Company Valuation: Aon plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 66,223 62,085 58,267 77,674 75,846 68,536 - -
Change - -6.25% -6.15% 33.31% -2.35% -9.64% - -
Enterprise Value (EV) 1 74,779 71,713 68,319 93,386 88,297 81,122 77,653 73,628
Change - -4.1% -4.73% 36.69% -5.45% -8.13% -4.28% -5.18%
P/E 54.2x 24.7x 23.3x 28.8x 20.7x 21.7x 22.4x 18.9x
PBR 60.8x -117x -70x 12.7x 8.09x 6.76x 5.38x 4.29x
PEG - 0x 7.64x -180.14x 0.6x -1.7x -7.52x 1x
Capitalization / Revenue 5.43x 4.98x 4.36x 4.95x 4.41x 3.83x 3.13x 2.96x
EV / Revenue 6.13x 5.75x 5.11x 5.95x 5.14x 4.53x 3.55x 3.18x
EV / EBITDA 19.4x 18x 15.7x 18.2x 15.4x 13.4x 10.5x 8.98x
EV / EBIT 20.4x 18.7x 16.2x 18.9x 15.9x 13.7x 10.8x 9.13x
EV / FCF 36.6x 23.7x 21.5x 33.2x 27.4x 22.9x 18x 15.7x
FCF Yield 2.73% 4.22% 4.66% 3.02% 3.64% 4.36% 5.56% 6.36%
Dividend per Share 2 1.99 2.19 2.41 2.64 - 3.178 3.471 3.828
Rate of return 0.66% 0.73% 0.83% 0.74% - 0.98% 1.07% 1.18%
EPS 2 5.55 12.14 12.51 12.49 17.02 14.88 14.44 17.13
Distribution rate 35.9% 18% 19.3% 21.1% - 21.4% 24% 22.3%
Net sales 1 12,193 12,479 13,376 15,698 17,181 17,909 21,867 23,180
EBITDA 1 3,852 3,991 4,342 5,122 5,751 6,071 7,377 8,200
EBIT 1 3,673 3,840 4,223 4,939 5,563 5,931 7,217 8,067
Net income 1 1,255 2,589 2,564 2,654 3,695 3,128 2,929 3,958
Net Debt 1 8,556 9,628 10,052 15,712 12,451 12,587 9,117 5,093
Reference price 2 300.56 300.14 291.02 359.16 352.88 323.09 323.09 323.09
Nbr of stocks (in thousands) 220,332 206,853 200,216 216,266 214,935 212,125 - -
Announcement Date 2/4/22 2/3/23 2/2/24 1/31/25 1/30/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.71x4.53x13.36x0.98% 68.54B
30.44x4.73x14.58x1.06% 67.34B
11.45x0.71x - 3.48% 38.14B
19.86x3.38x12.12x1.13% 31.09B
20.58x4.38x12.4x0.95% 23.9B
12.83x - - 7.09% 11.7B
45.91x2.56x8.27x1.22% 5.12B
86.64x21.9x36.2x-.--% 4.56B
18.35x3.23x9.83x3.91% 4.55B
Average 29.75x 5.68x 15.25x 2.2% 28.33B
Weighted average by Cap. 23.33x 4.08x 13.76x 1.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield