Brown & Brown, Inc. (BRO)

Industry: Insurance - Brokers Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
MMC	1	Marsh & McLennan C	26,453	23.98	20.81	16.25	14.44	25.19	16.71
AON	2	Aon plc	19,995	28.17	25.98	17.96	16.18	28.63	20.05
0Y4Q.L	3	Willis Towers Wats	13,115	16.10	13.29	13.96	13.08	22.78	15.10
0ITL.L	4	Arthur J. Gallaghe	13,030	49.57	42.88	21.92	18.56	36.96	24.04
BRO	5	Brown & Brown, Inc	5,329	31.08	26.61	14.83	12.46	16.53	16.42
ERIE	6	Erie Indemnity Com	4,278	22.87	19.47	17.47	14.80	16.94	16.82
SDF.AX	7	Steadfast Group Li	2,399	11.78	7.70	5.73	3.71	-	5.24
GPROFUT.MX	8	Grupo Profuturo, S	1,804	8.91	8.32	5.79	5.29	5.60	6.60
BRP	9	BRP Group, Inc.	1,575	-	-	225.81	227.77	180.59	16.22
SLQT	10	SelectQuote, Inc.	1,563	5.85	6.22	3.34	3.42	-	14.42
BWIN	11	The Baldwin Insura	1,472	-	-	10.57	10.57	53.65	22.50
CRD-A	12	Crawford & Company	1,338	16.27	13.23	7.17	6.59	8.72	9.13
ARX	13	Accelerant Holding	1,004	-	-	24.34	24.34	9.53	19.75
CRVL	14	CorVel Corporation	934	50.11	41.54	30.77	26.32	35.54	31.26
GOCO	15	GoHealth, Inc.	738	-	-	-	-	-	-
POLICYBZR.BO	16	PB Fintech Limited	638	169.35	169.35	118.79	118.79	305.89	517.49

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.27	13.29	15.11	13.76	23.98	16.47
Full Range Median Multiple	22.87	19.47	16.86	14.62	26.91	16.77
Industry Multiple	36.63	33.53	37.13	35.99	60.84	52.52
Market Implied Multiple	26.51	22.70	12.41	10.42	13.83	13.73
Company (BRO) Multiple	31.08	26.61	14.83	12.46	16.53	16.42
(*) Net Income / EBITDA / Revenue	999	1,167	1,881	2,239	1,688	1,700
Winsorized Enterprise Value	N/A	N/A	28,415	30,808	40,485	27,988
Full Range Median Enterprise Value	N/A	N/A	31,708	32,726	45,419	28,497
(-) Net Debt	-3,143	-3,143	-3,143	-3,143	-3,143	-3,143
Winsorized Equity Value	16,256	15,511	31,558	33,951	43,628	31,131
Full Range Median Equity Value	22,843	22,718	34,851	35,869	48,562	31,640
(/) Shares Outstanding	331	331	331	331	331	331
Winsorized Fair Value	$49.11	$46.86	$95.34	$102.57	$131.81	$94.05
Full Range Median Fair Value	$69.01	$68.64	$105.29	$108.37	$146.71	$95.59
Current Price	$80.01	$80.01	$80.01	$80.01	$80.01	$80.01
Upside / Downside	-38.62%	-41.43%	19.16%	28.20%	64.74%	17.55%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$34.38	$32.80	$66.74	$71.80	$92.27	$65.84
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy