| Intrinsic Valuation of: WTW | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | -0 | Market Cap | $30B | |||||
| 2021 | - | - (-) | P/E Ratio | - | Total Asset | $28B | |||||
| 2022 | $2B | - (-) | Net Income | $-98M | Total Debt | $5B | |||||
| 2023 | $608M | -67.3% (-66.8%) | EBITDA | $823M | Total Liab | $20B | |||||
| 2024 | $1B | 81.4% (69.6%) | Opr Margin | 0.22 | Debt/Equity | 0.66 | |||||
| 2025 | $1B | 14.9% (9.7%) | PreTax Margin | 18.89 | BV/Share | -22 | |||||
| 5Y Average FCF | $1B | 9.7% (4.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (9.7%) | ||||||||||
| 2026 | $1B | MBG Intrinsic Value | $-4 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $46B | Net Worth/Share | $81 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $38B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $348 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $5B | WACC | 7.3% | 301 | 326 | 357 | 394 | 441 | |||
| Equity Value | $35B | 7.4% | 298 | 323 | 353 | 389 | 435 | ||||
| Shares Outstanding | 99,149,800 | 7.4% | 295 | 319 | 348 | 384 | 429 | ||||
| 7.9% | 268 | 288 | 312 | 340 | 375 | ||||||
| DCF Intrinsic Value | $348 | 8.4% | 246 | 262 | 282 | 305 | 332 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||