Stock BTW BROWN & BROWN, INC.
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Financials Brown & Brown, Inc. Deutsche Boerse AG

Equities

BTW

US1152361010

Multiline Insurance & Brokers

Real-time Estimate Tradegate
Other stock markets
 03:20:37 2024-07-17 am EDT 		5-day change 1st Jan Change
85.37 EUR +0.04% Intraday chart for Brown & Brown, Inc. +2.77% +33.62%
Jul. 12 Goldman Sachs Raises Price Target on Brown & Brown to $99 From $95 MT
Jul. 11 BofA Securities Raises Price Target on Brown & Brown to $105 From $101, Maintains Neutral Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,123 13,452 19,849 16,135 20,238 26,617 - -
Enterprise Value (EV) 1 12,136 14,731 20,985 19,415 22,754 28,359 27,892 27,213
P/E ratio 28.2 x 28.1 x 34 x 24 x 23.3 x 29.6 x 27.5 x 25.3 x
Yield 0.82% 0.73% 0.54% 0.74% 0.67% 0.57% 0.64% 0.68%
Capitalization / Revenue 4.65 x 5.15 x 6.5 x 4.52 x 4.75 x 5.73 x 5.36 x 4.93 x
EV / Revenue 5.07 x 5.64 x 6.88 x 5.43 x 5.34 x 6.1 x 5.61 x 5.04 x
EV / EBITDA 16.9 x 18.1 x 20.6 x 16.7 x 14.5 x 17.7 x 16.2 x 14.5 x
EV / FCF 20.1 x 22.6 x 23.2 x 23.4 x 24.2 x 29.8 x 22.5 x 20.3 x
FCF Yield 4.99% 4.42% 4.3% 4.27% 4.13% 3.35% 4.45% 4.91%
Price to Book 3.32 x 3.57 x 4.73 x 3.5 x 3.58 x 4.15 x 3.66 x 3.25 x
Nbr of stocks (in thousands) 281,746 283,745 282,427 283,222 284,598 285,249 - -
Reference price 2 39.48 47.41 70.28 56.97 71.11 93.31 93.31 93.31
Announcement Date 1/27/20 1/25/21 1/24/22 1/23/23 1/23/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,392 2,613 3,051 3,573 4,257 4,647 4,968 5,395
EBITDA 1 716.9 813.4 1,021 1,164 1,564 1,605 1,717 1,876
EBIT 1 588.2 678.6 868.2 978.4 1,358 1,375 1,491 1,673
Operating Margin 24.59% 25.97% 28.45% 27.38% 31.9% 29.58% 30.02% 31.01%
Earnings before Tax (EBT) 1 525.9 624.1 762.8 876.1 1,146 1,189 1,298 1,418
Net income 1 398.5 480.5 587.1 671.8 870.5 897.1 970.5 1,058
Net margin 16.66% 18.39% 19.24% 18.8% 20.45% 19.3% 19.54% 19.61%
EPS 2 1.400 1.690 2.070 2.370 3.050 3.147 3.393 3.685
Free Cash Flow 1 605.1 650.9 903 828.8 940.6 950.3 1,241 1,337
FCF margin 25.29% 24.91% 29.59% 23.19% 22.09% 20.45% 24.98% 24.79%
FCF Conversion (EBITDA) 84.41% 80.02% 88.43% 71.19% 60.14% 59.23% 72.26% 71.27%
FCF Conversion (Net income) 151.84% 135.46% 153.81% 123.37% 108.05% 105.94% 127.87% 126.4%
Dividend per Share 2 0.3250 0.3480 0.3800 0.4230 0.4750 0.5360 0.6000 0.6354
Announcement Date 1/27/20 1/25/21 1/24/22 1/23/23 1/23/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 738.5 904.7 839.7 927.6 901.4 1,116 1,047 1,068 1,026 1,258 1,141 1,147 1,101 1,329 1,213
EBITDA 1 215.7 319.1 274.3 287.7 283.1 389.9 355.5 371.2 447.2 466 392.3 391.8 350.7 491.2 420
EBIT 1 176.8 279.9 231.8 232.9 233.8 338.6 304.1 319.7 395.4 410 337.5 333.7 292.1 437.8 361.6
Operating Margin 23.94% 30.94% 27.61% 25.11% 25.94% 30.34% 29.04% 29.94% 38.53% 32.59% 29.58% 29.08% 26.53% 32.93% 29.82%
Earnings before Tax (EBT) 1 140.8 265 198.8 218 194.2 294.2 254.4 242.3 355.1 364 292.1 285.3 243 388.2 317.2
Net income 1 101.7 220.3 145.2 161.1 145.2 235.5 190.4 175.9 268.6 293 215.7 210 179.1 311.3 234.7
Net margin 13.77% 24.35% 17.29% 17.37% 16.11% 21.1% 18.18% 16.47% 26.17% 23.29% 18.91% 18.3% 16.27% 23.42% 19.36%
EPS 2 0.3600 0.7700 0.5100 0.5700 0.5100 0.8300 0.6700 0.6200 0.9400 1.020 0.7610 0.7428 0.6264 1.074 0.8135
Dividend per Share 2 0.1030 0.1030 0.1030 0.1030 0.1150 0.1150 0.1150 0.1150 0.1300 0.1300 0.1300 0.1300 0.1467 0.1500 0.1400
Announcement Date 1/24/22 4/25/22 7/25/22 10/24/22 1/23/23 4/24/23 7/24/23 10/23/23 1/23/24 4/22/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,013 1,279 1,136 3,280 2,516 1,742 1,276 597
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.413 x 1.572 x 1.112 x 2.817 x 1.609 x 1.086 x 0.7428 x 0.318 x
Free Cash Flow 1 605 651 903 829 941 950 1,241 1,337
ROE (net income / shareholders' equity) 12.5% 13.5% 14.8% 14.4% 15.5% 17.1% 16% 14.9%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 11.90 13.30 14.90 16.30 19.90 22.50 25.50 28.70
Cash Flow per Share - 2.620 - - - - - -
Capex 1 73.1 - 45 52.6 68.9 72.6 66.3 78.3
Capex / Sales 3.06% - 1.47% 1.47% 1.62% 1.56% 1.33% 1.45%
Announcement Date 1/27/20 1/25/21 1/24/22 1/23/23 1/23/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Brown & Brown, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
93.31 USD
Average target price
94.93 USD
Spread / Average Target
+1.73%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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