Analyst Note| Rajiv Bhatia |
Wide-moat-rated S&P Global finished 2020 strong with revenue and earnings growth beating expectations. Strong ratings revenue drove a 6% revenue beat versus the FactSet consensus estimate, and adjusted earnings per share of $2.71 beat the consensus of $2.53. S&P Global’s stand-alone outlook was also solid, in our view. As we tweak our revenue and earnings estimates higher, we expect to meaningfully raise our fair value estimate on S&P’s shares.