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IHS Markit Ltd INFO

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Fourth-Quarter Results, Merger With S&P Remain on Track for IHS Markit

Zain Akbari, CFA Equity Analyst

Analyst Note

| Zain Akbari, CFA |

Although we plan a mid- to high-single-digit percentage reduction for our $95 per share valuation of wide-moat IHS Markit, the move is only driven by modest downward movement in acquirer S&P Global’s shares since the merger was announced and not the target’s fourth-quarter earnings announcement. IHS Markit shareholders are on track to receive 0.2838 shares of S&P Global for every IHS Markit share.

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Company Profile

Business Description

IHS Markit is a leading provider of data and analytics to corporate and sovereign clients across a wide variety of industries. Financial markets accounted for 42% of fiscal 2020 revenue, transportation 27%, resources (energy and chemicals) 20%, and CMS (consolidated markets) 11%. Approximately 60% of fiscal 2020 revenue came from the United States. IHS Markit has approximately 16,000 employees worldwide. About 74% of fiscal 2020 revenue was recurring and fixed, 14% recurring and variable, and 12% non-recurring. S&P Global has offered to acquire IHS Markit, with holders of the target firm set to receive 0.2838 shares of the combined entity (a little less than one third of the total), in a deal valued at $44 billion upon announcement.

25 Ropemaker Street, 4th Floor, Ropemaker Place
London, EC2Y 9LY, Bermuda
T +44 2072602000
Sector Industrials
Industry Consulting Services
Most Recent Earnings Nov 30, 2020
Fiscal Year End Nov 30, 2021
Stock Type
Employees 16,000