| Intrinsic Valuation of: WTW | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 17 | Market Cap | $23B | |||||
| 2021 | - | - (-) | P/E Ratio | 15 | Total Asset | $30B | |||||
| 2022 | $608M | - (-) | Net Income | $2B | Total Debt | $6B | |||||
| 2023 | $1B | 81.4% (69.6%) | EBITDA | $3B | Total Liab | $21B | |||||
| 2024 | $1B | 14.9% (9.7%) | Opr Margin | 23.25 | Debt/Equity | 0.71 | |||||
| 2025 | $2B | 22.0% (24.8%) | PreTax Margin | 20.57 | BV/Share | -22 | |||||
| 5Y Average FCF | $1B | 15.0% (34.7%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.00% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $152 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $53B | Net Worth/Share | $85 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $45B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $448 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $6B | WACC | 6.5% | 419 | 459 | 509 | 572 | 657 | |||
| Equity Value | $42B | 7.1% | 369 | 399 | 436 | 482 | 540 | ||||
| Shares Outstanding | 94,447,976 | 7.8% | 328 | 351 | 379 | 413 | 455 | ||||
| 8.4% | 294 | 313 | 335 | 361 | 392 | ||||||
| DCF Intrinsic Value | $448 | 9.0% | 267 | 282 | 300 | 320 | 345 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||