Intrinsic value of Aon - AON

Previous Close

$151.10

  Intrinsic Value

$124.72

stock screener

  Rating & Target

hold

-17%

Previous close

$151.10

 
Intrinsic value

$124.72

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of AON 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 0001), $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 36.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
Revenue, $m
  10,818
  11,670
  12,556
  13,477
  14,434
  15,428
  16,462
  17,537
  18,656
  19,820
  21,032
  22,294
  23,611
  24,983
  26,415
  27,910
  29,471
  31,102
  32,806
  34,589
  36,453
  38,403
  40,444
  42,581
  44,819
  47,163
  49,618
  52,191
  54,888
  57,716
Variable operating expenses, $m
  8,853
  9,471
  10,113
  10,781
  11,475
  12,196
  12,945
  13,725
  14,536
  15,380
  15,249
  16,165
  17,119
  18,115
  19,153
  20,237
  21,369
  22,551
  23,787
  25,079
  26,431
  27,845
  29,325
  30,874
  32,497
  34,196
  35,977
  37,842
  39,798
  41,848
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
  8,853
  9,471
  10,113
  10,781
  11,475
  12,196
  12,945
  13,725
  14,536
  15,380
  15,249
  16,165
  17,119
  18,115
  19,153
  20,237
  21,369
  22,551
  23,787
  25,079
  26,431
  27,845
  29,325
  30,874
  32,497
  34,196
  35,977
  37,842
  39,798
  41,848
Operating income, $m
  1,965
  2,199
  2,443
  2,696
  2,959
  3,233
  3,517
  3,812
  4,120
  4,440
  5,782
  6,129
  6,491
  6,869
  7,262
  7,673
  8,103
  8,551
  9,019
  9,509
  10,022
  10,558
  11,119
  11,707
  12,322
  12,966
  13,642
  14,349
  15,090
  15,868
EBITDA, $m
  3,483
  3,758
  4,043
  4,339
  4,647
  4,967
  5,300
  5,646
  6,007
  6,381
  6,772
  7,178
  7,602
  8,044
  8,505
  8,986
  9,489
  10,014
  10,563
  11,137
  11,737
  12,365
  13,022
  13,710
  14,430
  15,185
  15,976
  16,804
  17,673
  18,583
Interest expense (income), $m
  0
  322
  418
  517
  620
  727
  838
  953
  1,073
  1,198
  1,328
  1,463
  1,604
  1,751
  1,904
  2,063
  2,230
  2,403
  2,585
  2,774
  2,972
  3,179
  3,396
  3,622
  3,860
  4,108
  4,368
  4,640
  4,925
  5,224
  5,538
Earnings before tax, $m
  1,643
  1,782
  1,926
  2,076
  2,233
  2,395
  2,564
  2,739
  2,922
  3,112
  4,319
  4,525
  4,740
  4,965
  5,199
  5,444
  5,699
  5,966
  6,245
  6,537
  6,843
  7,162
  7,497
  7,847
  8,214
  8,599
  9,001
  9,424
  9,866
  10,330
Tax expense, $m
  444
  481
  520
  561
  603
  647
  692
  740
  789
  840
  1,166
  1,222
  1,280
  1,340
  1,404
  1,470
  1,539
  1,611
  1,686
  1,765
  1,848
  1,934
  2,024
  2,119
  2,218
  2,322
  2,430
  2,544
  2,664
  2,789
Net income, $m
  1,199
  1,301
  1,406
  1,516
  1,630
  1,748
  1,871
  1,999
  2,133
  2,272
  3,153
  3,303
  3,460
  3,624
  3,795
  3,974
  4,160
  4,355
  4,559
  4,772
  4,995
  5,228
  5,473
  5,728
  5,996
  6,277
  6,571
  6,879
  7,202
  7,541

