S&P Global Earnings: Good Start to 2023 Indicates That Subscription Businesses Are Resilient.

S&P Global is off to a solid start to the year. Revenue of $3.16 billion and adjusted EPS of $3.15 in the quarter edged out the FactSet consensus estimate of $3.07 billion and $2.92, respectively. Though S&P Global maintained its firmwide revenue outlook of 4%-6% adjusted growth and adjusted EPS range of $12.35-$12.55, it did tweak some of its segment revenue outlooks higher. Overall, there was little that would change our long-term view of the firm and we will maintain our wide moat rating and $370 fair value estimate on S&P Global’s shares.