Aon plc Class A Ordinary Shares (Ireland) (AON) fair value

ACCE thesis

Aon sells insurance brokerage and risk advisory services, placing commercial coverage for corporate clients and running reinsurance, retirement and health benefits consulting alongside it. The moat is in the placement relationships and data: a broker that already runs a client's program and benefits data has high switching costs, and the 44.7% ROE with a 23.5% operating margin reflects how little capital the model needs. Revenue growth of 2.2% is slow, so the investment case rests on margin and capital returns rather than top-line acceleration, and the score of 48 out of 100 tells you the screen sees more to question than to like. At 16.1x trailing and 13.5x forward earnings the stock is priced below its own growth profile only if organic growth picks up, which is the question worth testing in a deeper look at the segment disclosures and retention data.