Intrinsic value of Willis Towers Watson - WLTW

Previous Close

$155.28

  Intrinsic Value

$149.93

stock screener

  Rating & Target

hold

-3%

Previous close

$155.28

 
Intrinsic value

$149.93

 
Up/down potential

-3%

 
Rating

hold

We calculate the intrinsic value of WLTW stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 20.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  105.98
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  7,887
  8,045
  8,230
  8,441
  8,679
  8,942
  9,231
  9,545
  9,885
  10,252
  10,645
  11,066
  11,515
  11,993
  12,502
  13,041
  13,612
  14,217
  14,857
  15,533
  16,247
  17,000
  17,794
  18,631
  19,513
  20,442
  21,420
  22,450
  23,533
  24,673
  25,872
Variable operating expenses, $m
 
  7,123
  7,263
  7,423
  7,602
  7,801
  8,019
  8,257
  8,514
  8,791
  9,089
  8,366
  8,705
  9,067
  9,451
  9,859
  10,291
  10,748
  11,232
  11,743
  12,282
  12,851
  13,452
  14,085
  14,751
  15,454
  16,193
  16,971
  17,790
  18,652
  19,558
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,336
  7,123
  7,263
  7,423
  7,602
  7,801
  8,019
  8,257
  8,514
  8,791
  9,089
  8,366
  8,705
  9,067
  9,451
  9,859
  10,291
  10,748
  11,232
  11,743
  12,282
  12,851
  13,452
  14,085
  14,751
  15,454
  16,193
  16,971
  17,790
  18,652
  19,558
Operating income, $m
  551
  922
  967
  1,019
  1,077
  1,141
  1,211
  1,288
  1,371
  1,460
  1,556
  2,700
  2,810
  2,927
  3,051
  3,182
  3,322
  3,469
  3,626
  3,790
  3,965
  4,148
  4,342
  4,547
  4,762
  4,988
  5,227
  5,478
  5,743
  6,021
  6,313
EBITDA, $m
  1,320
  2,219
  2,270
  2,329
  2,394
  2,467
  2,546
  2,633
  2,727
  2,828
  2,937
  3,053
  3,177
  3,308
  3,449
  3,597
  3,755
  3,922
  4,098
  4,285
  4,482
  4,689
  4,909
  5,139
  5,383
  5,639
  5,909
  6,193
  6,492
  6,806
  7,137
Interest expense (income), $m
  143
  134
  152
  170
  191
  215
  241
  270
  302
  336
  372
  412
  454
  499
  546
  597
  651
  708
  769
  833
  900
  972
  1,047
  1,126
  1,210
  1,298
  1,391
  1,489
  1,592
  1,700
  1,814
Earnings before tax, $m
  340
  788
  815
  849
  885
  926
  970
  1,018
  1,069
  1,125
  1,184
  2,289
  2,356
  2,428
  2,504
  2,585
  2,671
  2,761
  2,857
  2,958
  3,064
  3,177
  3,295
  3,420
  3,552
  3,690
  3,836
  3,989
  4,151
  4,320
  4,499
Tax expense, $m
  -96
  213
  220
  229
  239
  250
  262
  275
  289
  304
  320
  618
  636
  656
  676
  698
  721
  745
  771
  799
  827
  858
  890
  923
  959
  996
  1,036
  1,077
  1,121
  1,167
  1,215
Net income, $m
  420
  575
  595
  619
  646
  676
  708
  743
  781
  821
  864
  1,671
  1,720
  1,773
  1,828
  1,887
  1,950
  2,016
  2,085
  2,159
  2,237
  2,319
  2,405
  2,497
  2,593
  2,694
  2,800
  2,912
  3,030
  3,154
  3,284

