Intrinsic value of Willis Towers Watson - WLTW

Previous Close

$153.76

  Intrinsic Value

$155.83

stock screener

  Rating & Target

hold

+1%

Previous close

$153.76

 
Intrinsic value

$155.83

 
Up/down potential

+1%

 
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 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 20.8

 

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
  8,366
  8,558
  8,778
  9,025
  9,299
  9,599
  9,926
  10,280
  10,661
  11,070
  11,508
  11,975
  12,472
  13,001
  13,562
  14,156
  14,785
  15,451
  16,153
  16,896
  17,679
  18,505
  19,375
  20,293
  21,259
  22,276
  23,346
  24,473
  25,658
  26,905
Variable operating expenses, $m
  3,368
  3,412
  3,463
  3,520
  3,583
  3,652
  3,727
  3,809
  3,897
  3,991
  2,652
  2,759
  2,874
  2,996
  3,125
  3,262
  3,407
  3,560
  3,722
  3,893
  4,074
  4,264
  4,464
  4,676
  4,898
  5,133
  5,379
  5,639
  5,912
  6,199
Fixed operating expenses, $m
  4,315
  4,410
  4,507
  4,606
  4,707
  4,811
  4,917
  5,025
  5,135
  5,248
  5,364
  5,482
  5,602
  5,726
  5,852
  5,980
  6,112
  6,246
  6,384
  6,524
  6,668
  6,815
  6,964
  7,118
  7,274
  7,434
  7,598
  7,765
  7,936
  8,110
Total operating expenses, $m
  7,683
  7,822
  7,970
  8,126
  8,290
  8,463
  8,644
  8,834
  9,032
  9,239
  8,016
  8,241
  8,476
  8,722
  8,977
  9,242
  9,519
  9,806
  10,106
  10,417
  10,742
  11,079
  11,428
  11,794
  12,172
  12,567
  12,977
  13,404
  13,848
  14,309
Operating income, $m
  683
  736
  809
  900
  1,009
  1,136
  1,282
  1,446
  1,629
  1,831
  3,493
  3,734
  3,996
  4,280
  4,585
  4,914
  5,266
  5,644
  6,047
  6,478
  6,937
  7,426
  7,946
  8,499
  9,086
  9,709
  10,369
  11,069
  11,810
  12,595
EBITDA, $m
  2,574
  2,637
  2,721
  2,825
  2,949
  3,093
  3,256
  3,440
  3,643
  3,867
  4,112
  4,378
  4,667
  4,979
  5,315
  5,676
  6,062
  6,475
  6,917
  7,388
  7,889
  8,422
  8,989
  9,591
  10,230
  10,907
  11,625
  12,386
  13,191
  14,043
Interest expense (income), $m
  143
  245
  267
  296
  328
  364
  404
  449
  497
  549
  605
  665
  729
  797
  870
  948
  1,030
  1,118
  1,210
  1,308
  1,411
  1,520
  1,635
  1,756
  1,884
  2,019
  2,161
  2,310
  2,467
  2,633
  2,807
Earnings before tax, $m
  438
  469
  513
  572
  645
  732
  834
  950
  1,081
  1,227
  2,828
  3,005
  3,199
  3,409
  3,637
  3,883
  4,149
  4,434
  4,740
  5,067
  5,417
  5,791
  6,190
  6,615
  7,067
  7,548
  8,059
  8,602
  9,177
  9,788
Tax expense, $m
  118
  127
  139
  154
  174
  198
  225
  256
  292
  331
  764
  811
  864
  920
  982
  1,049
  1,120
  1,197
  1,280
  1,368
  1,463
  1,564
  1,671
  1,786
  1,908
  2,038
  2,176
  2,322
  2,478
  2,643
Net income, $m
  320
  342
  375
  417
  471
  534
  608
  693
  789
  895
  2,064
  2,194
  2,335
  2,489
  2,655
  2,835
  3,029
  3,237
  3,460
  3,699
  3,955
  4,228
  4,519
  4,829
  5,159
  5,510
  5,883
  6,279
  6,700
  7,145

