Marsh

MRSH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Marsh McLennan Earnings: Another Strong Quarter, but Growth Slows a Bit

Brett Horn

Jul 18, 2024

Narrow-moat Marsh McLennan delivered another set of strong results, with organic year-over-year revenue growth of 6% for its second quarter. This is a bit of a contraction from the rates we have seen recently, but growth remains modestly above our long-term expectations. We will maintain our $167 fair value estimate and see the shares as materially overvalued. While we appreciate the recent strength the company has shown, we think long-term growth prospects are modest and the market is overly focused on recent results.

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Marsh

Marsh McLennan Earnings: Another Strong Quarter, but Growth Slows a Bit

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