Growth Story Amid Generational Wealth Shift

Research evidence excerpt

Growth Story Amid Generational Wealth Shift

Global Research

23 July 2026ab

Andersen Group Inc. Equities

United StatesGrowth Story Amid Generational Wealth Shift

Industrial Services

12-month rating Buy

Group Meeting Amid Continued Execution

We recently hosted Andersen Chairman & CEO Mark Vorsatz and IR Greg Vistica. As the 12m price target US$51.00

company continues to effectively execute its first year as a public company, we had the

opportunity to leverage unique industry expertise discussing several key topics, including

Price (23 Jul 2026) US$41.57

AI, M&A, client relationships, pricing, leverage, and productivity. We came away with

increased conviction that Andersen is well positioned for sustained growth given its RIC: ANDG.N BBG: ANDG US

durable business model, differentiated service offerings, and strong founder-led

Trading data and key metrics

management team amid generational global wealth transfer. We also envision

52-wk range US$44.45-18.34

productivity gains amid ongoing technology and AI investments, supporting margin

expansion and operational efficiency. Andersen's differentiated approach—high-value, Market cap. US$4.61b

complex engagements while maintaining low attrition among senior professionals— Shares o/s 111m (COM)

positions the firm to capture share within its approximately $104b addressable market Free float 100%

while sustaining industry-leading revenue per employee and strong client satisfaction. Avg. daily volume ('000) 83.6

Avg. daily value (m) US$3.2

Reiterate Buy + Street HIGH $51 PT—stock has rallied ~70% since its IPO,

Common s/h equity (12/26E) US$0.22b

but we don't believe the market is fully discounting revenue growth potential,

P/BV (12/26E) 21.4x

AI-related productivity benefits, +/or expanding international.