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.
