Willis Towers Watson PLC

WTW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Willis Towers Earnings: A Strong Quarter on the Brokerage Side

Brett Horn

Oct 31, 2024

Willis Towers Watson's overall growth in the quarter was roughly in line with what we saw from peers, but the company does appear to be outperforming on the insurance brokerage side. The company also continues to make good progress in cutting costs and improving margins. Overall, we are pleased with the quarter and see it as further confirmation the company has moved past the operational issues it has faced over the past few years. We will maintain our $262 fair value estimate for the narrow-moat company. We see shares as modestly overvalued, as we believe the market is overly focused on the tailwinds the company has been enjoying.

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Willis Towers Watson PLC

Willis Towers Earnings: A Strong Quarter on the Brokerage Side

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