MARSH & MCLENNAN COMPANIES, INC. (MRSH)

Insurance Agents, Brokers & Service

Latest Price

$180.43

TTM P/E

22.06

Normalized P/E

23.87

Div Yield

2.00%

Book Value

32.02

P/B Ratio

5.64

Valuation metrics

Norm. op. income: $4.3B (median of 7yr)

Tax rate: 25%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$29.60

84% downside

Base FCF: $3.8B (median of recent 5yr)

Growth: 14%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$233.47

+29% upside

EPS: $8.43

Target P/E: 24×

Formula: EPS × P/E

P/E Fair Value

$202.32

+12% upside

91.7% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	39.50M	$6.58B	8.26%	-2.56M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	31.47M	$5.25B	6.58%	+4.9K	2026-06-30
STATE STREET CORP	22.40M	$3.73B	4.69%	+330.7K	2026-06-30
Capital World Investors	18.12M	$3.02B	3.79%	+153.2K	2026-06-30
WELLINGTON MANAGEMENT GROUP LLP	16.98M	$2.83B	3.55%	-395.5K	2026-06-30
Capital International Investors	15.73M	$2.62B	3.29%	+15.6K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	13.51M	$2.25B	2.83%	+106.1K	2026-06-30
PRICE T ROWE ASSOCIATES INC /MD/	13.44M	$2.24B	2.81%	+2.46M	2026-06-30
Corient Private Wealth LP	12.85M	$67.0M	2.69%	+12.62M	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	12.57M	$2.10B	2.63%	+142.6K	2026-06-30