Jeff Ubben's Presentation on Willis Group at Value Investing Congress ~ market folly

Wednesday, September 18, 2013

Jeff Ubben's Presentation on Willis Group at Value Investing Congress

We're posting up notes from the 2013 Value Investing Congress in New York.  Next up is Jeff Ubben of ValueAct Capital and he presented "Attracted to Global Risk" and the case for Willis Group (WSH).

Jeff Ubben's Value Investing Congress Presentation

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Willis Group (WSH)

Reinsurance company (Comps with AON, MMC)
No advantage to float now, reinvesting at 1-2%.
Pricing firming, but not exploding.
International is 1/3 emerging markets, goes to 45% of business by 2017. 
Opportunity for cross-selling into retail client base as well.
Says FCF is "exploding."  Flat CAPEX and pension payments.
They are on the board of this company.  Lower P/E than peers.

Q&A:  On Apple: likes MSFT better than GOOG or AAPL or Samsung.  Says they deserve to trade at 6-8x P/E because every year they need to sell more "boxes." 


Be sure to check out the other presentations from the New York VIC here.


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