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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.4x - 0.5x | 0.4x |
Selected Fwd Ps Multiple | 0.3x - 0.4x | 0.4x |
Fair Value | $10.54 - $11.65 | $11.10 |
Upside | -1.8% - 8.6% | 3.4% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Brown & Brown, Inc. | - | NYSE:BRO |
Marsh & McLennan Companies, Inc. | - | NYSE:MMC |
Arthur J. Gallagher & Co. | - | NYSE:AJG |
Erie Indemnity Company | - | NasdaqGS:ERIE |
Ryan Specialty Holdings, Inc. | - | NYSE:RYAN |
Crawford & Company | - | NYSE:CRD.B |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
BRO | MMC | AJG | ERIE | RYAN | CRD.B | |||
NYSE:BRO | NYSE:MMC | NYSE:AJG | NasdaqGS:ERIE | NYSE:RYAN | NYSE:CRD.B | |||
Historical Sales Growth | ||||||||
5Y CAGR | 14.6% | 8.0% | 9.6% | 8.9% | 26.5% | 5.1% | ||
3Y CAGR | 15.6% | 7.3% | 11.1% | 12.9% | 19.7% | 5.5% | ||
Latest Twelve Months | 12.2% | 7.6% | 11.6% | 14.9% | 22.5% | 4.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 19.7% | 15.2% | 12.3% | 12.5% | 7.7% | 1.7% | ||
Prior Fiscal Year | 20.4% | 16.5% | 10.1% | 13.6% | 3.0% | 2.4% | ||
Latest Fiscal Year | 20.8% | 16.6% | 13.4% | 15.8% | 3.9% | 2.1% | ||
Latest Twelve Months | 21.0% | 16.1% | 13.9% | 15.7% | 2.0% | 2.3% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 21.0x | 17.9x | 22.4x | 22.9x | 18.5x | 10.3x | ||
Price / LTM Sales | 6.5x | 4.5x | 7.7x | 4.9x | 3.4x | 0.4x | ||
LTM P/E Ratio | 31.1x | 27.7x | 55.6x | 31.3x | 173.4x | 17.8x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 3.4x | 4.9x | 7.7x | |||||
Historical LTM P/S Ratio | 0.2x | 0.4x | 0.5x | |||||
Selected Price / Sales Multiple | 0.4x | 0.4x | 0.5x | |||||
(x) LTM Sales | 1,303 | 1,303 | 1,303 | |||||
(=) Equity Value | 548 | 577 | 606 | |||||
(/) Shares Outstanding | 49.5 | 49.5 | 49.5 | |||||
Implied Value Range | 11.09 | 11.67 | 12.25 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 11.09 | 11.67 | 12.25 | 10.73 | ||||
Upside / (Downside) | 3.3% | 8.8% | 14.2% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | BRO | MMC | AJG | ERIE | RYAN | CRD.B | |
Value of Common Equity | 31,687 | 111,967 | 86,634 | 19,246 | 8,849 | 531 | |
(/) Shares Outstanding | 286.6 | 492.7 | 256.1 | 52.3 | 126.6 | 49.5 | |
Implied Stock Price | 110.56 | 227.24 | 338.28 | 368.06 | 69.87 | 10.73 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 110.56 | 227.24 | 338.28 | 368.06 | 69.87 | 10.73 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |