Baldwin Insurance Group

The price is expensive. You pay 26.5× its owner earnings: the cash an owner could take out each year, which is in the historically expensive zone. At today's price, the market is assuming roughly 10% yearly growth; analysts expect 20%. The price, in other words, assumes less than the experts do.

The trajectory is solid and accelerating and the balance sheet is fragile. The company scores 8/20 on our value-creation score: creating some value. Analysts lean positive.

What to watch: A large part of the company's book value is the price paid for past acquisitions. As always: this describes the company's numbers; it is not a recommendation.