Model update: remain Overweight
We are updating our Aon model to reflect Q4 results, revenue trends, guidance from management and accounting standard changes. As a result, we have decreased our adjusted operating EPS in FY18 by 1.2% and by 3.0% in FY19. Improved revenue growth assumptions are more than offset by an increase in the effective corporate tax rate and a shift of certain revenues between quarters due to the accounting changes. Our valuation and price target increase to $165 (from $160 ) as we incorporate our new forecasts and roll forward our DCF-based valuation. We retain our Overweight recommendation.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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