MARSH & MCLENNAN COMPANIES |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 198 USD | -1.75% |
|
-2.20% | +4.48% |
| Apr. 26 | Aon profit misses estimates on weakness in US retail brokerage business | RE |
| Apr. 26 | Aon first-quarter profit grows on gains from investments, funds | RE |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 56,225 | 59,341 | 87,761 | 82,080 | 93,422 | 97,535 | - | - |
| Enterprise Value (EV) 1 | 67,026 | 68,565 | 96,959 | 92,133 | 103,527 | 106,934 | 106,037 | 105,861 |
| P/E ratio | 32.7 x | 29.7 x | 28.4 x | 27.4 x | 25.2 x | 23.4 x | 21.1 x | 19.4 x |
| Yield | 1.56% | 1.57% | 1.15% | 1.36% | 1.37% | 1.48% | 1.63% | 1.7% |
| Capitalization / Revenue | 3.38 x | 3.45 x | 4.43 x | 3.96 x | 4.11 x | 4 x | 3.78 x | 3.6 x |
| EV / Revenue | 4.03 x | 3.98 x | 4.89 x | 4.45 x | 4.55 x | 4.39 x | 4.11 x | 3.9 x |
| EV / EBITDA | 16.8 x | 15.6 x | 19.2 x | 17.4 x | 16.5 x | 15.6 x | 14.5 x | 13.7 x |
| EV / FCF | 34.5 x | 22.6 x | 31.2 x | 30.8 x | 26.9 x | 28.3 x | 22.8 x | 20.7 x |
| FCF Yield | 2.89% | 4.42% | 3.21% | 3.25% | 3.71% | 3.53% | 4.39% | 4.83% |
| Price to Book | 7.07 x | 6.42 x | 8.36 x | 7.62 x | 7.54 x | 7.67 x | 6.38 x | 5.67 x |
| Nbr of stocks (in thousands) | 504,668 | 507,191 | 504,895 | 496,010 | 493,072 | 492,724 | - | - |
| Reference price 2 | 111.4 | 117.0 | 173.8 | 165.5 | 189.5 | 198.0 | 198.0 | 198.0 |
| Announcement Date | 1/30/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/25/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 16,652 | 17,224 | 19,820 | 20,720 | 22,736 | 24,375 | 25,825 | 27,121 |
| EBITDA 1 | 3,998 | 4,385 | 5,037 | 5,287 | 6,276 | 6,844 | 7,316 | 7,729 |
| EBIT 1 | 3,351 | 3,644 | 4,290 | 4,766 | 5,563 | 6,224 | 6,725 | 7,297 |
| Operating Margin | 20.12% | 21.16% | 21.64% | 23% | 24.47% | 25.53% | 26.04% | 26.9% |
| Earnings before Tax (EBT) 1 | 2,439 | 2,793 | 4,208 | 4,082 | 5,026 | 5,721 | 6,209 | 6,718 |
| Net income 1 | 1,742 | 2,016 | 3,143 | 3,050 | 3,756 | 4,169 | 4,552 | 4,823 |
| Net margin | 10.46% | 11.7% | 15.86% | 14.72% | 16.52% | 17.1% | 17.62% | 17.78% |
| EPS 2 | 3.410 | 3.940 | 6.130 | 6.040 | 7.530 | 8.453 | 9.381 | 10.21 |
| Free Cash Flow 1 | 1,940 | 3,034 | 3,110 | 2,995 | 3,842 | 3,772 | 4,659 | 5,116 |
| FCF margin | 11.65% | 17.61% | 15.69% | 14.45% | 16.9% | 15.47% | 18.04% | 18.86% |
| FCF Conversion (EBITDA) | 48.52% | 69.19% | 61.74% | 56.65% | 61.22% | 55.12% | 63.68% | 66.2% |
| FCF Conversion (Net income) | 111.37% | 150.5% | 98.95% | 98.2% | 102.29% | 90.48% | 102.36% | 106.08% |
| Dividend per Share 2 | 1.740 | 1.840 | 2.000 | 2.250 | 2.600 | 2.937 | 3.229 | 3.367 |
| Announcement Date | 1/30/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/25/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,137 | 5,549 | 5,379 | 4,770 | 5,022 | 5,924 | 5,876 | 5,382 | 5,554 | 6,473 | 6,310 | 5,732 | 5,892 | 6,878 | 6,717 |