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  870
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  30,253
  30,018
  30,708
  31,497
  32,383
  33,365
  34,442
  35,615
  36,885
  38,253
  39,721
  41,292
  42,967
  44,752
  46,648
  48,660
  50,793
  53,050
  55,437
  57,959
  60,622
  63,432
  66,396
  69,519
  72,811
  76,277
  79,926
  83,768
  87,810
  92,063
  96,536
Adjusted assets (=assets-cash), $m
  29,383
  30,018
  30,708
  31,497
  32,383
  33,365
  34,442
  35,615
  36,885
  38,253
  39,721
  41,292
  42,967
  44,752
  46,648
  48,660
  50,793
  53,050
  55,437
  57,959
  60,622
  63,432
  66,396
  69,519
  72,811
  76,277
  79,926
  83,768
  87,810
  92,063
  96,536
Revenue / Adjusted assets
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
Average production assets, $m
  3,443
  3,508
  3,588
  3,680
  3,784
  3,899
  4,025
  4,162
  4,310
  4,470
  4,641
  4,825
  5,021
  5,229
  5,451
  5,686
  5,935
  6,199
  6,478
  6,772
  7,084
  7,412
  7,758
  8,123
  8,508
  8,913
  9,339
  9,788
  10,260
  10,757
  11,280
Working capital, $m
  422
  64
  66
  68
  69
  72
  74
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  164
  171
  180
  188
  197
  207
Total debt, $m
  3,865
  3,789
  4,251
  4,780
  5,374
  6,032
  6,753
  7,539
  8,390
  9,306
  10,290
  11,342
  12,465
  13,661
  14,931
  16,279
  17,708
  19,220
  20,820
  22,510
  24,294
  26,177
  28,162
  30,255
  32,460
  34,782
  37,228
  39,801
  42,510
  45,359
  48,356
Total liabilities, $m
  20,188
  20,112
  20,574
  21,103
  21,697
  22,355
  23,076
  23,862
  24,713
  25,629
  26,613
  27,665
  28,788
  29,984
  31,254
  32,602
  34,031
  35,543
  37,143
  38,833
  40,617
  42,500
  44,485
  46,578
  48,783
  51,105
  53,551
  56,124
  58,833
  61,682
  64,679
Total equity, $m
  10,065
  9,906
  10,134
  10,394
  10,686
  11,010
  11,366
  11,753
  12,172
  12,623
  13,108
  13,626
  14,179
  14,768
  15,394
  16,058
  16,762
  17,506
  18,294
  19,127
  20,005
  20,933
  21,911
  22,941
  24,027
  25,171
  26,376
  27,643
  28,977
  30,381
  31,857
Total liabilities and equity, $m
  30,253
  30,018
  30,708
  31,497
  32,383
  33,365
  34,442
  35,615
  36,885
  38,252
  39,721
  41,291
  42,967
  44,752
  46,648
  48,660
  50,793
  53,049
  55,437
  57,960
  60,622
  63,433
  66,396
  69,519
  72,810
  76,276
  79,927
  83,767
  87,810
  92,063
  96,536
Debt-to-equity ratio
  0.384
  0.380
  0.420
  0.460
  0.500
  0.550
  0.590
  0.640
  0.690
  0.740
  0.790
  0.830
  0.880
  0.930
  0.970
  1.010
  1.060
  1.100
  1.140
  1.180
  1.210
  1.250
  1.290
  1.320
  1.350
  1.380
  1.410
  1.440
  1.470
  1.490
  1.520
Adjusted equity ratio
  0.313
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  420
  575
  595
  619
  646
  676
  708
  743
  781
  821
  864
  1,671
  1,720
  1,773
  1,828
  1,887
  1,950
  2,016
  2,085
  2,159
  2,237
  2,319
  2,405
  2,497
  2,593
  2,694
  2,800
  2,912
  3,030
  3,154
  3,284
Depreciation, amort., depletion, $m
  769
  1,297
  1,303
  1,310
  1,317
  1,326
  1,335
  1,345
  1,356
  1,368
  1,380
  352
  366
  382
  398
  415
  433
  452
  473
  494
  517
  541
  566
  593
  621
  651
  682
  714
  749
  785
  823
Funds from operations, $m
  812
  1,872
  1,898
  1,929
  1,964
  2,002
  2,043
  2,088
  2,137
  2,189
  2,245
  2,023
  2,087
  2,154
  2,226
  2,302
  2,383
  2,468
  2,558
  2,653
  2,754
  2,860
  2,972
  3,090
  3,214
  3,344
  3,482
  3,627
  3,779
  3,939
  4,108
Change in working capital, $m
  -108
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
Cash from operations, $m
  920
  1,871
  1,897
  1,928
  1,962
  2,000
  2,041
  2,086
  2,134
  2,186
  2,241
  2,020
  2,083
  2,150
  2,222
  2,298
  2,378
  2,463
  2,553
  2,648
  2,748
  2,854
  2,965
  3,083
  3,207
  3,337
  3,474
  3,618
  3,770
  3,930
  4,098
Maintenance CAPEX, $m
  0
  -251
  -256
  -262
  -269
  -276
  -285
  -294
  -304
  -315
  -326
  -339
  -352
  -366
  -382
  -398
  -415
  -433
  -452
  -473
  -494
  -517
  -541
  -566
  -593
  -621
  -651
  -682
  -714
  -749
  -785
New CAPEX, $m
  -303
  -65
  -81
  -92
  -104
  -115
  -126
  -137
  -148
  -160
  -172
  -184
  -196
  -208
  -222
  -235
  -249
  -264
  -279
  -295
  -311
  -328
  -346
  -365
  -385
  -405
  -426
  -449
  -472
  -497
  -523
Cash from investing activities, $m
  195
  -316
  -337
  -354
  -373
  -391
  -411
  -431
  -452
  -475
  -498
  -523
  -548
  -574
  -604
  -633
  -664
  -697
  -731
  -768
  -805
  -845
  -887
  -931
  -978
  -1,026
  -1,077
  -1,131
  -1,186
  -1,246
  -1,308
Free cash flow, $m
  1,115
  1,555
  1,560
  1,574
  1,590
  1,609
  1,630
  1,655
  1,682
  1,711
  1,744
  1,497
  1,535
  1,575
  1,619
  1,665
  1,714
  1,766
  1,822
  1,881
  1,943
  2,009
  2,078
  2,152
  2,229
  2,311
  2,397
  2,488
  2,583
  2,684
  2,790
Issuance/(repayment) of debt, $m
  -128
  432
  463
  529
  594
  658
  722
  786
  851
  917
  984
  1,052
  1,123
  1,195
  1,271
  1,348
  1,429
  1,512
  1,599
  1,690
  1,784
  1,883
  1,985
  2,093
  2,205
  2,322
  2,445
  2,574
  2,708
  2,849
  2,997
Issuance/(repurchase) of shares, $m
  -333
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -563
  432
  463
  529
  594
  658
  722
  786
  851
  917
  984
  1,052
  1,123
  1,195
  1,271
  1,348
  1,429
  1,512
  1,599
  1,690
  1,784
  1,883
  1,985
  2,093
  2,205
  2,322
  2,445
  2,574
  2,708
  2,849
  2,997
Total cash flow (excl. dividends), $m
  537
  1,987
  2,023
  2,102
  2,183
  2,266
  2,352
  2,441
  2,532
  2,628
  2,727
  2,550
  2,658
  2,771
  2,889
  3,013
  3,143
  3,279
  3,421
  3,570
  3,727
  3,891
  4,064
  4,244
  4,434
  4,633
  4,842
  5,062
  5,292
  5,533
  5,787
Retained Cash Flow (-), $m
  -7,836
  -203
  -228
  -260
  -292
  -324
  -355
  -387
  -419
  -451
  -484
  -518
  -553
  -589
  -626
  -664
  -704
  -745
  -788
  -832
  -879
  -927
  -978
  -1,031
  -1,086
  -1,144
  -1,204
  -1,268
  -1,334
  -1,403
  -1,476
Prev. year cash balance distribution, $m
 
  362
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,146
  1,795
  1,842
  1,891
  1,942
  1,997
  2,054
  2,113
  2,176
  2,243
  2,031
  2,105
  2,182
  2,263
  2,349
  2,439
  2,534
  2,633
  2,738
  2,848
  2,964
  3,086
  3,214
  3,348
  3,489
  3,638
  3,794
  3,958
  4,130
  4,311
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  2,040
  1,614
  1,558
  1,497
  1,430
  1,358
  1,281
  1,201
  1,118
  1,032
  831
  757
  684
  611
  540
  472
  407
  347
  291
  241
  196
  157
  124
  96
  72
  54
  39
  28
  19
  13
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Willis Towers Watson Public Limited Company (Willis Towers Watson) is a holding company. The Company operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services; and Towers Watson Talent and Rewards. The Willis GB segment comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. The Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services. The Willis North America segment provides risk management, insurance brokerage and related risk services.

FINANCIAL RATIOS  of  Willis Towers Watson (WLTW)

Valuation Ratios
P/E Ratio 50.4
Price to Sales 2.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 34.3
Growth Rates
Sales Growth Rate 106%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 91.8%
Cap. Spend. - 3 Yr. Gr. Rate 20.6%
Financial Strength
Quick Ratio 2
Current Ratio 0.8
LT Debt to Equity 33.4%
Total Debt to Equity 38.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 6.8%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 4.3%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate -28.2%
Eff/ Tax Rate - 3 Yr. Avg. -2.4%
Payout Ratio 47.4%

WLTW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WLTW stock intrinsic value calculation we used $7887 million for the last fiscal year's total revenue generated by Willis Towers Watson. The default revenue input number comes from 2016 income statement of Willis Towers Watson. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WLTW stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.2%, whose default value for WLTW is calculated based on our internal credit rating of Willis Towers Watson, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Willis Towers Watson.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WLTW stock the variable cost ratio is equal to 88.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WLTW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Willis Towers Watson.

Corporate tax rate of 27% is the nominal tax rate for Willis Towers Watson. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WLTW stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WLTW are equal to 43.6%.

Life of production assets of 13.7 years is the average useful life of capital assets used in Willis Towers Watson operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WLTW is equal to 0.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10065 million for Willis Towers Watson - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 134.259 million for Willis Towers Watson is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Willis Towers Watson at the current share price and the inputted number of shares is $20.8 billion.

RELATED COMPANIES Price Int.Val. Rating
AJG Arthur J. Gall 65.48 85.30  buy
BRO Brown&Brown 51.60 62.60  buy
MMC Marsh&McLennan 83.93 97.29  hold
EHTH eHealth 17.85 1.77  str.sell
AEG Aegon ADR 6.20 15.11  str.buy
VRSK Verisk Analyti 94.32 45.28  sell

COMPANY NEWS

▶ Willis Towers Watson Announces Regular Quarterly Dividend   [Nov-16-17 04:10PM  GlobeNewswire]
▶ 55% of employees unsatisfied with workplace benefits   [02:03AM  Singapore Business Review]
▶ Values of global insurance M&A deals soar in 2017   [Nov-14-17 09:05AM  GlobeNewswire]
▶ Global acquirers more successful at retaining valued talent   [Nov-02-17 09:05AM  GlobeNewswire]
▶ Willis Towers Watson reports 3Q loss   [06:33AM  Associated Press]
▶ InsurTech: A shifting global balance of power   [Nov-01-17 10:14AM  GlobeNewswire]
▶ Willis Research Network announces new seismic research   [Sep-27-17 09:48AM  GlobeNewswire]
▶ Willis Towers Watson Announces Regular Quarterly Dividend   [Sep-19-17 04:01PM  GlobeNewswire]
▶ Insurers increasingly concerned about silent cyber exposure   [Sep-10-17 08:04AM  GlobeNewswire]
▶ Assets at worlds largest pension funds return to growth   [Sep-05-17 10:52AM  GlobeNewswire]
▶ Willis Towers Watson misses 2Q profit forecasts   [06:46AM  Associated Press]
Financial statements of WLTW
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.