Intrinsic value of Aon plc - AON

Previous Close

$175.17

  Intrinsic Value

$88.11

stock screener

  Rating & Target

sell

-50%

Previous close

$175.17

 
Intrinsic value

$88.11

 
Up/down potential

-50%

 
Rating

sell

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 42.0

 

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, %
  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
  10,985
  11,238
  11,527
  11,851
  12,210
  12,605
  13,034
  13,499
  13,999
  14,536
  15,111
  15,725
  16,378
  17,071
  17,808
  18,588
  19,414
  20,288
  21,211
  22,186
  23,214
  24,298
  25,442
  26,646
  27,915
  29,250
  30,656
  32,135
  33,692
  35,329
Variable operating expenses, $m
  4,156
  4,230
  4,315
  4,410
  4,515
  4,631
  4,757
  4,893
  5,040
  5,198
  4,435
  4,615
  4,806
  5,010
  5,226
  5,455
  5,697
  5,954
  6,225
  6,511
  6,812
  7,131
  7,466
  7,820
  8,192
  8,584
  8,996
  9,431
  9,887
  10,368
Fixed operating expenses, $m
  5,367
  5,485
  5,605
  5,729
  5,855
  5,983
  6,115
  6,250
  6,387
  6,528
  6,671
  6,818
  6,968
  7,121
  7,278
  7,438
  7,602
  7,769
  7,940
  8,114
  8,293
  8,475
  8,662
  8,852
  9,047
  9,246
  9,450
  9,658
  9,870
  10,087
Total operating expenses, $m
  9,523
  9,715
  9,920
  10,139
  10,370
  10,614
  10,872
  11,143
  11,427
  11,726
  11,106
  11,433
  11,774
  12,131
  12,504
  12,893
  13,299
  13,723
  14,165
  14,625
  15,105
  15,606
  16,128
  16,672
  17,239
  17,830
  18,446
  19,089
  19,757
  20,455
Operating income, $m
  1,463
  1,524
  1,607
  1,713
  1,841
  1,990
  2,162
  2,356
  2,572
  2,811
  4,005
  4,292
  4,603
  4,940
  5,304
  5,695
  6,115
  6,565
  7,047
  7,560
  8,109
  8,692
  9,314
  9,974
  10,675
  11,420
  12,210
  13,047
  13,934
  14,874
EBITDA, $m
  2,808
  2,878
  2,972
  3,090
  3,232
  3,396
  3,584
  3,795
  4,030
  4,290
  4,574
  4,883
  5,219
  5,583
  5,974
  6,394
  6,846
  7,328
  7,844
  8,395
  8,982
  9,606
  10,270
  10,976
  11,725
  12,520
  13,363
  14,256
  15,202
  16,203
Interest expense (income), $m
  0
  337
  360
  388
  421
  457
  497
  541
  589
  641
  696
  756
  821
  889
  962
  1,039
  1,121
  1,209
  1,301
  1,398
  1,501
  1,610
  1,725
  1,846
  1,973
  2,108
  2,249
  2,398
  2,555
  2,720
  2,894
Earnings before tax, $m
  1,126
  1,163
  1,219
  1,292
  1,384
  1,493
  1,621
  1,767
  1,931
  2,114
  3,249
  3,471
  3,714
  3,979
  4,265
  4,574
  4,907
  5,265
  5,648
  6,059
  6,499
  6,968
  7,468
  8,001
  8,568
  9,171
  9,812
  10,492
  11,214
  11,980
Tax expense, $m
  304
  314
  329
  349
  374
  403
  438
  477
  521
  571
  877
  937
  1,003
  1,074
  1,151
  1,235
  1,325
  1,421
  1,525
  1,636
  1,755
  1,881
  2,016
  2,160
  2,313
  2,476
  2,649
  2,833
  3,028
  3,235
Net income, $m
  822
  849
  890
  943
  1,010
  1,090
  1,183
  1,290
  1,410
  1,544
  2,372
  2,534
  2,712
  2,904
  3,113
  3,339
  3,582
  3,843
  4,123
  4,423
  4,744
  5,086
  5,452
  5,841
  6,255
  6,695
  7,163
  7,659
  8,186
  8,746

