Willis Towers Watson Public Limited Company (WTW)

The modal base case path reflects steady mid-single-digit organic growth supported by recurring corporate benefits administration in Health, Wealth & Career and balanced international commercial placement. The Propel restructuring program steadily scales operating margins over the transformation horizon, while disciplined annual share repurchases compound per-share cash flow, supporting the composite fair value midpoint.

• Consolidated revenue growth tracks mid-single digits in FY2026 in line with management guidance, moderating over the forecast horizon toward long-term GDP growth.
• Consolidated adjusted operating margin expands steadily from FY2025 levels across the forecast horizon, approaching management's long-term margin target.
• Capital allocation maintains annual share repurchases in line with management's capital return commitment, steadily reducing diluted shares outstanding.