Fair Value Distribution — percentile bands
92.8% of simulations place fair value above current price
WHAT IS PRICED IN
Revenue-Based Reverse DCF
1.1%/yr
±4.4% · revenue growth to justify current price
FCF-Based Reverse DCF
3.6%/yr
±3.0% · FCF growth to justify current price
THE GAP
Market pricing margin compression or rising capex
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Marsh completed its first full year post-McGriff acquisition (.75B deal, Nov 2024). Revenue reached ~B with 95,000+ colleagues across 130 countries. Risk & Insurance = 64% of revenue; Consulting = 36%...