DDM Analysis: AON

Valuation Snapshot

Stable Growth	$2,115.16 - $2,492.09	$2,335.42
Multi-Stage	$646.00 - $708.43	$676.63
Blended Fair Value	$1,506.03
Current Price	$356.58
Upside	322.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.51%	7.49%	2.58	2.25	2.13	2.05	1.89	1.88	1.76	1.67	1.59	1.48
YoY Growth	-	-	14.93%	5.62%	3.58%	8.50%	0.49%	7.33%	4.95%	5.51%	6.81%	18.32%
Dividend Yield	-	-	0.65%	0.68%	0.68%	0.63%	0.82%	1.14%	1.01%	1.19%	1.34%	1.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,730.00
(-) Cash Dividends Paid (M)	614.00
(=) Cash Retained (M)	2,116.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	546.00	341.25	204.75
Cash Retained (M)	2,116.00	2,116.00	2,116.00
(-) Cash Required (M)	-546.00	-341.25	-204.75
(=) Excess Retained (M)	1,570.00	1,774.75	1,911.25
(/) Shares Outstanding (M)	217.55	217.55	217.55
(=) Excess Retained per Share	7.22	8.16	8.79
LTM Dividend per Share	2.82	2.82	2.82
(+) Excess Retained per Share	7.22	8.16	8.79
(=) Adjusted Dividend	10.04	10.98	11.61
WACC / Discount Rate	5.01%	5.01%	5.01%
Growth Rate	5.35%	6.35%	7.35%
Fair Value	$2,115.16	$2,335.42	$2,492.09
Upside / Downside	493.18%	554.95%	598.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,730.00	2,903.26	3,087.51	3,283.46	3,491.84	3,713.45	3,824.86
Payout Ratio	22.49%	35.99%	49.49%	63.00%	76.50%	90.00%	92.50%
Projected Dividends (M)	614.00	1,044.96	1,528.15	2,068.46	2,671.20	3,342.11	3,537.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.01%	5.01%	5.01%
Growth Rate	5.35%	6.35%	7.35%
Year 1 PV (M)	985.79	995.15	1,004.51
Year 2 PV (M)	1,360.00	1,385.94	1,412.13
Year 3 PV (M)	1,736.63	1,786.55	1,837.43
Year 4 PV (M)	2,115.69	2,197.17	2,280.99
Year 5 PV (M)	2,497.20	2,617.99	2,743.42
PV of Terminal Value (M)	131,841.31	138,218.75	144,840.63
Equity Value (M)	140,536.62	147,201.56	154,119.10
Shares Outstanding (M)	217.55	217.55	217.55
Fair Value	$646.00	$676.63	$708.43
Upside / Downside	81.16%	89.76%	98.67%

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Aon plc (AON)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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