Marsh
MRSH: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| nxR | LOCK|^Vt#Z | LOCK|T^J&!Vc! |
Marsh McLennan's Growth Will Slow
Business Strategy and Outlook
We view Marsh McLennan as something of a tollbooth business. Its leading position in the brokerage industry would be difficult to displace, and its sticky customer relationships allow it to benefit from a relatively stable level of insurance transactions, although it does have exposure to the insurance pricing cycle. We think Marsh McLennan’s long-term future will largely resemble its past, with moderate growth and attractive profitability, although the coronavirus and a hard insurance market have created some recent ups and downs.
