Intrinsic value of Willis Towers Watson - WLTW

Previous Close

$156.53

  Intrinsic Value

$169.07

stock screener

  Rating & Target

hold

+8%

Previous close

$156.53

 
Intrinsic value

$169.07

 
Up/down potential

+8%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  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
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  7,887
  8,218
  8,570
  8,943
  9,338
  9,756
  10,198
  10,664
  11,156
  11,676
  12,223
  12,801
  13,408
  14,049
  14,722
  15,432
  16,178
  16,963
  17,788
  18,656
  19,569
  20,528
  21,537
  22,597
  23,710
  24,881
  26,111
  27,403
  28,760
  30,186
  31,684
Variable operating expenses, $m
 
  7,254
  7,520
  7,802
  8,101
  8,416
  8,750
  9,103
  9,475
  9,868
  10,282
  9,677
  10,136
  10,620
  11,130
  11,666
  12,230
  12,823
  13,447
  14,104
  14,794
  15,519
  16,281
  17,082
  17,924
  18,809
  19,739
  20,716
  21,742
  22,820
  23,952
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
  7,254
  7,520
  7,802
  8,101
  8,416
  8,750
  9,103
  9,475
  9,868
  10,282
  9,677
  10,136
  10,620
  11,130
  11,666
  12,230
  12,823
  13,447
  14,104
  14,794
  15,519
  16,281
  17,082
  17,924
  18,809
  19,739
  20,716
  21,742
  22,820
  23,952
Operating income, $m
  551
  964
  1,050
  1,141
  1,237
  1,339
  1,447
  1,561
  1,681
  1,808
  1,942
  3,124
  3,272
  3,428
  3,593
  3,766
  3,948
  4,139
  4,341
  4,553
  4,775
  5,009
  5,256
  5,514
  5,786
  6,072
  6,372
  6,687
  7,018
  7,366
  7,732
EBITDA, $m
  1,320
  2,267
  2,364
  2,467
  2,576
  2,691
  2,813
  2,942
  3,078
  3,221
  3,372
  3,531
  3,699
  3,875
  4,061
  4,257
  4,463
  4,679
  4,907
  5,146
  5,398
  5,663
  5,941
  6,233
  6,541
  6,863
  7,203
  7,559
  7,934
  8,327
  8,740
Interest expense (income), $m
  143
  134
  169
  204
  241
  281
  323
  367
  413
  463
  515
  569
  627
  688
  752
  819
  890
  965
  1,043
  1,126
  1,213
  1,304
  1,400
  1,501
  1,607
  1,718
  1,835
  1,958
  2,087
  2,223
  2,366
Earnings before tax, $m
  340
  830
  881
  937
  996
  1,059
  1,125
  1,194
  1,268
  1,345
  1,427
  2,554
  2,645
  2,740
  2,841
  2,946
  3,058
  3,175
  3,297
  3,427
  3,563
  3,705
  3,856
  4,013
  4,179
  4,353
  4,537
  4,729
  4,931
  5,143
  5,366
Tax expense, $m
  -96
  224
  238
  253
  269
  286
  304
  322
  342
  363
  385
  690
  714
  740
  767
  796
  826
  857
  890
  925
  962
  1,000
  1,041
  1,084
  1,128
  1,175
  1,225
  1,277
  1,331
  1,389
  1,449
Net income, $m
  420
  606
  643
  684
  727
  773
  821
  872
  925
  982
  1,042
  1,865
  1,931
  2,000
  2,074
  2,151
  2,232
  2,317
  2,407
  2,502
  2,601
  2,705
  2,815
  2,930
  3,051
  3,178
  3,312
  3,452
  3,600
  3,754
  3,917

