风险回报更新

PDF 第一页内容摘录（原文）

Not for redistribution without written consent of Morgan Stanley

M

Update

July 31, 2026 03:23 PM GMT

Willis Towers Watson PLC | North America

Morgan Stanley & Co. LLC

Bob Jian Huang

Equity Analyst

Risk Reward Update

Willis Towers Watson PLC (WTW.O, WTW US)

What’s Changed

Willis Towers Watson PLC (WTW.O)

From

To

Price Target

$275.00

$315.00

Bull Case

$352.00

$398.00

Base Case

$275.00

$315.00

Bear Case

$198.00

$223.00

Updated Components

EPS

Bull Base Bear Scenarios

Risk Reward for Willis Towers Watson PLC (WTW.O) has been

updated

Insurance - Property & Casualty | United States of

America

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

Equal-weight

Attractive

$315.00

$336.05

$352.79-240.61

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

17.08

20.25

19.85

23.07

22.26

26.45

24.33

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Reason for change

We update our model to incorporate the latest 2Q26 results and management

commentary from the earnings call. We generally maintain our organic growth

estimates, and incorporate new near-term guidance targets of ~30% adj. operating

margins for the firm by 2028e. Our 2026e/2027e/2028e EPS change by

~2%/4%/9%, to $20.25/$23.07/$26.45. We adjust our PT to $315/share, which

implies a 11.0x 2027e EV/EBITDA valuation.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.