Aon downgraded to Underperform at BofA on lagging growth, integration risk

seekingalpha05-22

Bank of America Securities downgraded Aon plc (NYSE:AON) to Underperform from Neutral due to the company's below-peer organic growth, integration risk from its $13.4B NFP acquisition, and management ...

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Its Commercial Risk Solutions segment's organic revenue growth of 3%-6% since H2 2022 has lagged comparable peer results averaging 7%-10%, analyst Grace Carter noted. In Q1 2024, the unit's revenue of $1.81B rose 2% Y/Y with organic revenue growth at 3%. Aon (AON) stock fell 1.3% in Wednesday premarket trading. Management attributes the slowing growth to a larger presence in the currently slow transactional liability market and pressure on U.S. large case growth from lower pricing in certain lines. Meanwhile, its acquisition of NFP weighs on Aon's (AON) valuation due to the premium valuation, shareholder dilution, increase in leverage, and expected reduction in share repurchases. With those dynamics in play, Aon's (AON) \"stock has recently hovered near 85% of the S&P 500 P/E multiple, only modestly above historical troughs and below the average range of 100-105%,\" the analyst wrote in a note to clients. \"Reestablishing investor confidence is likely to take time, weighing on valuation for the foreseeable future.\" She expects gradual improvement in the Commercial Risk Solutions segment's organic growth, \"but we concede downside vs our estimates if current challenges persist to a greater degree than we expect.\" Separately, Citi renewed its Neutral rating on Aon (AON) after a period of Rating Suspended. Analyst Michael Ward said he's cautious on its growth underperformance and near-term disruption from the NFP acquisition. Carter's Underperform rating on Aon (AON) contrasts with the SA Quant rating and the average Wall Street rating, both at Hold.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.0","shortVersion":"4.24.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2437690482"}