Intrinsic value of Willis Towers Watson - WLTW

Previous Close

$148.44

  Intrinsic Value

$163.32

stock screener

  Rating & Target

hold

+10%

  Value-price divergence*

0%

Previous close

$148.44

 
Intrinsic value

$163.32

 
Up/down potential

+10%

 
Rating

hold

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 20.3

 

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
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  7,887
  8,187
  8,508
  8,850
  9,215
  9,604
  10,016
  10,453
  10,915
  11,405
  11,922
  12,468
  13,045
  13,653
  14,294
  14,969
  15,680
  16,430
  17,218
  18,048
  18,921
  19,840
  20,806
  21,821
  22,889
  24,012
  25,192
  26,432
  27,735
  29,104
  30,543
Variable operating expenses, $m
 
  7,230
  7,473
  7,732
  8,008
  8,301
  8,613
  8,943
  9,293
  9,663
  10,054
  9,426
  9,861
  10,321
  10,806
  11,316
  11,854
  12,420
  13,017
  13,644
  14,304
  14,998
  15,729
  16,496
  17,304
  18,152
  19,044
  19,982
  20,967
  22,002
  23,090
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
  7,230
  7,473
  7,732
  8,008
  8,301
  8,613
  8,943
  9,293
  9,663
  10,054
  9,426
  9,861
  10,321
  10,806
  11,316
  11,854
  12,420
  13,017
  13,644
  14,304
  14,998
  15,729
  16,496
  17,304
  18,152
  19,044
  19,982
  20,967
  22,002
  23,090
Operating income, $m
  551
  956
  1,035
  1,118
  1,208
  1,302
  1,403
  1,509
  1,622
  1,742
  1,868
  3,043
  3,183
  3,332
  3,488
  3,653
  3,826
  4,009
  4,202
  4,404
  4,617
  4,841
  5,077
  5,325
  5,586
  5,860
  6,147
  6,450
  6,768
  7,102
  7,453
EBITDA, $m
  1,320
  2,258
  2,347
  2,441
  2,542
  2,649
  2,763
  2,883
  3,011
  3,146
  3,289
  3,439
  3,598
  3,766
  3,943
  4,129
  4,325
  4,532
  4,750
  4,979
  5,219
  5,473
  5,739
  6,019
  6,314
  6,624
  6,949
  7,291
  7,651
  8,028
  8,425
Interest expense (income), $m
  143
  134
  166
  198
  232
  269
  307
  349
  392
  439
  488
  539
  594
  652
  712
  776
  844
  915
  990
  1,069
  1,152
  1,239
  1,331
  1,428
  1,529
  1,636
  1,748
  1,866
  1,990
  2,121
  2,258
Earnings before tax, $m
  340
  822
  869
  921
  975
  1,034
  1,095
  1,161
  1,230
  1,303
  1,380
  2,503
  2,589
  2,680
  2,776
  2,876
  2,982
  3,094
  3,212
  3,335
  3,465
  3,602
  3,746
  3,897
  4,056
  4,224
  4,399
  4,584
  4,778
  4,982
  5,196
Tax expense, $m
  -96
  222
  235
  249
  263
  279
  296
  313
  332
  352
  373
  676
  699
  724
  749
  777
  805
  835
  867
  901
  936
  973
  1,011
  1,052
  1,095
  1,140
  1,188
  1,238
  1,290
  1,345
  1,403
Net income, $m
  420
  600
  634
  672
  712
  755
  800
  847
  898
  951
  1,008
  1,827
  1,890
  1,956
  2,026
  2,100
  2,177
  2,259
  2,345
  2,435
  2,530
  2,630
  2,735
  2,845
  2,961
  3,083
  3,211
  3,346
  3,488
  3,637
  3,793

