Willis Towers Watson PLC WTW

Willis Towers Watson Earnings: Growth Slows but Still Solid

While growth slowed a bit sequentially and was a little weaker than what we've seen from peers, we think Willis Towers Watson still turned in solid results for the first quarter. Overall revenue growth was 4% and 5% on a reported and organic basis, respectively. This was roughly in line with our long-term expectations, and we think recent results show that the business has stabilized following the attrition issues it experienced in the wake of the failed Aon merger. We will maintain our $253 per share fair value estimate for the narrow-moat company and see shares as about fairly valued right now.