MMC – Market expectations are for Uniform ROA to remain stable at recent highs, but management has concerns about the Marsh business, revenue growth, and their cash position

• Marsh & McLennan Companies, Inc. (MMC:USA)currently trades near recent highs relative to UAFRS-based (Uniform) Earnings, with a 20.2x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about the Marsh business, revenue growth, and their cash position
• Specifically, management may have concerns about declining growth at Marsh relative to Q1 2017, driven by concerns about their ability to streamline the segment’s operations, and may lack confidence in the sustainability of strong revenue growth in their Consulting segment. Additionally, they may have concerns about the impact of new accounting standards on their investment income, and may be concerned about their cash position

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