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
  30,665
  31,978
  33,369
  34,843
  36,402
  38,051
  39,791
  41,629
  43,567
  45,610
  47,763
  50,032
  52,420
  54,934
  57,581
  60,365
  63,294
  66,374
  69,613
  73,018
  76,598
  80,361
  84,316
  88,472
  92,839
  97,427
  102,248
  107,313
  112,634
  118,223
Adjusted assets (=assets-cash), $m
  29,383
  30,665
  31,978
  33,369
  34,843
  36,402
  38,051
  39,791
  41,629
  43,567
  45,610
  47,763
  50,032
  52,420
  54,934
  57,581
  60,365
  63,294
  66,374
  69,613
  73,018
  76,598
  80,361
  84,316
  88,472
  92,839
  97,427
  102,248
  107,313
  112,634
  118,223
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
  3,583
  3,737
  3,899
  4,071
  4,254
  4,446
  4,650
  4,864
  5,091
  5,329
  5,581
  5,846
  6,125
  6,419
  6,728
  7,054
  7,396
  7,756
  8,134
  8,532
  8,950
  9,390
  9,852
  10,338
  10,848
  11,384
  11,948
  12,539
  13,161
  13,814
Working capital, $m
  422
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  136
  142
  149
  157
  164
  172
  181
  190
  199
  209
  219
  230
  241
  253
Total debt, $m
  3,865
  4,223
  5,102
  6,034
  7,022
  8,067
  9,171
  10,337
  11,568
  12,867
  14,236
  15,678
  17,198
  18,798
  20,483
  22,256
  24,121
  26,084
  28,147
  30,318
  32,599
  34,998
  37,519
  40,169
  42,953
  45,879
  48,953
  52,183
  55,577
  59,142
  62,887
Total liabilities, $m
  20,188
  20,546
  21,425
  22,357
  23,345
  24,390
  25,494
  26,660
  27,891
  29,190
  30,559
  32,001
  33,521
  35,121
  36,806
  38,579
  40,444
  42,407
  44,470
  46,641
  48,922
  51,321
  53,842
  56,492
  59,276
  62,202
  65,276
  68,506
  71,900
  75,465
  79,210
Total equity, $m
  10,065
  10,119
  10,553
  11,012
  11,498
  12,013
  12,557
  13,131
  13,737
  14,377
  15,051
  15,762
  16,510
  17,299
  18,128
  19,002
  19,920
  20,887
  21,903
  22,972
  24,096
  25,277
  26,519
  27,824
  29,196
  30,637
  32,151
  33,742
  35,413
  37,169
  39,014
Total liabilities and equity, $m
  30,253
  30,665
  31,978
  33,369
  34,843
  36,403
  38,051
  39,791
  41,628
  43,567
  45,610
  47,763
  50,031
  52,420
  54,934
  57,581
  60,364
  63,294
  66,373
  69,613
  73,018
  76,598
  80,361
  84,316
  88,472
  92,839
  97,427
  102,248
  107,313
  112,634
  118,224
Debt-to-equity ratio
  0.384
  0.420
  0.480
  0.550
  0.610
  0.670
  0.730
  0.790
  0.840
  0.890
  0.950
  0.990
  1.040
  1.090
  1.130
  1.170
  1.210
  1.250
  1.290
  1.320
  1.350
  1.380
  1.410
  1.440
  1.470
  1.500
  1.520
  1.550
  1.570
  1.590
  1.610
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
  606
  643
  684
  727
  773
  821
  872
  925
  982
  1,042
  1,865
  1,931
  2,000
  2,074
  2,151
  2,232
  2,317
  2,407
  2,502
  2,601
  2,705
  2,815
  2,930
  3,051
  3,178
  3,312
  3,452
  3,600
  3,754
  3,917
Depreciation, amort., depletion, $m
  769
  1,303
  1,314
  1,326
  1,338
  1,352
  1,366
  1,381
  1,396
  1,413
  1,430
  407
  427
  447
  469
  491
  515
  540
  566
  594
  623
  653
  685
  719
  755
  792
  831
  872
  915
  961
  1,008
Funds from operations, $m
  812
  1,909
  1,957
  2,010
  2,066
  2,124
  2,187
  2,252
  2,322
  2,395
  2,472
  2,272
  2,357
  2,448
  2,542
  2,642
  2,747
  2,857
  2,973
  3,095
  3,224
  3,358
  3,500
  3,649
  3,805
  3,970
  4,143
  4,324
  4,515
  4,715
  4,926
Change in working capital, $m
  -108
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
Cash from operations, $m
  920
  1,906
  1,954
  2,007
  2,062
  2,121
  2,183
  2,249
  2,318
  2,391
  2,468
  2,267
  2,353
  2,442
  2,537
  2,636
  2,741
  2,851
  2,967
  3,088
  3,216
  3,351
  3,492
  3,640
  3,797
  3,961
  4,133
  4,314
  4,504
  4,704
  4,914
Maintenance CAPEX, $m
  0
  -251
  -262
  -273
  -285
  -297
  -310
  -325
  -339
  -355
  -372
  -389
  -407
  -427
  -447
  -469
  -491
  -515
  -540
  -566
  -594
  -623
  -653
  -685
  -719
  -755
  -792
  -831
  -872
  -915
  -961
New CAPEX, $m
  -303
  -141
  -153
  -163
  -172
  -182
  -193
  -203
  -215
  -226
  -239
  -252
  -265
  -279
  -294
  -309
  -325
  -342
  -360
  -378
  -398
  -418
  -440
  -462
  -486
  -510
  -536
  -563
  -592
  -622
  -653
Cash from investing activities, $m
  195
  -392
  -415
  -436
  -457
  -479
  -503
  -528
  -554
  -581
  -611
  -641
  -672
  -706
  -741
  -778
  -816
  -857
  -900
  -944
  -992
  -1,041
  -1,093
  -1,147
  -1,205
  -1,265
  -1,328
  -1,394
  -1,464
  -1,537
  -1,614
Free cash flow, $m
  1,115
  1,514
  1,540
  1,572
  1,606
  1,642
  1,680
  1,721
  1,764
  1,809
  1,857
  1,627
  1,680
  1,737
  1,796
  1,859
  1,924
  1,994
  2,067
  2,144
  2,225
  2,310
  2,399
  2,493
  2,592
  2,696
  2,805
  2,920
  3,040
  3,167
  3,300
Issuance/(repayment) of debt, $m
  -128
  866
  879
  932
  987
  1,045
  1,104
  1,166
  1,231
  1,299
  1,369
  1,443
  1,520
  1,600
  1,685
  1,773
  1,865
  1,962
  2,064
  2,170
  2,282
  2,399
  2,521
  2,650
  2,785
  2,926
  3,074
  3,230
  3,393
  3,565
  3,745
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
  866
  879
  932
  987
  1,045
  1,104
  1,166
  1,231
  1,299
  1,369
  1,443
  1,520
  1,600
  1,685
  1,773
  1,865
  1,962
  2,064
  2,170
  2,282
  2,399
  2,521
  2,650
  2,785
  2,926
  3,074
  3,230
  3,393
  3,565
  3,745
Total cash flow (excl. dividends), $m
  537
  2,380
  2,419
  2,504
  2,593
  2,686
  2,784
  2,887
  2,995
  3,108
  3,226
  3,069
  3,200
  3,337
  3,481
  3,632
  3,790
  3,956
  4,131
  4,314
  4,506
  4,708
  4,920
  5,143
  5,376
  5,622
  5,879
  6,150
  6,434
  6,732
  7,045
Retained Cash Flow (-), $m
  -7,836
  -416
  -433
  -459
  -486
  -515
  -544
  -574
  -606
  -640
  -674
  -711
  -749
  -788
  -830
  -873
  -919
  -966
  -1,016
  -1,069
  -1,124
  -1,181
  -1,242
  -1,305
  -1,371
  -1,441
  -1,514
  -1,591
  -1,671
  -1,756
  -1,844
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
 
