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S&P Global Inc SPGI

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Stock XNYS Rating as of
$423.38 −0.84 (0.20%)
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Company Report

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S&P Global Earnings: Solid Revenue Trends, Outlook Narrowed

Rajiv Bhatia

In our view, S&P Global generally reported a healthy third quarter. Revenue of $3.09 billion and adjusted EPS of $3.21 beat the FactSet consensus estimate by 2% and 6%, respectively. The ratings business is rebounding, and the firm’s subscription businesses are proving resilient and in some cases are accelerating. With one quarter left to 2023, S&P narrowed its firmwide revenue outlook but kept its midpoint unchanged. We will maintain our wide moat rating and as we tweak our revenue estimates higher, we are increasing our fair value estimate to $385 from $375 on S&P Global’s shares.

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Price vs Fair Value

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SPGI is trading at a 10% premium.
Price
$424.19
Fair Value
$226.00
Uncertainty
Medium
1-Star Price
$468.65
5-Star Price
$876.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Once a benchmark is accepted by capital or commodity market participants, it's 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
$424.22
Day Range
$419.74–426.10
52-Week Range
$321.06–428.65
Bid/Ask
$423.19 / $423.77
Market Cap
$134.14 Bil
Volume/Avg
592,358 / 1.2 Mil

Key Statistics

Price/Earnings (Normalized)
37.62
Price/Sales
11.11
Dividend Yield
0.85%
Dividend Yield (Forward)
0.85%
Total Yield
3.08%

Company Profile

S&P Global provides data and benchmarks to capital and commodity market participants. S&P ratings 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 Growth
Total Number of Employees
39,950
Website
https://www.spglobal.com

Competitors

Valuation

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Metric
SPGI
FDS
MSCI
Price/Earnings (Normalized)
 37.6231.3141.41
Price/Book Value
 3.7910.66—
Price/Sales
 11.118.4717.42
Price/Cash Flow
 38.1725.9037.18
Price/Earnings
SPGI
FDS
MSCI

Financial Strength

Metric
SPGI
FDS
MSCI
Quick Ratio
 0.801.441.27
Current Ratio
 0.921.591.36
Interest Coverage
 11.179.617.09
Quick Ratio
SPGI
FDS
MSCI

Profitability

Metric
SPGI
FDS
MSCI
Return on Assets (Normalized)
 6.29%14.28%20.76%
Return on Equity (Normalized)
 10.67%36.99%—
Return on Invested Capital (Normalized)
 8.02%17.29%31.64%
Return on Assets
SPGI
FDS
MSCI

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