Free Cash FlowWTW has been improving FCF conversion to 12.6% in 2023 (vs. 7.6% in 2022), or 17.1% ex transformation.
Recurring RevenueThe company emphasized the ICT business within R&B is now more than 50% software and tech related, contributing to recurring revenue.
ValuationWTW shares are trading at 13.7x 2025E EPS and 10.3x on an EV to EBITDA basis, both of which are the cheapest of the group and screen well vs historicals.