  2,325
  1,986
  2,045
  2,107
  2,172
  2,241
  2,313
  2,388
  2,468
  2,552
  2,359
  2,451
  2,549
  2,651
  2,758
  2,871
  2,990
  3,114
  3,245
  3,382
  3,527
  3,678
  3,838
  4,005
  4,180
  4,365
  4,559
  4,762
  4,976
  5,200
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
 
  2,210
  1,785
  1,730
  1,667
  1,599
  1,524
  1,443
  1,358
  1,268
  1,175
  964
  882
  798
  716
  634
  556
  481
  410
  345
  286
  234
  188
  148
  114
  87
  64
  47
  33
  23
  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 (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 50.8
Price to Sales 2.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow 34.6
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 4.2% 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 134.913 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 $21.1 billion.

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COMPANY NEWS

▶ Global pension assets reach record level in 2017   [Feb-05-18 09:05AM  GlobeNewswire]
▶ Incumbents fuel InsurTech investment momentum in Q4 2017   [Feb-01-18 05:00AM  GlobeNewswire]
▶ Capital growth and improved risk spreads drive ILS market   [Jan-29-18 05:48AM  GlobeNewswire]
▶ Bob Collie to join the Thinking Ahead Institute   [Jan-09-18 11:52AM  GlobeNewswire]
▶ Willis Towers Watson Announces Conference Call   [Jan-03-18 10:48AM  GlobeNewswire]
▶ Property reinsurance rates rise less than expected   [Jan-02-18 12:11PM  Reuters]
▶ Willis Towers Watson Cant Claim Victory Yet   [Dec-20-17 07:30AM  Bloomberg]
▶ 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]
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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