DDM Analysis: 0Y4Q.L

Valuation Snapshot

Stable Growth	$365.10 - $744.96	$511.14
Multi-Stage	$399.07 - $437.59	$417.97
Blended Fair Value	$464.55
Current Price	$344.22
Upside	34.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.48%	5.36%	3.51	3.49	3.66	3.71	3.43	3.27	3.04	2.75	1.98	2.75
YoY Growth	-	-	0.57%	-4.61%	-1.34%	8.09%	5.17%	7.52%	10.47%	39.20%	-28.16%	31.90%
Dividend Yield	-	-	1.04%	1.29%	1.58%	1.58%	1.49%	2.12%	1.72%	1.82%	1.29%	1.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,116.00
(-) Cash Dividends Paid (M)	358.00
(=) Cash Retained (M)	1,758.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	423.20	264.50	158.70
Cash Retained (M)	1,758.00	1,758.00	1,758.00
(-) Cash Required (M)	-423.20	-264.50	-158.70
(=) Excess Retained (M)	1,334.80	1,493.50	1,599.30
(/) Shares Outstanding (M)	100.75	100.75	100.75
(=) Excess Retained per Share	13.25	14.82	15.87
LTM Dividend per Share	3.55	3.55	3.55
(+) Excess Retained per Share	13.25	14.82	15.87
(=) Adjusted Dividend	16.80	18.38	19.43
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	2.90%	3.90%	4.90%
Fair Value	$365.10	$511.14	$744.96
Upside / Downside	6.06%	48.49%	116.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,116.00	2,198.60	2,284.43	2,373.61	2,466.27	2,562.55	2,639.42
Payout Ratio	16.92%	31.53%	46.15%	60.77%	75.38%	90.00%	92.50%
Projected Dividends (M)	358.00	693.33	1,054.29	1,442.38	1,859.17	2,306.29	2,441.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	2.90%	3.90%	4.90%
Year 1 PV (M)	637.92	644.12	650.32
Year 2 PV (M)	892.52	909.95	927.55
Year 3 PV (M)	1,123.48	1,156.55	1,190.27
Year 4 PV (M)	1,332.39	1,384.94	1,439.03
Year 5 PV (M)	1,520.75	1,596.09	1,674.39
PV of Terminal Value (M)	34,699.58	36,418.69	38,205.27
Equity Value (M)	40,206.64	42,110.35	44,086.83
Shares Outstanding (M)	100.75	100.75	100.75
Fair Value	$399.07	$417.97	$437.59
Upside / Downside	15.94%	21.42%	27.12%

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Willis Towers Watson Public Limited Company (0Y4Q.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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