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
  30,547
  31,745
  33,024
  34,386
  35,834
  37,372
  39,002
  40,729
  42,555
  44,485
  46,523
  48,674
  50,942
  53,334
  55,855
  58,509
  61,305
  64,247
  67,344
  70,602
  74,029
  77,633
  81,423
  85,408
  89,596
  93,999
  98,626
  103,488
  108,598
  113,966
Adjusted assets (=assets-cash), $m
  29,383
  30,547
  31,745
  33,024
  34,386
  35,834
  37,372
  39,002
  40,729
  42,555
  44,485
  46,523
  48,674
  50,942
  53,334
  55,855
  58,509
  61,305
  64,247
  67,344
  70,602
  74,029
  77,633
  81,423
  85,408
  89,596
  93,999
  98,626
  103,488
  108,598
  113,966
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
  3,569
  3,709
  3,859
  4,018
  4,187
  4,367
  4,557
  4,759
  4,972
  5,198
  5,436
  5,687
  5,953
  6,232
  6,526
  6,837
  7,163
  7,507
  7,869
  8,250
  8,650
  9,071
  9,514
  9,980
  10,469
  10,984
  11,524
  12,092
  12,689
  13,317
Working capital, $m
  422
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  138
  144
  151
  159
  166
  175
  183
  192
  202
  211
  222
  233
  244
Total debt, $m
  3,865
  4,144
  4,946
  5,803
  6,716
  7,686
  8,716
  9,809
  10,965
  12,189
  13,482
  14,847
  16,288
  17,808
  19,411
  21,100
  22,878
  24,751
  26,723
  28,797
  30,980
  33,276
  35,691
  38,230
  40,900
  43,706
  46,656
  49,756
  53,014
  56,438
  60,034
Total liabilities, $m
  20,188
  20,467
  21,269
  22,126
  23,039
  24,009
  25,039
  26,132
  27,288
  28,512
  29,805
  31,170
  32,611
  34,131
  35,734
  37,423
  39,201
  41,074
  43,046
  45,120
  47,303
  49,599
  52,014
  54,553
  57,223
  60,029
  62,979
  66,079
  69,337
  72,761
  76,357
Total equity, $m
  10,065
  10,081
  10,476
  10,898
  11,347
  11,825
  12,333
  12,871
  13,440
  14,043
  14,680
  15,353
  16,062
  16,811
  17,600
  18,432
  19,308
  20,231
  21,202
  22,223
  23,299
  24,430
  25,619
  26,870
  28,185
  29,567
  31,020
  32,547
  34,151
  35,837
  37,609
Total liabilities and equity, $m
  30,253
  30,548
  31,745
  33,024
  34,386
  35,834
  37,372
  39,003
  40,728
  42,555
  44,485
  46,523
  48,673
  50,942
  53,334
  55,855
  58,509
  61,305
  64,248
  67,343
  70,602
  74,029
  77,633
  81,423
  85,408
  89,596
  93,999
  98,626
  103,488
  108,598
  113,966
Debt-to-equity ratio
  0.384
  0.410
  0.470
  0.530
  0.590
  0.650
  0.710
  0.760
  0.820
  0.870
  0.920
  0.970
  1.010
  1.060
  1.100
  1.140
  1.180
  1.220
  1.260
  1.300
  1.330
  1.360
  1.390
  1.420
  1.450
  1.480
  1.500
  1.530
  1.550
  1.570
  1.600
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
  600
  634
  672
  712
  755
  800
  847
  898
  951
  1,008
  1,827
  1,890
  1,956
  2,026
  2,100
  2,177
  2,259
  2,345
  2,435
  2,530
  2,630
  2,735
  2,845
  2,961
  3,083
  3,211
  3,346
  3,488
  3,637
  3,793
Depreciation, amort., depletion, $m
  769
  1,302
  1,312
  1,323
  1,335
  1,347
  1,360
  1,374
  1,389
  1,404
  1,421
  397
  415
  434
  455
  476
  499
  523
  548
  574
  602
  631
  662
  694
  728
  764
  802
  841
  883
  926
  972
Funds from operations, $m
  812
  1,902
  1,946
  1,995
  2,047
  2,101
  2,160
  2,221
  2,287
  2,356
  2,428
  2,224
  2,305
  2,391
  2,481
  2,576
  2,676
  2,782
  2,892
  3,009
  3,132
  3,261
  3,397
  3,540
  3,690
  3,847
  4,013
  4,187
  4,370
  4,563
  4,765
Change in working capital, $m
  -108
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  12
Cash from operations, $m
  920
  1,900
  1,944
  1,992
  2,044
  2,098
  2,156
  2,218
  2,283
  2,352
  2,424
  2,220
  2,301
  2,386
  2,476
  2,571
  2,671
  2,776
  2,886
  3,003
  3,125
  3,254
  3,389
  3,531
  3,681
  3,838
  4,004
  4,177
  4,360
  4,552
  4,753
Maintenance CAPEX, $m
  0
  -251
  -261
  -271
  -282
  -293
  -306
  -319
  -333
  -347
  -363
  -379
  -397
  -415
  -434
  -455
  -476
  -499
  -523
  -548
  -574
  -602
  -631
  -662
  -694
  -728
  -764
  -802
  -841
  -883
  -926
New CAPEX, $m
  -303
  -127
  -140
  -149
  -159
  -169
  -180
  -190
  -202
  -213
  -226
  -238
  -251
  -265
  -279
  -294
  -310
  -327
  -344
  -362
  -381
  -400
  -421
  -443
  -466
  -489
  -514
  -541
  -568
  -597
  -627
Cash from investing activities, $m
  195
  -378
  -401
  -420
  -441
  -462
  -486
  -509
  -535
  -560
  -589
  -617
  -648
  -680
  -713
  -749
  -786
  -826
  -867
  -910
  -955
  -1,002
  -1,052
  -1,105
  -1,160
  -1,217
  -1,278
  -1,343
  -1,409
  -1,480
  -1,553
Free cash flow, $m
  1,115
  1,521
  1,543
  1,572
  1,603
  1,636
  1,671
  1,709
  1,749
  1,791
  1,836
  1,602
  1,653
  1,706
  1,762
  1,821
  1,884
  1,950
  2,019
  2,093
  2,170
  2,251
  2,337
  2,426
  2,521
  2,620
  2,725
  2,835
  2,951
  3,072
  3,200
Issuance/(repayment) of debt, $m
  -128
  787
  802
  857
  913
  971
  1,030
  1,092
  1,157
  1,223
  1,293
  1,366
  1,441
  1,520
  1,602
  1,689
  1,779
  1,873
  1,972
  2,075
  2,183
  2,296
  2,415
  2,539
  2,670
  2,806
  2,950
  3,100
  3,258
  3,423
  3,597
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
  787
  802
  857
  913
  971
  1,030
  1,092
  1,157
  1,223
  1,293
  1,366
  1,441
  1,520
  1,602
  1,689
  1,779
  1,873
  1,972
  2,075
  2,183
  2,296
  2,415
  2,539
  2,670
  2,806
  2,950
  3,100
  3,258
  3,423
  3,597
Total cash flow (excl. dividends), $m
  537
  2,308
  2,346
  2,429
  2,516
  2,606
  2,701
  2,801
  2,905
  3,014
  3,129
  2,968
  3,094
  3,226
  3,365
  3,510
  3,663
  3,823
  3,991
  4,167
  4,353
  4,547
  4,751
  4,966
  5,191
  5,427
  5,675
  5,935
  6,209
  6,496
  6,797
Retained Cash Flow (-), $m
  -7,836
  -378
  -395
  -422
  -450
  -478
  -507
  -538
  -570
  -603
  -637
  -673
  -710
  -749
  -789
  -832
  -876
  -922
  -971
  -1,022
  -1,075
  -1,131
  -1,189
  -1,251
  -1,315
  -1,382
  -1,453
  -1,527
  -1,605
  -1,686
  -1,772
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
 
