| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| BRO | AJG | WTW | AON | GSHD | | MMC | |
| NYSE:BRO | NYSE:AJG | NasdaqGS:WTW | NYSE:AON | NasdaqGS:GSHD | | NYSE:MMC | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 14.6% | 9.6% | 3.5% | 7.3% | 32.5% | | 8.0% | |
| 3Y CAGR | 15.6% | 11.1% | 3.3% | 8.8% | 27.8% | | 7.3% | |
| Latest Twelve Months | 12.1% | 14.3% | 4.7% | 17.4% | 20.7% | | 7.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 27.4% | 19.9% | 19.1% | 25.1% | 9.7% | | 24.1% | |
| Prior Fiscal Year | 27.6% | 23.8% | 20.3% | 30.2% | 13.5% | | 25.8% | |
| Latest Fiscal Year | 29.2% | 25.7% | 22.2% | 28.0% | 19.3% | | 26.5% | |
| Latest Twelve Months | 29.2% | 25.7% | 22.2% | 28.0% | 19.3% | | 26.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 8.20x | 7.85x | 3.80x | 6.51x | 9.60x | | 5.67x | |
| EV / LTM EBIT | 28.1x | 30.6x | 17.1x | 23.3x | 49.7x | | 21.4x | |
| Price / LTM Sales | 7.48x | 7.97x | 3.38x | 5.42x | 14.14x | | 4.87x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.80x | 7.85x | 9.60x | | | | | |
| Historical EV / LTM Revenue | 4.22x | 4.79x | 5.67x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 4.35x | 4.58x | 4.80x | | | | | |
| (x) LTM Revenue | 24,458 | 24,458 | 24,458 | | | | | |
| (=) Implied Enterprise Value | 106,307 | 111,902 | 117,497 | | | | | |
| (-) Non-shareholder Claims * | (19,116) | (19,116) | (19,116) | | | | | |
| (=) Equity Value | 87,191 | 92,786 | 98,381 | | | | | |
| (/) Shares Outstanding | 491.1 | 491.1 | 491.1 | | | | | |
| Implied Value Range | 177.53 | 188.92 | 200.32 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 177.53 | 188.92 | 200.32 | | 242.39 | | | |
| Upside / (Downside) | -26.8% | -22.1% | -17.4% | | | | | |