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S&P Global Inc SPGI

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Stock XNYS Rating as of
$415.50 +2.22 (0.54%)
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As of Delayed Price Closed
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Company Report

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S&P Global Earnings: Solid Start to 2024; Subscriptions Businesses Steady

Rajiv Bhatia

S&P Global is off to a solid start in 2024. Better bond issuance and higher markets caused the firm to tweak its revenue outlook for its ratings and indexes segments upward, while the company's subscription business is expected to hold steady. Driven by slightly higher revenue and operating margins compared with its previous expectation, S&P Global raised its full-year adjusted EPS outlook by 1% at the midpoint. Overall, there was little in the first-quarter earnings release that would alter our long-term view of the firm. We will maintain our wide moat rating and $410 per share fair value estimate. We regard the shares as roughly fairly valued right now.

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Price vs Fair Value

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SPGI is trading at a 1% premium.
Price
$413.26
Fair Value
$521.00
Uncertainty
Medium
1-Star Price
$364.10
5-Star Price
$955.00
Economic Moat
Wkq
Capital Allocation
Gphkhmwsq

Bulls Say, Bears Say

Bulls

Once a benchmark is accepted by capital or commodity market participants, it is difficult to displace. As a result, S&P has strong pricing power in its ratings, index subscriptions, and Platts business.

Bears

A slowing global economy and rising interest rates will eventually pressure bond issuance, adversely affecting the largest profit driver, the ratings business.

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Trading Information

Previous Close Price
$413.28
Day Range
$407.69–429.99
52-Week Range
$338.92–461.16
Bid/Ask
$405.00 / $415.49
Market Cap
$133.07 Bil
Volume/Avg
2.4 Mil / 1.5 Mil

Key Statistics

Price/Earnings (Normalized)
34.80
Price/Sales
10.55
Dividend Yield (Trailing)
0.87%
Dividend Yield (Forward)
0.88%
Total Yield
3.37%

Company Profile

S&P Global provides data and benchmarks to capital and commodity market participants. Its ratings business is the largest credit rating agency in the world and S&P's largest segment by profitability. S&P's largest segment by revenue is market intelligence, which provides desktop, data and advisory solutions, enterprise solutions, and credit/risk solutions mostly in the financial-services industry. S&P’s other segments include commodity insights (Platts and other data), mobility (Carfax), and indexes.
Sector
Financial Services
Industry
Financial Data & Stock Exchanges
Stock Style Box
Large Core
Total Number of Employees
40,450
Website
https://www.spglobal.com

Competitors

Valuation

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Metric
SPGI
MSCI
FDS
Price/Earnings (Normalized)
 34.8033.3927.78
Price/Book Value
 3.89—8.86
Price/Sales
 10.5514.137.53
Price/Cash Flow
 31.6129.2222.49
Price/Earnings
SPGI
MSCI
FDS

Financial Strength

Metric
SPGI
MSCI
FDS
Quick Ratio
 0.680.921.57
Current Ratio
 0.841.001.79
Interest Coverage
 11.998.2610.03
Quick Ratio
SPGI
MSCI
FDS

Profitability

Metric
SPGI
MSCI
FDS
Return on Assets (Normalized)
 6.57%21.55%14.66%
Return on Equity (Normalized)
 11.31%—34.73%
Return on Invested Capital (Normalized)
 8.38%33.21%17.79%
Return on Assets
SPGI
MSCI
FDS
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