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  28,245
  30,471
  32,784
  35,188
  37,686
  40,283
  42,982
  45,789
  48,709
  51,748
  54,913
  58,210
  61,647
  65,231
  68,970
  72,872
  76,948
  81,206
  85,657
  90,310
  95,177
  100,269
  105,598
  111,177
  117,020
  123,140
  129,551
  136,270
  143,312
  150,693
Adjusted assets (=assets-cash), $m
  28,245
  30,471
  32,784
  35,188
  37,686
  40,283
  42,982
  45,789
  48,709
  51,748
  54,913
  58,210
  61,647
  65,231
  68,970
  72,872
  76,948
  81,206
  85,657
  90,310
  95,177
  100,269
  105,598
  111,177
  117,020
  123,140
  129,551
  136,270
  143,312
  150,693
Revenue / Adjusted assets
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
Average production assets, $m
  5,852
  6,314
  6,793
  7,291
  7,809
  8,347
  8,906
  9,488
  10,093
  10,722
  11,378
  12,061
  12,773
  13,516
  14,291
  15,099
  15,944
  16,826
  17,748
  18,712
  19,721
  20,776
  21,880
  23,036
  24,247
  25,515
  26,843
  28,236
  29,695
  31,224
Working capital, $m
  -65
  -70
  -75
  -81
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -230
  -243
  -255
  -269
  -283
  -298
  -313
  -329
  -346
Total debt, $m
  7,735
  9,569
  11,475
  13,456
  15,514
  17,654
  19,878
  22,191
  24,597
  27,102
  29,709
  32,426
  35,258
  38,211
  41,292
  44,508
  47,866
  51,375
  55,042
  58,876
  62,886
  67,082
  71,474
  76,071
  80,886
  85,928
  91,211
  96,748
  102,550
  108,632
Total liabilities, $m
  23,274
  25,108
  27,014
  28,995
  31,053
  33,193
  35,417
  37,730
  40,136
  42,641
  45,248
  47,965
  50,797
  53,750
  56,831
  60,047
  63,405
  66,914
  70,581
  74,415
  78,425
  82,621
  87,013
  91,610
  96,425
  101,467
  106,750
  112,287
  118,089
  124,171
Total equity, $m
  4,971
  5,363
  5,770
  6,193
  6,633
  7,090
  7,565
  8,059
  8,573
  9,108
  9,665
  10,245
  10,850
  11,481
  12,139
  12,826
  13,543
  14,292
  15,076
  15,895
  16,751
  17,647
  18,585
  19,567
  20,596
  21,673
  22,801
  23,984
  25,223
  26,522
Total liabilities and equity, $m
  28,245
  30,471
  32,784
  35,188
  37,686
  40,283
  42,982
  45,789
  48,709
  51,749
  54,913
  58,210
  61,647
  65,231
  68,970
  72,873
  76,948
  81,206
  85,657
  90,310
  95,176
  100,268
  105,598
  111,177
  117,021
  123,140
  129,551
  136,271
  143,312
  150,693
Debt-to-equity ratio
  1.560
  1.780
  1.990
  2.170
  2.340
  2.490
  2.630
  2.750
  2.870
  2.980
  3.070
  3.170
  3.250
  3.330
  3.400
  3.470
  3.530
  3.590
  3.650
  3.700
  3.750
  3.800
  3.850
  3.890
  3.930
  3.960
  4.000
  4.030
  4.070
  4.100
Adjusted equity ratio
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,199
  1,301
  1,406
  1,516
  1,630
  1,748
  1,871
  1,999
  2,133
  2,272
  3,153
  3,303
  3,460
  3,624
  3,795
  3,974
  4,160
  4,355
  4,559
  4,772
  4,995
  5,228
  5,473
  5,728
  5,996
  6,277
  6,571
  6,879
  7,202
  7,541
Depreciation, amort., depletion, $m
  1,518
  1,558
  1,600
  1,643
  1,688
  1,735
  1,784
  1,834
  1,887
  1,941
  989
  1,049
  1,111
  1,175
  1,243
  1,313
  1,386
  1,463
  1,543
  1,627
  1,715
  1,807
  1,903
  2,003
  2,108
  2,219
  2,334
  2,455
  2,582
  2,715
Funds from operations, $m
  2,717
  2,859
  3,006
  3,159
  3,318
  3,483
  3,655
  3,834
  4,019
  4,213
  4,142
  4,352
  4,571
  4,800
  5,038
  5,287
  5,547
  5,818
