What changed
$AON — BUY 📊 | 6 MONTHS THESIS
🎯 Q1 2026 | Rev $5.0B | EPS $6.48 vs $6.35 🟢 | Margin 34.1%
💡 Consensus expects ~17.5x forward P/E and mid-single-digit EPS growth, reflecting steady-state insurance brokerage. Our variant view sees upside from operating leverage, share buybacks, and sustained revenue growth above 6%, which could push FY2026 EPS above $20 and warrant a 20x+ P/E, implying ~$400+ stock.
📉 Reward/risk: 2.6:1
🏢 Business Quality: 8/10 - Leading global insurance broker with sticky client relationships, high retention, and strong free cash flow conversion, benefiting from scale and data analytics.
📊 Valuation: cheap - Based on forward P/E 17.5x vs. historical 19-20x and peer MMC at 22x, and EV/EBITDA ~14.6x vs. peers 14-16x.
📊 Our read: BUY. Full analysis →
https://stockduty.xyz/s/AON0614