Marsh McLennan is the world's largest insurance broker and risk advisory firm, with a diversified portfolio spanning insurance brokerage (Marsh), reinsurance (Guy Carpenter), consulting (Mercer), and strategy (Oliver Wyman). The stock has struggled considerably, declining 24% over the past year and trading near its 52-week low of $170.37. At a P/E of 16.2 with $10.77 EPS, the valuation has compressed meaningfully, which may represent an opportunity if the business fundamentals remain intact. The capital-light model generates strong free cash flow, and the brokerage business benefits from hardening insurance markets. The bull case rests on the recovery of organic growth, the cyclical advantage of rising insurance premiums, and the depressed valuation relative to historical norms. The bear case involves slowing consulting revenue, potential economic weakness reducing demand for advisory services, and the possibility that the market is correctly discounting a structural growth deceleration. Marsh McLennan offers value at these levels but requires conviction in the recovery thesis.

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Site: Marsh McLennan (ID: 2035)