  6,102
  6,399
  6,710
  7,035
  7,375
  7,732
  8,105
  8,496
  8,905
  9,334
  9,784
  10,256
Change in working capital, $m
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
Cash from operations, $m
  2,722
  2,864
  3,011
  3,164
  3,324
  3,489
  3,661
  3,840
  4,026
  4,220
  4,149
  4,360
  4,579
  4,808
  5,047
  5,296
  5,556
  5,828
  6,113
  6,410
  6,721
  7,047
  7,388
  7,744
  8,118
  8,510
  8,920
  9,350
  9,801
  10,273
Maintenance CAPEX, $m
  -470
  -509
  -549
  -591
  -634
  -679
  -726
  -774
  -825
  -878
  -932
  -989
  -1,049
  -1,111
  -1,175
  -1,243
  -1,313
  -1,386
  -1,463
  -1,543
  -1,627
  -1,715
  -1,807
  -1,903
  -2,003
  -2,108
  -2,219
  -2,334
  -2,455
  -2,582
New CAPEX, $m
  -448
  -461
  -479
  -498
  -518
  -538
  -559
  -582
  -605
  -630
  -656
  -683
  -712
  -743
  -775
  -809
  -845
  -882
  -922
  -964
  -1,008
  -1,055
  -1,104
  -1,156
  -1,211
  -1,268
  -1,329
  -1,392
  -1,459
  -1,529
Cash from investing activities, $m
  -918
  -970
  -1,028
  -1,089
  -1,152
  -1,217
  -1,285
  -1,356
  -1,430
  -1,508
  -1,588
  -1,672
  -1,761
  -1,854
  -1,950
  -2,052
  -2,158
  -2,268
  -2,385
  -2,507
  -2,635
  -2,770
  -2,911
  -3,059
  -3,214
  -3,376
  -3,548
  -3,726
  -3,914
  -4,111
Free cash flow, $m
  1,805
  1,894
  1,983
  2,076
  2,172
  2,272
  2,376
  2,484
  2,596
  2,713
  2,561
  2,687
  2,818
  2,954
  3,096
  3,244
  3,399
  3,559
  3,727
  3,903
  4,086
  4,277
  4,477
  4,686
  4,904
  5,133
  5,373
  5,624
  5,886
  6,161
Issuance/(repayment) of debt, $m
  1,769
  1,834
  1,906
  1,981
  2,059
  2,139
  2,224
  2,313
  2,406
  2,504
  2,608
  2,717
  2,832
  2,953
  3,081
  3,216
  3,358
  3,509
  3,667
  3,834
  4,010
  4,196
  4,391
  4,597
  4,814
  5,043
  5,283
  5,536
  5,802
  6,082
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  1,769
  1,834
  1,906
  1,981
  2,059
  2,139
  2,224
  2,313
  2,406
  2,504
  2,608
  2,717
  2,832
  2,953
  3,081
  3,216
  3,358
  3,509
  3,667
  3,834
  4,010
  4,196
  4,391
  4,597
  4,814
  5,043
  5,283
  5,536
  5,802
  6,082
Total cash flow (excl. dividends), $m
  3,573
  3,728
  3,889
  4,057
  4,231
  4,412
  4,600
  4,797
  5,002
  5,217
  5,169
  5,404
  5,650
  5,908
  6,177
  6,460
  6,757
  7,068
  7,394
  7,737
  8,096
  8,473
  8,868
  9,283
  9,719
  10,176
  10,656
  11,160
  11,689
  12,244
Retained Cash Flow (-), $m
  -388
  -392
  -407
  -423
  -440
  -457
  -475
  -494
  -514
  -535
  -557
  -580
  -605
  -631
  -658
  -687
  -717
  -749
  -783
  -819
  -857
  -896
  -938
  -982
  -1,028
  -1,077
  -1,128
  -1,182
  -1,239
  -1,299
Prev. year cash balance distribution, $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 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
  3,185
  3,336
  3,482
  3,633
  3,791
  3,955
  4,125
  4,303
  4,488
  4,682
  4,612
  4,824
  5,045
  5,277
  5,519
  5,773
  6,040
  6,319
  6,611
  6,918
  7,239
  7,576
  7,930
  8,301
  8,690
  9,099
  9,528
  9,977
  10,449
  10,945
Discount rate, %
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
  2,960
  2,861
  2,735
  2,593
  2,437
  2,269
  2,092
  1,909
  1,722
  1,536
  1,277
  1,113
  956
  809
  674
  552
  444
  351
  272
  206
  153
  111
  78
  54
  36
  24
  15
  9
  5
  3
Current shareholders' claim on cash, %
  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

