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FINANCIALS: MMC: Results Small Miss, Few Catalysts To Tighten

FINANCIALS

Marsh McLennan (MMC: A3/A-/A-) 2Q24 results are very slightly lower than consensus but still showing positive growth (underlying revenues +6% y/y). Spreads have gone nowhere since last results and there’s little here to catalyse much catch-up tightening, we feel. The call may tell us more.

  • Debt-EBITDA has drifted out to 1.90x (we estimate) from 1.68x at Mar-24, but today’s figure is still below the 1.98x reported at Dec-23. The company has paid down USD600m of senior notes in the period, but this is a seasonally weaker quarter than 1Q anyway.
  • Revenues missed consensus (by 1.4%), driven by weakness in the consulting division, but costs coming in below expectations broadly offset that. Pre-tax only missed consensus by 1% but there’s still some earnings downgrade risk in here, we sense.
  • Outlook: there’s little in the way for forward-looking statements here.

Conf call is 1330 (London time) at: https://edge.media-server.com/mmc/p/n75qu2ut/

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