Model update: remain Neutral
We are updating our MMC model to reflect Q4 results, revenue trends and accounting guidance from management. As a result, our FY18 EPS forecast is largely unchanged and our FY19 EPS forecast increases by 1%. Strong revenue growth assumptions are largely offset by a slightly lower starting point for MMC's adjusted operating margin. There are also some slight changes to the quarterly pattern of revenues following some commentary by management but we will refine this once further detail is provided in March. Our valuation and price target increases slightly to $90 (from $88) as we roll forward our DCF-based valuation. We retain our Neutral recommendation.Marsh & McLennan Companies is a holding company. Through its subsidiaries, the company provides clients advice and solutions in risk, strategy and people. The company provides analysis, advice and transactional capabilities to clients. The company conducts business through two segments: Risk and Insurance Services, which includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services; and Consulting, which includes health, wealth and career services and products, and other management, economic and brand consulting services.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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