Marsh & McLennan Companies Inc

MMC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$631.00	Pkvll	Gvzhpjwwr

Marsh McLennan Earnings: Strong Start to the Year

Brett Horn

Apr 20, 2023

Narrow-moat Marsh McLennan delivered a good start to the year, with relatively strong growth and margin improvement. Overall revenue was up 7% year over year or 9% on an underlying basis. We are pleased to see the company extend its run of outsized growth but believe that a return to more modest growth is coming. We will maintain our $145 fair value estimate. We see shares as modestly overvalued and believe the market is overly focused on recent growth rates.

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