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S&P Global Inc SPGI Stock Quote

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Morningstar‘s Stock Analysis SPGI

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S&P Global’s Non-Ratings Business Continues to Grow as Core Business Declines

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Wide moat-rated S&P Global reported a decent third quarter. Revenue missed consensus expectations by 2%, which we attribute to ratings weakness while adjusted EPS beat by 5% amid healthy operating margins. S&P Global saw pro forma revenue decline 8% in the third quarter, driven by a 33% decline in ratings revenue. Non-ratings business grew 4% in the quarter. The ratings revenue decline was mostly expected given Moody's recent results and weak bond issuance. As we lower our near- and medium-term ratings revenue assumptions, we are lowering our fair value estimate on S&P Global to $370 from $380.

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Key Statistics SPGI

Company Profile SPGI

Business Description

S&P Global provides data and benchmarks to capital and commodity market participants. In 2021 and excluding IHS Markit, S&P Ratings was over 45% of the firm's revenue and over 55% of the firm's operating income. S&P Ratings is the largest credit rating agency in the world. The firm's other segments include Market Intelligence, Indexes, and Platts. Market Intelligence provides desktop tools and other data solutions to investment banks, corporations, and other entities. Indexes provides benchmarks for financial markets and is monetized through subscriptions, asset-based fees, and transaction-based royalties. Platts provides benchmarks to commodity markets, principally petroleum.

55 Water Street
New York, NY, 10041
T +1 212 438-1000
Industry Financial Data & Stock Exchanges
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 15, 2022
Employees 22,850

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