Analyst Note
| Brett Horn |While reported results were negatively affected by the stronger dollar, Marsh McLennan saw relatively strong underlying growth across both parts of its business. We appreciate the near-term tailwinds the company is enjoying but believe reversion to the more modest growth it has enjoyed historically is inevitable. We will maintain our $137 fair value estimate for the narrow-moat company. We see the shares as overvalued and believe the market is overly focused on recent performance.