Willis Towers Watson PLC

WTW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Willis Towers Watson: Solid Growth, but Margin Pressure and Pension Issues Create Headwinds

Brett Horn

Jul 27, 2023

Willis Towers Watson continued to see solid growth in the second quarter, with overall revenue up 7% year over year on an organic basis. The company continues to enjoy some tailwinds on this front, and growth remains well above our long-term expectations. However, management pointed to some profitability issues going forward, and we think the market is focused on the downward revision in the company’s 2024 earnings per share target. We remain comfortable with our $236 fair value estimate for the narrow-moat company, which we will maintain.

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Willis Towers Watson PLC

Willis Towers Watson: Solid Growth, but Margin Pressure and Pension Issues Create Headwinds

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