Aon plc provides risk management services, insurance and reinsurance brokerage, and human resource consulting and outsourcing services worldwide. The company operates through two segments, Risk Solutions and HR Solutions. The Risk Solutions segment offers retail brokerage services, including affinity products, managing general underwriting, placement, captive management services, and data and analytics; risk management solutions for property liability, general liability, professional liability, directors' and officers' liability, transaction liability, cyber liability, workers' compensation, and various healthcare products; and health and benefits consulting services comprising structuring, funding, and administering employee benefit programs. This segment also provides advisory services to technology, financial services, agribusiness, aviation, construction, health care, energy, and other industries. In addition, this segment offers reinsurance brokerage services for treaty and facultative reinsurance, as well as specialty lines, such as professional liability, workers' compensation, accident, life, and health; actuarial, enterprise risk management, catastrophe management, and rating agency advisory services; and capital management transaction and advisory services for insurance and reinsurance clients. The HR Solutions segment offers human capital services in the areas of retirement, compensation, strategic human capital, investment consulting, benefits administration, exchanges, and human resource business process outsourcing. It provides products and services primarily under the Aon Hewitt brand. Aon plc was founded in 1919 and is headquartered in London, the United Kingdom.

FINANCIAL RATIOS  of  Aon (AON)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AON stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AON stock intrinsic value calculation we used $9998 million for the last fiscal year's total revenue generated by Aon. The default revenue input number comes from 0001 income statement of Aon. 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 AON stock valuation model: a) initial revenue growth rate of 8.2% 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 7.6%, whose default value for AON is calculated based on our internal credit rating of Aon, 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 Aon.
    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 AON stock the variable cost ratio is equal to 82.6%.

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 AON 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 5.4% for Aon.

Corporate tax rate of 27% is the nominal tax rate for Aon. 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 AON 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 AON are equal to 54.1%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Aon 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 AON is equal to -0.6%. 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 - $4583 million for Aon - 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 242.655 million for Aon 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 Aon at the current share price and the inputted number of shares is $36.7 billion.

COMPANY NEWS

▶ Aon Declares Quarterly Dividend   [Oct-09-18 04:30PM  PR Newswire]
▶ City of London opens business development outpost in Chicago   [Sep-06-18 01:28PM  American City Business Journals]
▶ Insurance Labor Study Highlights Competitive Labor Market   [Aug-29-18 10:29AM  Business Wire]
▶ Aon Revises Quarterly Dividend   [Jul-31-18 01:19PM  PR Newswire]
▶ Aon Declares Quarterly Dividend   [Jul-30-18 05:00PM  PR Newswire]
▶ Aon plc to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Aon Reports Second Quarter 2018 Results   [06:00AM  PR Newswire]
▶ Earnings Outlook For Aon   [Jul-26-18 02:15PM  Benzinga]
▶ [$$] Insurers hit by mounting US storm costs   [Jul-19-18 02:15AM  Financial Times]
▶ [$$] Kenya looks to global pension funds in housing drive   [Jun-27-18 10:00PM  Financial Times]
▶ What is Behind Aon plcs (NYSE:AON) Superior ROE?   [Jun-21-18 08:42AM  Simply Wall St.]
▶ [$$] Abu Dhabi Investment Authority buys 21% stake in PIC   [Jun-19-18 03:55AM  Financial Times]
▶ [$$] The winners and losers in UK pension miscalculation   [Jun-15-18 08:04AM  Financial Times]
▶ Aon: 1Q Earnings Snapshot   [06:43AM  Associated Press]
▶ Aon Reports First Quarter 2018 Results   [06:30AM  PR Newswire]
▶ [$$] Work of fiction: How to write a corporate novel   [Apr-18-18 11:01PM  Financial Times]
▶ Five Insurance Stocks to Consider Amid Higher Interest Rates   [Apr-16-18 09:54PM  Insider Monkey]
▶ Aon Announces 11% Increase to Annual Cash Dividend   [Apr-13-18 05:15PM  PR Newswire]
▶ Aon plc (NYSE:AON): Are Analysts Bullish?   [Mar-27-18 01:38PM  Simply Wall St.]
▶ Insurance Labor Study Highlights Stabilizing Labor Market   [Feb-19-18 11:57AM  Business Wire]
▶ [$$] How managers can put data on sick leave to a healthy use   [Feb-14-18 11:00PM  Financial Times]
▶ Weekly Top Insider Buys Highlight for the Week of Feb. 9   [Feb-11-18 09:50AM  GuruFocus.com]
▶ Company News For Feb 5, 2018   [10:35AM  Zacks]
▶ Aon reports 4Q loss   [08:37AM  Associated Press]

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