2Q26 Mid-Q Investor Meeting: Near-Term Organic Ticks Up

研报英文原文证据摘录

2Q26 Mid-Q Investor Meeting: Near-Term Organic Ticks Up

hanged. Management expects Brokerage adjusted EBITDAC 52-Week High / Low US$327.34 / US$190.75

Avg Daily Vol (000) 1,898 margin to be between 35.1% and 36.3%. Excluding the impact of M&A and investment

Div Yield 1.30%

income from holding cash for AssuredPartners this equates to about 40-60bps of Total Assets ($mil) 78,301

underlying margin expansion which was upheld. The CFO commentary cites slightly ROE 18.39%

lower margins for AssuredPartners in the second quarter than what we estimated. We Shares Out (mil) 259.8

are now estimating 2Q26 adjusted total company EBITDAC margin of 30.6% (previously Div (ann) US$2.80

30.9%). Institutional Ownership 91.7%

Insider Ownership 1.0%

• We are lowering our estimates marginally driven by lower than expected Fiscal Year End Dec

AssuredPartners margins in 2Q26. This was offset slightly by higher organic growth Price Performance - 1 Year

estimates in the second quarter. We are lowering our 2026E EPS to $12.87 from $12.90.

Our 2027E estimates are unchanged. We are raising our price target to $225 (now ~10x USD340

2027E EBITDAC) from $211 to reflect higher peer multiples. 320

RISKS TO ACHIEVEMENT OF PT & RECOMMENDATION 300

AJG's business is economically sensitive. Declining insurable risks, client cost driven 280

behavior and sector-specific weakness result from economic weakness 260

COMPANY DESCRIPTION 220

Headquartered in Rolling Meadows, IL, AJG and its subsidiaries are engaged in providing 200

insurance brokerage and third-party claims settlement and administration services to 180

domestic and international companies. Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26

Source: Bloomberg

EARNINGS PER SHARE (US$) YEAR

Mar Jun Sep Dec FY FY P/E

2025A 3.67 2.33 2.32 2.38 10.70 20.2x