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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.2x - 14.6x | 13.9x |
| Selected Fwd EBIT Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | $9.72 - $11.28 | $10.50 |
| Upside | -4.8% - 10.4% | 2.8% |
| Benchmarks | Ticker | Full Ticker |
| Brown & Brown, Inc. | BRO | NYSE:BRO |
| Erie Indemnity Company | ERIE | NasdaqGS:ERIE |
| Marsh & McLennan Companies, Inc. | MMC | NYSE:MMC |
| Arthur J. Gallagher & Co. | AJG | NYSE:AJG |
| Ryan Specialty Holdings, Inc. | RYAN | NYSE:RYAN |
| Crawford & Company | CRD.B | NYSE:CRD.B |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BRO | ERIE | MMC | AJG | RYAN | CRD.B | ||
| NYSE:BRO | NasdaqGS:ERIE | NYSE:MMC | NYSE:AJG | NYSE:RYAN | NYSE:CRD.B | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 19.1% | 14.6% | 17.1% | 33.6% | 34.3% | -2.4% | |
| 3Y CAGR | 17.0% | 31.2% | 10.9% | 27.5% | 26.5% | 4.1% | |
| Latest Twelve Months | 18.2% | 28.4% | 8.5% | 23.2% | 30.8% | -16.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 27.4% | 14.5% | 24.3% | 19.9% | 18.8% | 5.2% | |
| Prior Fiscal Year | 27.6% | 16.9% | 25.8% | 23.8% | 18.8% | 5.4% | |
| Latest Fiscal Year | 29.2% | 18.7% | 26.5% | 25.7% | 20.3% | 4.4% | |
| Latest Twelve Months | 29.2% | 18.7% | 26.5% | 25.7% | 20.3% | 4.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.87x | 5.21x | 5.16x | 7.61x | 4.96x | 0.59x | |
| EV / LTM EBITDA | 23.2x | 25.8x | 17.4x | 22.9x | 18.3x | 10.4x | |
| EV / LTM EBIT | 27.0x | 27.9x | 19.5x | 29.6x | 24.4x | 13.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 19.5x | 27.0x | 29.6x | ||||
| Historical EV / LTM EBIT | 10.0x | 10.3x | 16.0x | ||||
| Selected EV / LTM EBIT | 13.2x | 13.9x | 14.6x | ||||
| (x) LTM EBIT | 57 | 57 | 57 | ||||
| (=) Implied Enterprise Value | 753 | 792 | 832 | ||||
| (-) Non-shareholder Claims * | (252) | (252) | (252) | ||||
| (=) Equity Value | 500 | 540 | 580 | ||||
| (/) Shares Outstanding | 49.4 | 49.4 | 49.4 | ||||
| Implied Value Range | 10.14 | 10.94 | 11.74 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.14 | 10.94 | 11.74 | 10.21 | |||
| Upside / (Downside) | -0.7% | 7.1% | 15.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BRO | ERIE | MMC | AJG | RYAN | CRD.B | |
| Enterprise Value | 37,069 | 19,791 | 128,725 | 83,200 | 12,119 | 756 | |
| (+) Cash & Short Term Investments | 685 | 319 | 1,604 | 14,987 | 554 | 55 | |
| (+) Investments & Other | 19 | 1,090 | 471 | 0 | 71 | 0 | |
| (-) Debt | (4,060) | (8) | (22,419) | (13,577) | (3,464) | (309) | |
| (-) Other Liabilities | (17) | 0 | (203) | (26) | (471) | 2 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 33,696 | 21,193 | 108,178 | 84,584 | 8,810 | 504 | |
| (/) Shares Outstanding | 286.6 | 52.3 | 492.7 | 255.7 | 125.7 | 49.4 | |
| Implied Stock Price | 117.56 | 405.30 | 219.55 | 330.75 | 70.07 | 10.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 117.56 | 405.30 | 219.55 | 330.75 | 70.07 | 10.21 | |
| 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 | |