AON · NYQ · Financial Services
Aon plc
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Implied value per share
USD 303.95
Market price
USD 333.38
Implied upside
-8.8%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 60.4%
- Payout
- 17%
- Cost of equity
- 8.03%
- Return on equity by the final year
- 20.0%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 9.4bn | USD 11.1bn | USD 12.9bn | USD 14.8bn | USD 16.7bn | USD 18.6bn | USD 20.4bn | USD 21.9bn | USD 23.2bn | USD 24.2bn |
| Return on equity | 56.3% | 52.3% | 48.3% | 44.2% | 40.2% | 36.1% | 32.1% | 28.1% | 24.0% | 20.0% |
| Excess return | USD 4.5bn | USD 4.9bn | USD 5.2bn | USD 5.4bn | USD 5.4bn | USD 5.2bn | USD 4.9bn | USD 4.4bn | USD 3.7bn | USD 2.9bn |
| Present value | USD 4.2bn | USD 4.2bn | USD 4.1bn | USD 3.9bn | USD 3.7bn | USD 3.3bn | USD 2.9bn | USD 2.4bn | USD 1.9bn | USD 1.3bn |
| Book equity | USD 9.4bn |
| Present value of excess returns | USD 31.8bn |
| Terminal, growing at 2.50% | USD 24.9bn |
| Equity value | USD 66.0bn |
| Per share | USD 303.95 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.741 | Reported 0.613, pulled toward 1.0 (Blume) |
| Cost of equity | 8.03% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.