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
  26,925
  27,544
  28,252
  29,047
  29,928
  30,894
  31,946
  33,085
  34,312
  35,629
  37,037
  38,540
  40,141
  41,842
  43,647
  45,560
  47,584
  49,725
  51,988
  54,377
  56,897
  59,555
  62,357
  65,309
  68,418
  71,692
  75,137
  78,763
  82,578
  86,590
Adjusted assets (=assets-cash), $m
  26,925
  27,544
  28,252
  29,047
  29,928
  30,894
  31,946
  33,085
  34,312
  35,629
  37,037
  38,540
  40,141
  41,842
  43,647
  45,560
  47,584
  49,725
  51,988
  54,377
  56,897
  59,555
  62,357
  65,309
  68,418
  71,692
  75,137
  78,763
  82,578
  86,590
Revenue / Adjusted assets
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
Average production assets, $m
  5,537
  5,664
  5,810
  5,973
  6,154
  6,353
  6,569
  6,803
  7,056
  7,326
  7,616
  7,925
  8,254
  8,604
  8,975
  9,369
  9,785
  10,225
  10,690
  11,182
  11,700
  12,246
  12,823
  13,430
  14,069
  14,742
  15,451
  16,196
  16,981
  17,806
Working capital, $m
  505
  517
  530
  545
  562
  580
  600
  621
  644
  669
  695
  723
  753
  785
  819
  855
  893
  933
  976
  1,021
  1,068
  1,118
  1,170
  1,226
  1,284
  1,346
  1,410
  1,478
  1,550
  1,625
Total debt, $m
  6,671
  7,193
  7,790
  8,460
  9,202
  10,016
  10,903
  11,863
  12,898
  14,008
  15,195
  16,463
  17,812
  19,246
  20,767
  22,380
  24,087
  25,892
  27,799
  29,812
  31,937
  34,178
  36,540
  39,028
  41,649
  44,409
  47,314
  50,370
  53,586
  56,968
Total liabilities, $m
  22,698
  23,220
  23,817
  24,487
  25,229
  26,043
  26,930
  27,890
  28,925
  30,035
  31,222
  32,490
  33,839
  35,273
  36,794
  38,407
  40,114
  41,919
  43,826
  45,839
  47,964
  50,205
  52,567
  55,055
  57,676
  60,436
  63,341
  66,397
  69,613
  72,995
Total equity, $m
  4,227
  4,324
  4,436
  4,560
  4,699
  4,850
  5,016
  5,194
  5,387
  5,594
  5,815
  6,051
  6,302
  6,569
  6,853
  7,153
  7,471
  7,807
  8,162
  8,537
  8,933
  9,350
  9,790
  10,254
  10,742
  11,256
  11,797
  12,366
  12,965
  13,595
Total liabilities and equity, $m
  26,925
  27,544
  28,253
  29,047
  29,928
  30,893
  31,946
  33,084
  34,312
  35,629
  37,037
  38,541
  40,141
  41,842
  43,647
  45,560
  47,585
  49,726
  51,988
  54,376
  56,897
  59,555
  62,357
  65,309
  68,418
  71,692
  75,138
  78,763
  82,578
  86,590
Debt-to-equity ratio
  1.580
  1.660
  1.760
  1.860
  1.960
  2.070
  2.170
  2.280
  2.390
  2.500
  2.610
  2.720
  2.830
  2.930
  3.030
  3.130
  3.220
  3.320
  3.410
  3.490
  3.580
  3.660
  3.730
  3.810
  3.880
  3.950
  4.010
  4.070
  4.130
  4.190
Adjusted equity ratio
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  822
  849
  890
  943
  1,010
  1,090
  1,183
  1,290
  1,410
  1,544
  2,372
  2,534
  2,712
  2,904
  3,113
  3,339
  3,582
  3,843
  4,123
  4,423
  4,744
  5,086
  5,452
  5,841
  6,255
  6,695
  7,163
  7,659
  8,186
  8,746
Depreciation, amort., depletion, $m
  1,345
  1,355
  1,366
  1,378
  1,391
  1,406
  1,422
  1,440
  1,459
  1,479
  568
  591
  616
  642
  670
  699
  730
  763
  798
  834
  873
  914
  957
  1,002
  1,050
  1,100
  1,153
  1,209
  1,267
  1,329
Funds from operations, $m
  2,167
  2,204
  2,255
  2,321
  2,401
  2,496
  2,606
  2,730
  2,868
  3,022
  2,940
  3,126
  3,328
  3,546
  3,783
  4,038
  4,312
  4,606
  4,921
  5,258
  5,617
  6,000
  6,409
  6,843
  7,305
  7,795
  8,316
  8,868
  9,454
  10,074
Change in working capital, $m
  10
  12
  13
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
Cash from operations, $m
  2,157
  2,192
  2,242
  2,306
  2,385
  2,478
  2,586
  2,708
  2,845
  2,998
  2,914
  3,097
  3,297
  3,515
  3,749
  4,002
  4,274
  4,566
  4,879
  5,213
  5,570
  5,950
  6,356
  6,787
  7,246
  7,734
  8,251
  8,800
  9,382
  9,999
Maintenance CAPEX, $m
  -405
  -413
  -423
  -434
  -446
