Aon plc
NYSE-AON
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 12,479 | 13,376 | 15,698 | 17,273.7 | 18,152.7 | 19,209 | 19,209 | 19,209 |
Revenue % Chg. | 2.3% | 7.2% | 17.4% | |||||
EBIT | 3,548 | 3,822 | 4,362 | 5,570.9 | 6,033.5 | 6,538.4 | 6,538.4 | 6,538.4 |
EBIT Margin | 28.4% | 28.6% | 27.8% | |||||
Tax Rate | 16.2% | 17.1% | 21.4% | |||||
NOPAT | 2,974.7 | 3,169.5 | 3,427.1 | 4,479 | 4,824.8 | 5,224.9 | 5,224.9 | 5,224.9 |
NOPAT Margin | 23.8% | 23.7% | 21.8% | 25.9% | 26.6% | 27.2% | 27.2% | 27.2% |
D&A | 264 | 194 | 615 | 187 | 194.5 | 201 | 201 | 201 |
D&A / Revenue | 2.1% | 1.5% | 3.9% | |||||
Capex | -196 | -252 | -218 | -263.6 | -285.5 | -280 | -280 | -280 |
Capex / Revenue | -1.6% | -1.9% | -1.4% | |||||
Chg. NWC | 48 | 462 | -63 | 197.9 | 208 | 220.1 | 220.1 | 220.1 |
Chg. NWC / Revenue | 0.4% | 3.5% | -0.4% | |||||
Unlevered FCF (UFCF) | 3,090.7 | 3,573.5 | 3,761.1 | 4,600.4 | 4,941.8 | 5,366 | 5,366 | 5,366 |
UFCF % Chg. | 67.6% | 15.6% | 5.2% | 22.3% | 7.4% | 8.6% | — | — |
PV of UFCF | — | — | — | 4,237.8 | 4,193.5 | 4,194.6 | 3,864 | 3,559.4 |
Sum of PV of UFCF | — | — | — | 4,237.8 | 8,431.2 | 12,625.8 | 16,489.8 | 20,049.2 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 4.3% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 9.6% |
| Total Debt | 17,892 |
| Market Cap | 74,303.1 |
| Total Capital | 92,195.1 |
| Debt Weighting | 19.4% |
| Equity Weighting | 80.6% |
| WACC | 8.6% |
| Exit Multiple EV/FCF | |
| Terminal Value | 91,015.1 |
| PV of Terminal Value | 55,614.1 |
| Cumulative PV of UFCF | 20,049.2 |
| Net Debt | 16,452 |
| Equity Value | 59,211.3 |
| Shares Outstanding | 214.9 |
| Implied Share Price | 275.5 |
| Current Share Price | 344.5 |
| Implied Upside / (Downside) | -20% |