  2,293
  1,951
  2,007
  2,066
  2,128
  2,194
  2,263
  2,335
  2,412
  2,492
  2,295
  2,384
  2,477
  2,575
  2,678
  2,787
  2,900
  3,020
  3,146
  3,278
  3,416
  3,562
  3,715
  3,876
  4,045
  4,222
  4,408
  4,604
  4,809
  5,025
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
 
  2,179
  1,754
  1,698
  1,635
  1,567
  1,492
  1,412
  1,327
  1,239
  1,147
  938
  858
  776
  695
  616
  539
  466
  398
  335
  277
  226
  182
  143
  111
  84
  62
  45
  32
  22
  15
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 operates as an advisory, broking, and solutions company worldwide. The company operates through four business segments: Corporate Risk and Broking; Exchange Solutions; Human Capital and Benefits; and Investment, Risk, and Reinsurance. It designs and delivers solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Willis Towers Watson Public Limited serves multinational corporations, middle-market companies in various industries, public institutions, and individual clients. The company was formerly known as Willis Group Holdings Public Limited Company and changed its name to Willis Towers Watson Public Limited Company in January 2016. Willis Towers Watson Public Limited Company was founded in 1828 and is based in London, the United Kingdom.

FINANCIAL RATIOS  of  Willis Towers Watson (WLTW)

Valuation Ratios
P/E Ratio 48.2
Price to Sales 2.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 32.8
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 3.8% 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 136.523 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 $20.3 billion.

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COMPANY NEWS

▶ Willis Towers Watson misses 2Q profit forecasts   [06:46AM  Associated Press]
▶ Americans Retirement Benefits Have Been Slashed   [Jul-19-17 04:00AM  Bloomberg]
▶ The unstoppable rise of alternatives   [Jul-17-17 09:05AM  GlobeNewswire]
▶ [$$] Global shift into alternative assets gathers pace   [Jul-16-17 11:03PM  Financial Times]
▶ MOVES-Willis Re names James Kent CEO   [Jul-06-17 07:59AM  Reuters]
▶ [$$] Willis Towers Watson chief reveals merger wobbles   [Jun-27-17 08:57AM  Financial Times]
▶ Willis Towers Watson Announces Regular Quarterly Dividend   [May-17-17 04:30PM  GlobeNewswire]
▶ Willis Towers Watson beats Street 1Q forecasts   [06:22AM  Associated Press]
▶ [$$] Market Talk: Daily Analysis Roundup   [Apr-21-17 04:48PM  The Wall Street Journal]
▶ Willis Towers Watson announces program for RIMS 2017   [Mar-20-17 09:05AM  GlobeNewswire]
Stock chart of WLTW 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.

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