Stockchase Opinions

Brian Rogers Marsh & McLennan MMC-N TOP PICK Aug 27, 2004

$44.640

Stock price when the opinion was issued

insurance
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BUY
Probably a pretty reasonable buy right now after their sale of the Putnam Group. By most measures, it is a little undervalued.
SELL
(Market Call Minute.) Management is terrible. Margins are under pressure. Would buy Willis Group (WSH-N) instead.
TOP PICK
$112.32 is his target. Low volatility. Has long owned this and done well with it. Days of rigging bids and price fixing are long behind them. (Analysts’ price target is $93.94)
TOP PICK
Model price of $115.23 which is an 8% upside. This is a solid company. (Analysts’ price target is $106.06)
PAST TOP PICK
(A Top Pick Apr 22/19, Up 21%) It could pull back to 101.60 but he would be a buyer in another $10 dollars.
PAST TOP PICK
(A Top Pick Apr 22/19, Down 7%) If you can get this at $64 he would be very happy.
DON'T BUY
Insurance brokerage business is profitable, but technology will depress margins. Well run, but has benefited from PE expansion. Hard to see the upside. Great company, but rather fully priced.
PARTIAL BUY

It consistently earns, a good company. Buy some now and buy some more cheaper.

TOP PICK

Their reinsurance business increases when premiums increase. Also operate consulting businesses. Recently bought it. Expects double-digit returns over the cycle.

(Analysts’ price target is $201.35)
PAST TOP PICK
(A Top Pick Feb 06/24, Up 13%)

Benefiting from continued tight market conditions in insurance market, which (perversely) is bolstered by climate change. Consultancy side is a play on the labour market, which remains robust.