Willis Towers Watson PLC

WTW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$984.00	Nwfzn	Lmnhhpd

Willis Towers Watson Earnings: Maintaining a Positive Path

Brett Horn

Jul 25, 2024

Willis Towers Watson largely maintained its recent path in the second quarter, which we view as a positive. While some metrics suggest growth may be starting to normalize, the company maintained fairly strong growth in the quarter overall, with year-over-year organic revenue growth of 6%, which is a bit above our long-term expectations. In addition, the company continues to see strong margin improvement. In our view, the company increasingly looks to be fully back on track. We will maintain our $253 fair value estimate for the narrow-moat company and see shares as about fairly valued at the moment.

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