| EBITDA 1 | 1,083 | 1,720 | 1,489 | 1,020 | 1,159 | 1,940 | 1,718 | 1,239 | 1,379 | 2,163 | 1,887 | 1,373 | 1,533 | 2,321 | 2,023 |
| EBIT 1 | 905 | 1,570 | 1,321 | 851 | 1,024 | 1,771 | 1,540 | 1,059 | 1,193 | 1,974 | 1,691 | 1,172 | 1,329 | 2,135 | 1,846 |
| Operating Margin | 17.62% | 28.29% | 24.56% | 17.84% | 20.39% | 29.9% | 26.21% | 19.68% | 21.48% | 30.5% | 26.79% | 20.45% | 22.55% | 31.04% | 27.49% |
| Earnings before Tax (EBT) 1 | 961 | 1,424 | 1,312 | 733 | 613 | 1,664 | 1,384 | 930 | 1,048 | 1,871 | 1,580 | 1,052 | 1,200 | 2,024 | 1,750 |
| Net income 1 | 803 | 1,071 | 967 | 546 | 466 | 1,235 | 1,035 | 730 | 756 | 1,400 | 1,174 | 788.8 | 899.4 | 1,498 | 1,297 |
| Net margin | 15.63% | 19.3% | 17.98% | 11.45% | 9.28% | 20.85% | 17.61% | 13.56% | 13.61% | 21.63% | 18.6% | 13.76% | 15.26% | 21.78% | 19.31% |
| EPS 2 | 1.570 | 2.100 | 1.910 | 1.080 | 0.9300 | 2.470 | 2.070 | 1.470 | 1.520 | 2.820 | 2.379 | 1.624 | 1.846 | 3.059 | 2.669 |
| Dividend per Share 2 | 0.5350 | 0.5350 | 0.5350 | 0.5900 | 0.5900 | 0.5900 | 0.7100 | 0.7100 | 0.5900 | 0.7100 | 0.7500 | 0.7776 | 0.7776 | 0.7685 | 0.7952 |
| Announcement Date | 1/27/22 | 4/21/22 | 7/21/22 | 10/20/22 | 1/26/23 | 4/20/23 | 7/20/23 | 10/19/23 | 1/25/24 | 4/18/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 10,801 | 9,224 | 9,198 | 10,053 | 10,105 | 9,399 | 8,502 | 8,326 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.702 x | 2.104 x | 1.826 x | 1.901 x | 1.61 x | 1.373 x | 1.162 x | 1.077 x |
| Free Cash Flow 1 | 1,940 | 3,034 | 3,110 | 2,995 | 3,842 | 3,772 | 4,659 | 5,116 |
| ROE (net income / shareholders' equity) | 30.7% | 29.5% | 30.9% | 31.5% | 32.5% | 33.2% | 32.7% | 31.7% |
| ROA (Net income/ Total Assets) | 6.59% | 6.26% | 9.32% | 8.99% | 8.15% | 12.3% | 13.2% | 9.1% |
| Assets 1 | 26,448 | 32,194 | 33,720 | 33,921 | 46,072 | 33,906 | 34,365 | 53,000 |
| Book Value Per Share 2 | 15.80 | 18.20 | 20.80 | 21.70 | 25.10 | 25.80 | 31.00 | 34.90 |
| Cash Flow per Share 2 | - | 6.610 | 6.850 | 6.860 | 8.530 | 8.480 | 11.60 | - |
| Capex 1 | 421 | 348 | 406 | 470 | 416 | 433 | 483 | 480 |
| Capex / Sales | 2.53% | 2.02% | 2.05% | 2.27% | 1.83% | 1.78% | 1.87% | 1.77% |
| Announcement Date | 1/30/20 | 1/28/21 | 1/27/22 | 1/26/23 | 1/25/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
HOLD
Number of Analysts
22
Last Close Price
198
USD
Average target price
210.9
USD
Spread / Average Target
+6.52%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.48% | 97.53B | |
| +9.73% | 110B | |
| +8.61% | 99.66B | |
| +0.07% | 69.25B | |
| +18.56% | 28.19B | |
| +10.29% | 19.64B | |
| -4.64% | 12.38B | |
| +8.95% | 10.98B | |
| +8.55% | 10.43B | |
| +19.19% | 10B |
- Stock Market
- Equities
- MMC Stock
- Financials Marsh & McLennan Companies