  -459
  -474
  -490
  -508
  -527
  -547
  -568
  -591
  -616
  -642
  -670
  -699
  -730
  -763
  -798
  -834
  -873
  -914
  -957
  -1,002
  -1,050
  -1,100
  -1,153
  -1,209
  -1,267
New CAPEX, $m
  -108
  -127
  -146
  -163
  -181
  -199
  -216
  -234
  -252
  -271
  -290
  -309
  -329
  -350
  -371
  -393
  -416
  -440
  -465
  -491
  -518
  -547
  -576
  -607
  -639
  -673
  -709
  -746
  -784
  -825
Cash from investing activities, $m
  -513
  -540
  -569
  -597
  -627
  -658
  -690
  -724
  -760
  -798
  -837
  -877
  -920
  -966
  -1,013
  -1,063
  -1,115
  -1,170
  -1,228
  -1,289
  -1,352
  -1,420
  -1,490
  -1,564
  -1,641
  -1,723
  -1,809
  -1,899
  -1,993
  -2,092
Free cash flow, $m
  1,644
  1,652
  1,674
  1,709
  1,758
  1,820
  1,895
  1,984
  2,085
  2,200
  2,077
  2,220
  2,377
  2,549
  2,736
  2,939
  3,159
  3,396
  3,650
  3,924
  4,217
  4,531
  4,866
  5,223
  5,605
  6,010
  6,442
  6,901
  7,389
  7,907
Issuance/(repayment) of debt, $m
  427
  522
  597
  670
  742
  815
  887
  960
  1,034
  1,110
  1,188
  1,267
  1,349
  1,434
  1,522
  1,612
  1,707
  1,805
  1,907
  2,014
  2,125
  2,241
  2,362
  2,489
  2,621
  2,760
  2,905
  3,057
  3,216
  3,382
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  
  427
  522
  597
  670
  742
  815
  887
  960
  1,034
  1,110
  1,188
  1,267
  1,349
  1,434
  1,522
  1,612
  1,707
  1,805
  1,907
  2,014
  2,125
  2,241
  2,362
  2,489
  2,621
  2,760
  2,905
  3,057
  3,216
  3,382
Total cash flow (excl. dividends), $m
  2,071
  2,174
  2,270
  2,379
  2,500
  2,635
  2,782
  2,944
  3,120
  3,310
  3,265
  3,487
  3,726
  3,983
  4,258
  4,552
  4,866
  5,201
  5,558
  5,938
  6,342
  6,772
  7,228
  7,712
  8,226
  8,770
  9,347
  9,958
  10,605
  11,289
Retained Cash Flow (-), $m
  -76
  -97
  -111
  -125
  -138
  -152
  -165
  -179
  -193
  -207
  -221
  -236
  -251
  -267
  -283
  -300
  -318
  -336
  -355
  -375
  -396
  -417
  -440
  -463
  -488
  -514
  -541
  -569
  -599
  -630
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
  1,995
  2,077
  2,159
  2,254
  2,362
  2,483
  2,617
  2,765
  2,927
  3,104
  3,044
  3,251
  3,475
  3,716
  3,974
  4,251
  4,548
  4,864
  5,202
  5,563
  5,946
  6,354
  6,788
  7,249
  7,737
  8,256
  8,806
  9,389
  10,006
  10,659
Discount rate, %
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
  1,864
  1,802
  1,728
  1,651
  1,570
  1,486
  1,397
  1,304
  1,207
  1,107
  928
  837
  745
  655
  567
  484
  405
  334
  270
  214
  166
  126
  94
  68
  48
  33
  22
  14
  9
  5
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 plc (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 $10770 million for the last fiscal year's total revenue generated by Aon plc. The default revenue input number comes from 0001 income statement of Aon plc. 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 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%, whose default value for AON is calculated based on our internal credit rating of Aon plc, 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 plc.
    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 38%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5251 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 plc.

Corporate tax rate of 27% is the nominal tax rate for Aon plc. 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 50.4%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Aon plc 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 4.6%. 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 - $4151 million for Aon plc - 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 240.000 million for Aon plc 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 plc at the current share price and the inputted number of shares is $42.0 billion.

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