DDM Analysis: MMC

Valuation Snapshot

Stable Growth	$293.56 - $1,658.10	$556.14
Multi-Stage	$172.33 - $188.32	$180.18
Blended Fair Value	$368.16
Current Price	$201.53
Upside	82.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.45%	10.03%	3.06	2.62	2.30	2.07	1.91	1.78	1.63	1.49	1.38	1.28
YoY Growth	-	-	16.56%	14.06%	10.92%	8.80%	7.16%	9.05%	9.05%	8.50%	7.91%	8.59%
Dividend Yield	-	-	1.25%	1.29%	1.38%	1.22%	1.56%	2.06%	1.72%	1.81%	1.86%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,127.00
(-) Cash Dividends Paid (M)	1,712.00
(=) Cash Retained (M)	2,415.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	825.40	515.88	309.53
Cash Retained (M)	2,415.00	2,415.00	2,415.00
(-) Cash Required (M)	-825.40	-515.88	-309.53
(=) Excess Retained (M)	1,589.60	1,899.13	2,105.48
(/) Shares Outstanding (M)	495.00	495.00	495.00
(=) Excess Retained per Share	3.21	3.84	4.25
LTM Dividend per Share	3.46	3.46	3.46
(+) Excess Retained per Share	3.21	3.84	4.25
(=) Adjusted Dividend	6.67	7.30	7.71
WACC / Discount Rate	7.90%	7.90%	7.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$293.56	$556.14	$1,658.10
Upside / Downside	45.67%	175.96%	722.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,127.00	4,395.26	4,680.95	4,985.21	5,309.25	5,654.35	5,823.98
Payout Ratio	41.48%	51.19%	60.89%	70.59%	80.30%	90.00%	92.50%
Projected Dividends (M)	1,712.00	2,249.77	2,850.22	3,519.22	4,263.14	5,088.91	5,387.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.90%	7.90%	7.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,065.53	2,085.11	2,104.69
Year 2 PV (M)	2,402.51	2,448.27	2,494.46
Year 3 PV (M)	2,723.49	2,801.67	2,881.34
Year 4 PV (M)	3,029.03	3,145.52	3,265.33
Year 5 PV (M)	3,319.65	3,479.99	3,646.47
PV of Terminal Value (M)	71,762.39	75,228.54	78,827.35
Equity Value (M)	85,302.60	89,189.10	93,219.64
Shares Outstanding (M)	495.00	495.00	495.00
Fair Value	$172.33	$180.18	$188.32
Upside / Downside	-14.49%	-10.59%	-6.55%

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Marsh & McLennan Companies, Inc. (MMC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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