of 11% in adjusted operating income compared to the prior year.The company's adjusted operating margin expanded by 80 basis points from Q1 2023 and completed $300 million of share repurchases within the quarter.

Marsh & McLennan Companies: How Will The Increased Automation & Efficiency In Operations Impact Its Bottom-Line In 2024 & 2025? - Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Key points
<ul>
<li>Marsh McLennan is the largest insurance broker globally, with strong organic growth driven by its consulting business</li>
<li>Current valuation at $198 with an EV/2024E EBITDA of 16.0x is considered fair, offering potential 5-year returns of 12% IRR / 1.7x MOIC</li>
<li>Predicted returns could increase to 16% IRR / 2.1x MOIC with a 13% EBITDA growth rate and a multiple expansion to 17.0x, with a favorable market backdrop for insurance brokers helping to drive growth trends</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points

Marsh McLennan is the largest insurance broker globally, with strong organic growth driven by its consulting business
Current valuation at $198 with an EV/2024E EBITDA of 16.0x is considered fair, offering potential 5-year returns of 12% IRR / 1.7x MOIC
Predicted returns could increase to 16% IRR / 2.1x MOIC with a 13% EBITDA growth rate and a multiple expansion to 17.0x, with a favorable market backdrop for insurance brokers helping to drive growth trends

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Marsh & Mclennan Cos (MMC) - Sunday, Nov 19, 2023

<ul><li>Marsh & McLennan Companies Inc.</li><li>wrapped up the 2023 fiscal year with strong results, underscoring the firm’s robust organic and inorganic growth strategies.</li><li>Total revenue for the year was $22.7 billion, marking a growth of 10%.</li></ul>

Marsh & McLennan Companies Inc.wrapped up the 2023 fiscal year with strong results, underscoring the firm’s robust organic and inorganic growth strategies.Total revenue for the year was $22.7 billion, marking a growth of 10%.

Marsh & McLennan Companies: Client-Centric Approach

<ul><li>This is our first report on global insurance major, Marsh McLennan.</li><li>The company had a mixed quarterly result as it failed to meet the revenue expectations of analysts but managed an earnings beat.</li><li>The company recently announced the acquisition of MZI (McDonald Zaring Insurance), a full-service agency situated in Walla Walla, Washington.</li></ul>

This is our first report on global insurance major, Marsh McLennan.The company had a mixed quarterly result as it failed to meet the revenue expectations of analysts but managed an earnings beat.The company recently announced the acquisition of MZI (McDonald Zaring Insurance), a full-service agency situated in Walla Walla, Washington.

Marsh McLennan: Initiation of Coverage – Recent Acquisitions & Key Drivers

<ul>
<li>Marsh &amp; McLennan Companies, Inc. managed to exceed the revenue and earnings expectations of Wall Street.</li>
<li>The company achieved an unprecedented quarterly underlying revenue growth over two decades and reported substantial growth in adjusted EPS.</li>
<li>Marsh McLennan Agency acquired Graham Company, a top-100 US insurance and benefits broker and risk management consultancy, bolstering the company's Mid-Atlantic presence.</li>
</ul>


Marsh &amp; McLennan Companies, Inc. managed to exceed the revenue and earnings expectations of Wall Street.
The company achieved an unprecedented quarterly underlying revenue growth over two decades and reported substantial growth in adjusted EPS.
Marsh McLennan Agency acquired Graham Company, a top-100 US insurance and benefits broker and risk management consultancy, bolstering the company's Mid-Atlantic presence.


Marsh & McLennan Companies: String Of Recent Acquisitions Driving Growth? - Major Drivers

United States

American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.

MetLife, Inc. provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

The Progressive Corporation is an insurance holding company. The Company, through its subsidiaries, provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services throughout the United States.

Arthur J. Gallagher & Co. and its subsidiaries provide insurance brokerage, risk management, employee benefit, and other related services to clients in the United States and abroad. The Company's principal activity is the negotiation and placement of insurance for its clients. Gallagher also specializes in furnishing risk management services.

Aon PLC is a professional services provider. The Company is comprised of risk and insurance brokerage consulting. Aon's services include helping manage risk for clients, negotiating and placing insurance risk with other carriers, and advising clients related to health and benefits, retirement, compensation, strategic human capital, and human resource outsourcing.

Chubb Limited operates as a property and casualty insurance company. The Company provides commercial and personal property, casualty, and personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.

Aflac, Inc. is a general business holding company. The Company, through its subsidiaries, provides supplemental insurance to individuals in the United States and Japan.  Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, hospital intensive care plans, and fixed-benefit dental plans.

Arch Capital Group Ltd. is a Bermuda-based insurance and financial services company that provides reinsurance and insurance products on a worldwide basis.

The Travelers Companies, Inc. provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.

Prudential Financial, Inc. provides financial services throughout the United States and several locations worldwide. The Company offers a variety of products and services, including life insurance, mutual funds, annuities, pension, and retirement related services, as well as administration and asset management.

China Life Insurance Company Ltd. offers a wide range of life, accident, and health insurance products and services.

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

AIA Group Limited offers insurance and financial services. The Company writes life insurance for individuals, businesses, accident, and health insurance, as well as retirement planning and wealth management services.

AXA SA is an insurance company which also provides related financial services. The Company offers life and non-life insurance, savings and pension products, and asset management services.  AXA operates in both domestic and international markets.

Allianz SE, through subsidiaries, offers insurance and financial services. The Company offers property and casualty, life and health, credit, motor vehicle, and travel insurance, as well as and fund management services.

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial services. The Company offers reinsurance, insurance, and asset management services. MunichRe has subsidiaries in most major financial centers throughout the world.

Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.

Muenchener Rueckversicherungs- (MURGY US)

AXA SA is an insurance company which also provides related financial services. The Company offers life and non-life insurance, savings and pension products, and asset management services. AXA operates in both domestic and international markets.

Marsh & McLennan Companies, Inc. is a professional services firm providing advice and solutions in the areas of risk, strategy, and human capital. Marsh & McLennan offers analysis, advice, and transactional capabilities to clients worldwide.

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Marsh & Mclennan (MMC US)

Marsh & McLennan Companies: How Will The Increased Automation & Efficiency In Operations Impact Its Bottom-Line In 2024 & 2025? - Major Drivers

Based on the latest Q1 2024 financial results of Marsh & McLennan Companies Inc., there are several key highlights presenting a neutral...

Baptista Research

Marsh & Mclennan Cos (MMC) - Sunday, Nov 19, 2023

Current valuation at $198 with an EV/2024E EBITDA of 16.0x is considered fair, offering potential 5-year returns of 12% IRR / 1.7x MOIC

Value Investors Club

Marsh & McLennan Companies: Client-Centric Approach

Marsh & McLennan Companies Inc. wrapped up the 2023 fiscal year with strong results, underscoring the firm’s robust organic and inorganic...

Baptista Research

Marsh McLennan: Initiation of Coverage – Recent Acquisitions & Key Drivers

This is our first report on global insurance major, Marsh McLennan. The company had a mixed quarterly result as it failed to meet the revenue...

Baptista Research

Marsh & McLennan Companies: String Of Recent Acquisitions Driving Growth? - Major Drivers

Marsh & McLennan Companies, Inc. managed to exceed the revenue and earnings expectations of Wall Street. The company achieved an unprecedented...

Baptista Research

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