WTW · NMS · Financial Services
Willis Towers Watson Public Limited Company
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 138.92
Market price
USD 325.51
Implied upside
-57.3%
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
- 10.5%
- Payout
- 28%
- Cost of equity
- 7.52%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 8.0bn | USD 8.5bn | USD 9.1bn | USD 9.7bn | USD 10.2bn | USD 10.7bn | USD 11.2bn | USD 11.6bn | USD 12.1bn | USD 12.4bn |
| Return on equity | 10.5% | 10.5% | 10.5% | 10.5% | 10.5% | 10.5% | 10.5% | 10.5% | 10.5% | 10.5% |
| Excess return | USD 240.3m | USD 257.4m | USD 274.3m | USD 291.0m | USD 307.2m | USD 322.7m | USD 337.3m | USD 350.9m | USD 363.3m | USD 374.2m |
| Present value | USD 223.5m | USD 222.6m | USD 220.7m | USD 217.7m | USD 213.8m | USD 208.8m | USD 203.1m | USD 196.5m | USD 189.2m | USD 181.2m |
| Book equity | USD 8.0bn |
| Present value of excess returns | USD 2.1bn |
| Terminal, growing at 2.50% | USD 3.7bn |
| Equity value | USD 13.8bn |
| Per share | USD 138.92 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.621 | Reported 0.434, pulled toward 1.0 (Blume) |
| Cost of equity | 7.52% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.