WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY

Financials Willis Towers Watson Public Limited Company London S.E.

Equities

0Y4Q

IE00BDB6Q211

Multiline Insurance & Brokers

Market Closed - London S.E. Other stock markets 07:34:26 26/04/2024 pm IST			5-day change	1st Jan Change
250.8 ^USD	-5.28%		+0.41%	+4.19%

06/05	Keefe, Bruyette & Woods Cuts Price Target on Willis Towers Watson to $311 From $317, Maintains Outperform Rating	MT
02/05	Sector Update: Financial Stocks Advance Premarket Thursday	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,964	27,158	29,593	26,473	24,906	26,267	-	-
Enterprise Value (EV) ¹	30,694	30,704	29,494	29,932	28,699	30,248	30,006	29,996
P/E ratio	25.2 x	27.5 x	7.24 x	27.2 x	24.2 x	20.5 x	14.5 x	15.7 x
Yield	1.3%	1.31%	1.31%	1.34%	1.39%	1.36%	1.4%	1.46%
Capitalization / Revenue	2.87 x	2.9 x	3.29 x	2.99 x	2.63 x	2.64 x	2.5 x	2.38 x
EV / Revenue	3.4 x	3.28 x	3.28 x	3.38 x	3.03 x	3.04 x	2.86 x	2.71 x
EV / EBITDA	13.3 x	12.4 x	12.3 x	12.5 x	11.8 x	11.5 x	10.6 x	9.67 x
EV / FCF	36.8 x	19.8 x	15.4 x	44.4 x	24.1 x	21.1 x	18 x	15.5 x
FCF Yield	2.72%	5.05%	6.49%	2.25%	4.15%	4.73%	5.56%	6.43%
Price to Book	2.54 x	2.51 x	2.19 x	2.61 x	2.6 x	2.64 x	2.43 x	2.24 x
Nbr of stocks (in thousands)	1,28,573	1,28,905	1,24,606	1,08,238	1,03,260	1,02,236	-	-
Reference price ²	201.9	210.7	237.5	244.6	241.2	256.9	256.9	256.9
Announcement Date	06/02/20	09/02/21	08/02/22	09/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,039	9,352	8,998	8,866	9,483	9,965	10,496	11,057
EBITDA ¹	2,300	2,470	2,394	2,387	2,430	2,627	2,821	3,103
EBIT ¹	1,831	1,879	1,791	1,851	2,082	2,296	2,493	2,829
Operating Margin	20.26%	20.09%	19.9%	20.88%	21.96%	23.04%	23.75%	25.59%
Earnings before Tax (EBT) ¹	1,322	1,338	2,692	1,258	1,279	1,634	2,100	2,050
Net income ¹	1,044	996	4,222	1,009	1,055	1,314	1,678	1,440
Net margin	11.55%	10.65%	46.92%	11.38%	11.13%	13.19%	15.99%	13.02%
EPS ²	8.020	7.650	32.78	8.980	9.950	12.50	17.74	16.32
Free Cash Flow ¹	835	1,551	1,913	674	1,192	1,431	1,668	1,929
FCF margin	9.24%	16.58%	21.26%	7.6%	12.57%	14.36%	15.9%	17.45%
FCF Conversion (EBITDA)	36.3%	62.79%	79.91%	28.24%	49.05%	54.5%	59.14%	62.17%
FCF Conversion (Net income)	79.98%	155.72%	45.31%	66.8%	112.99%	108.92%	99.41%	134.02%
Dividend per Share ²	2.630	2.750	3.110	3.280	3.360	3.495	3.598	3.755
Announcement Date	06/02/20	09/02/21	08/02/22	09/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,706	2,160	2,031	1,953	2,722	2,244	2,159	2,166	2,914	2,341	2,268	2,281	3,059	2,476	2,388
EBITDA ¹	1,025	518	450	408	1,011	503	411	436	1,080	568	423.8	476.5	1,157	590.9	453.8
EBIT ¹	871	371	314	284	882	418	315	351	998	483	347.9	400.2	1,080	520.8	385.9
Operating Margin	32.19%	17.18%	15.46%	14.54%	32.4%	18.63%	14.59%	16.2%	34.25%	20.63%	15.34%	17.55%	35.31%	21.04%	16.16%
Earnings before Tax (EBT) ¹	724	157	179	185	737	256	120	164	739	242	186.4	252.4	947.7	404.1	261.4
Net income ¹	2,402	122	109	190	588	206	94	136	622	190	148.8	203.3	767.8	322.5	211.2
Net margin	88.77%	5.65%	5.37%	9.73%	21.6%	9.18%	4.35%	6.28%	21.35%	8.12%	6.56%	8.92%	25.1%	13.03%	8.85%
EPS ²	19.19	1.030	0.9700	1.720	5.400	1.880	0.8800	1.290	5.970	1.830	1.222	1.910	7.488	3.217	2.275
Dividend per Share ²	0.8000	0.8200	0.8200	0.8200	0.8200	0.8400	0.8400	0.8400	0.8400	-	0.8623	0.8556	0.8556	0.8910	0.8800
Announcement Date	08/02/22	28/04/22	28/07/22	27/10/22	09/02/23	27/04/23	27/07/23	26/10/23	06/02/24	25/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,730	3,546	-	3,459	3,793	3,980	3,738	3,729
Net Cash position ¹	-	-	99	-	-	-	-	-
Leverage (Debt/EBITDA)	2.057 x	1.436 x	-	1.449 x	1.561 x	1.515 x	1.325 x	1.202 x
Free Cash Flow ¹	835	1,551	1,913	674	1,192	1,431	1,668	1,929
ROE (net income / shareholders' equity)	10.4%	14.5%	12.4%	12.9%	10.8%	16.4%	17.2%	17.9%
ROA (Net income/ Total Assets)	3.08%	2.69%	4.07%	3.02%	3.47%	3.9%	5.15%	4.9%
Assets ¹	33,948	36,985	1,03,786	33,366	30,430	33,699	32,588	29,378
Book Value Per Share ²	79.60	83.90	109.0	93.80	92.80	97.30	106.0	115.0
Cash Flow per Share	-	-	16.00	7.250	-	-	-	-
Capex ¹	246	223	148	138	153	180	198	193
Capex / Sales	2.72%	2.38%	1.64%	1.56%	1.61%	1.8%	1.89%	1.74%
Announcement Date	06/02/20	09/02/21	08/02/22	09/02/23	06/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Willis Towers Watson Public Limited Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

256.9 USD

Average target price

297 USD

Spread / Average Target

+15.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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