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Marsh McLennan Earnings: Multiple Tailwinds Help Maintain Momentum
Marsh McLennan produced another strong quarter, as the company is still benefiting from multiple tailwinds. This drove 9% year-over-year organic growth for the company during the first quarter, well above our long-term growth expectations. While we are impressed with the firm's ability to extend the strong growth it has seen of late, we expect a reversion to the more modest levels of growth the company has enjoyed historically. We will maintain our $167 per share fair value estimate for the narrow-moat firm and see shares as overvalued, as we think the market is overly focused on the company's recent performance.