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
  33,067
  33,828
  34,697
  35,673
  36,755
  37,941
  39,234
  40,632
  42,139
  43,756
  45,487
  47,333
  49,298
  51,387
  53,604
  55,953
  58,440
  61,069
  63,848
  66,781
  69,877
  73,141
  76,582
  80,208
  84,026
  88,047
  92,278
  96,731
  101,416
  106,343
Adjusted assets (=assets-cash), $m
  33,067
  33,828
  34,697
  35,673
  36,755
  37,941
  39,234
  40,632
  42,139
  43,756
  45,487
  47,333
  49,298
  51,387
  53,604
  55,953
  58,440
  61,069
  63,848
  66,781
  69,877
  73,141
  76,582
  80,208
  84,026
  88,047
  92,278
  96,731
  101,416
  106,343
Revenue / Adjusted assets
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
Average production assets, $m
  8,374
  8,567
  8,787
  9,034
  9,308
  9,609
  9,936
  10,290
  10,672
  11,081
  11,520
  11,987
  12,485
  13,014
  13,575
  14,170
  14,800
  15,466
  16,170
  16,913
  17,697
  18,523
  19,395
  20,313
  21,280
  22,298
  23,370
  24,497
  25,684
  26,932
Working capital, $m
  167
  171
  176
  181
  186
  192
  199
  206
  213
  221
  230
  240
  249
  260
  271
  283
  296
  309
  323
  338
  354
  370
  388
  406
  425
  446
  467
  489
  513
  538
Total debt, $m
  4,953
  5,477
  6,075
  6,746
  7,490
  8,307
  9,196
  10,158
  11,195
  12,307
  13,498
  14,768
  16,120
  17,557
  19,082
  20,699
  22,409
  24,219
  26,130
  28,149
  30,278
  32,524
  34,892
  37,386
  40,013
  42,779
  45,690
  48,754
  51,977
  55,367
Total liabilities, $m
  22,750
  23,274
  23,872
  24,543
  25,287
  26,104
  26,993
  27,955
  28,992
  30,104
  31,295
  32,565
  33,917
  35,354
  36,879
  38,496
  40,206
  42,016
  43,927
  45,946
  48,075
  50,321
  52,689
  55,183
  57,810
  60,576
  63,487
  66,551
  69,774
  73,164
Total equity, $m
  10,317
  10,554
  10,826
  11,130
  11,468
  11,838
  12,241
  12,677
  13,147
  13,652
  14,192
  14,768
  15,381
  16,033
  16,724
  17,457
  18,233
  19,054
  19,920
  20,836
  21,802
  22,820
  23,894
  25,025
  26,216
  27,471
  28,791
  30,180
  31,642
  33,179
Total liabilities and equity, $m
  33,067
  33,828
  34,698
  35,673
  36,755
  37,942
  39,234
  40,632
  42,139
  43,756
  45,487
  47,333
  49,298
  51,387
  53,603
  55,953
  58,439
  61,070
  63,847
  66,782
  69,877
  73,141
  76,583
  80,208
  84,026
  88,047
  92,278
  96,731
  101,416
  106,343
Debt-to-equity ratio
  0.480
  0.520
  0.560
  0.610
  0.650
  0.700
  0.750
  0.800
  0.850
  0.900
  0.950
  1.000
  1.050
  1.100
  1.140
  1.190
  1.230
  1.270
  1.310
  1.350
  1.390
  1.430
  1.460
  1.490
  1.530
  1.560
  1.590
  1.620
  1.640
  1.670
Adjusted equity ratio
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  320
  342
  375
  417
  471
  534
  608
  693
  789
  895
  2,064
  2,194
  2,335
  2,489
  2,655
  2,835
  3,029
  3,237
  3,460
  3,699
  3,955
  4,228
  4,519
  4,829
  5,159
  5,510
  5,883
  6,279
  6,700
  7,145
Depreciation, amort., depletion, $m
  1,890
  1,901
  1,913
  1,926
  1,941
  1,957
  1,974
  1,993
  2,014
  2,036
  619
  644
  671
  700
  730
  762
  796
  832
  869
  909
  951
  996
  1,043
  1,092
  1,144
  1,199
  1,256
  1,317
  1,381
  1,448
Funds from operations, $m
  2,210
  2,243
  2,287
  2,343
  2,411
  2,491
  2,583
  2,687
  2,803
  2,931
  2,684
  2,838
  3,006
  3,188
  3,385
  3,597
  3,824
  4,068
  4,329
  4,608
  4,906
  5,224
  5,561
  5,921
  6,303
  6,709
  7,139
  7,596
  8,080
  8,593
Change in working capital, $m
  3
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
Cash from operations, $m
  2,207
  2,239
  2,283
  2,338
  2,406
  2,485
  2,576
  2,680
  2,795
  2,923
  2,675
  2,829
  2,996
  3,178
  3,374
  3,585
  3,812
  4,055
  4,315
  4,593
  4,890
  5,207
  5,544
  5,903
  6,284
  6,688
  7,118
  7,574
  8,057
  8,568
Maintenance CAPEX, $m
  -441
  -450
  -461
  -472
  -486
  -500
  -517
  -534
  -553
  -574
  -596
  -619
  -644
  -671
  -700
  -730
  -762
  -796
  -832
  -869
  -909
  -951
  -996
  -1,043
  -1,092
  -1,144
  -1,199
  -1,256
  -1,317
  -1,381
New CAPEX, $m
  -167
  -193
  -220
  -247
  -274
  -301
  -327
  -354
  -382
  -410
  -438
  -468
  -498
  -529
  -561
  -595
  -630
  -666
  -704
  -743
  -784
  -827
  -871
  -918
  -967
  -1,018
  -1,072
  -1,128
  -1,186
  -1,248
Cash from investing activities, $m
  -608
  -643
  -681
  -719
  -760
  -801
  -844
  -888
  -935
  -984
  -1,034
  -1,087
  -1,142
  -1,200
  -1,261
  -1,325
  -1,392
  -1,462
  -1,536
  -1,612
  -1,693
  -1,778
  -1,867
  -1,961
  -2,059
  -2,162
  -2,271
  -2,384
  -2,503
  -2,629
Free cash flow, $m
  1,599
  1,596
  1,602
  1,619
  1,646
  1,684
  1,732
  1,791
  1,860
  1,940
  1,641
  1,742
  1,854
  1,977
  2,113
  2,260
  2,420
  2,593
  2,780
  2,981
  3,197
  3,429
  3,677
  3,942
  4,225
  4,526
  4,848
  5,190
  5,553
  5,940
Issuance/(repayment) of debt, $m
  418
  523
  598
  672
  744
  816
  889
  962
  1,037
  1,113
  1,190
  1,270
  1,352
  1,437
  1,525
  1,616
  1,711
  1,809
  1,912
  2,018
  2,130
  2,246
  2,367
  2,494
  2,627
  2,766
  2,911
  3,064
  3,223
  3,390
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  
  418
  523
  598
  672
  744
  816
  889
  962
  1,037
  1,113
  1,190
  1,270
  1,352
  1,437
  1,525
  1,616
  1,711
  1,809
  1,912
  2,018
  2,130
  2,246
  2,367
  2,494
  2,627
  2,766
  2,911
  3,064
  3,223
  3,390
Total cash flow (excl. dividends), $m
  2,017
  2,120
  2,200
  2,290
  2,390
  2,500
  2,621
  2,753
  2,897
  3,052
  2,831
  3,012
  3,206
  3,415
  3,638
  3,876
  4,131
  4,402
  4,692
  5,000
  5,327
  5,675
  6,044
  6,436
  6,852
  7,292
  7,759
  8,253
  8,776
  9,330
Retained Cash Flow (-), $m
  -191
  -237
  -271
  -305
  -337
  -370
  -403
  -436
  -470
  -505
  -540
  -576
  -613
  -652
  -692
  -733
  -776
  -820
  -867
  -915
  -966
  -1,019
  -1,074
  -1,131
  -1,191
  -1,254
  -1,320
  -1,389
  -1,462
  -1,537
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
  1,826
  1,882
  1,929
  1,986
  2,053
  2,130
  2,218
  2,317
  2,427
  2,548
  2,292
  2,436
  2,593
  2,763
  2,946
  3,143
  3,355
  3,582
  3,825
  4,084
  4,361
  4,656
  4,971
  5,305
  5,660
  6,038
  6,439
  6,864
  7,315
  7,792
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  1,729
  1,679
  1,611
  1,544
  1,477
  1,408
  1,337
  1,263
  1,187
  1,108
  877
  813
  746
  678
  609
  540
  472
  407
  346
  289
  238
  192
  152
  118
  89
  66
  48
  34
  23
  15
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

