The best replacement for canon s120 is sony rx100.

The best alternatives to canon s120 are rated as following:
★★★★★  sony rx100
★★★★★  g16
★★★★★  s110
★★★★  nikon p330
★★★  lumix lf1
★★  panasonic lx7
★★  nikon p340
★★  nikon p7800
★  fuji x20
★  sony rx100 ii
★  nikon p7700
★  fujifilm xq1
★  canon s110
  sony rx100 ll

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canon s120
sony rx100
g16