Starboard stated that significant value can be created for all shareholders through improved execution at Willis Towers Watson

Key summary: In Oct 2021, Starboard at Active-Passive Summit highlighted Willis Towers Watson undervalued peers in EBITDA.

Market Cap: $28.8 billion | Willis Towers Watson Public Limited Company is a global advisory, broking and solutions company.

In an October 2021 Active-Passive Investor Summit, Starboard issued a presentation stating that that company trades at a significant valuation multiple discount to its peer group on historical and projected EBITDA. Starboard stated its belief that the company can free up substantial working capital, improve FCF generation, and re-lever the business. This could result in a significant return of capital to equity-holders via share buyback. Starboard stated that Aon is structurally very similar to Willis Towers Watson. Despite this, Aon generates better margins and returns on capital.