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 49.9
Price to Sales 2.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow 34
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 $8202 million for the last fiscal year's total revenue generated by Willis Towers Watson. The default revenue input number comes from 0001 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 5.6%, 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 40.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4222 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 5.4% 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 100.1%.

Life of production assets of 18.6 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 2%. 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 - $10126 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 135.528 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 74.18 134.03  str.buy
BRO Brown&Brown 27.62 31.22  hold
MMC Marsh&McLennan 83.00 92.92  hold
EHTH eHealth 35.33 3.46  str.sell
VRSK Verisk Analyti 113.83 88.89  sell

COMPANY NEWS

▶ 8 Steps for Your Annual 401(k) Checkup   [Dec-17-18 09:06AM  Kiplinger]
▶ Annual Changes to the NASDAQ-100 Index   [Dec-14-18 08:10PM  GlobeNewswire]
▶ Advisory company consolidating operations, more than 600 workers in downtown Dallas   [Oct-22-18 03:04PM  American City Business Journals]
▶ [$$] Global political risks pose growing threat to companies   [Sep-23-18 11:00PM  Financial Times]
▶ Willis Towers Watson Announces Regular Quarterly Dividend   [Sep-10-18 06:20PM  GlobeNewswire]
▶ Dont Expect a Big Raise Next Year   [Aug-15-18 05:00AM  Bloomberg]
▶ Willis Towers Watson: 2Q Earnings Snapshot   [08:02AM  Associated Press]

CONTACT US       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2018. All rigths reserved.