Intrinsic value of S&P Global - SPGI

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$135.09

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$135.09

 
Intrinsic value

$46.89

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SPGI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 35.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.55
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,661
  5,774
  5,907
  6,059
  6,229
  6,418
  6,625
  6,851
  7,095
  7,358
  7,641
  7,943
  8,265
  8,608
  8,973
  9,360
  9,771
  10,205
  10,664
  11,149
  11,661
  12,202
  12,772
  13,373
  14,006
  14,673
  15,375
  16,114
  16,891
  17,709
  18,570
Variable operating expenses, $m
 
  3,684
  3,762
  3,851
  3,951
  4,062
  4,183
  4,316
  4,459
  4,614
  4,779
  4,662
  4,851
  5,052
  5,266
  5,494
  5,734
  5,989
  6,259
  6,543
  6,844
  7,161
  7,496
  7,849
  8,220
  8,611
  9,024
  9,457
  9,914
  10,394
  10,899
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,292
  3,684
  3,762
  3,851
  3,951
  4,062
  4,183
  4,316
  4,459
  4,614
  4,779
  4,662
  4,851
  5,052
  5,266
  5,494
  5,734
  5,989
  6,259
  6,543
  6,844
  7,161
  7,496
  7,849
  8,220
  8,611
  9,024
  9,457
  9,914
  10,394
  10,899
Operating income, $m
  3,369
  2,090
  2,145
  2,208
  2,278
  2,356
  2,442
  2,535
  2,636
  2,745
  2,861
  3,281
  3,414
  3,556
  3,707
  3,867
  4,036
  4,216
  4,405
  4,606
  4,817
  5,041
  5,276
  5,524
  5,786
  6,061
  6,351
  6,656
  6,978
  7,316
  7,671
EBITDA, $m
  3,550
  2,455
  2,512
  2,576
  2,649
  2,729
  2,817
  2,913
  3,017
  3,129
  3,249
  3,377
  3,514
  3,660
  3,815
  3,980
  4,155
  4,339
  4,534
  4,741
  4,959
  5,188
  5,431
  5,686
  5,955
  6,239
  6,537
  6,852
  7,182
  7,530
  7,896
Interest expense (income), $m
  150
  150
  55
  60
  67
  74
  82
  90
  100
  110
  121
  133
  145
  159
  173
  189
  205
  222
  240
  259
  280
  301
  324
  348
  373
  399
  427
  456
  487
  520
  554
Earnings before tax, $m
  3,188
  1,941
  2,091
  2,148
  2,212
  2,283
  2,360
  2,445
  2,536
  2,635
  2,741
  3,148
  3,269
  3,397
  3,534
  3,678
  3,831
  3,994
  4,165
  4,346
  4,538
  4,739
  4,952
  5,177
  5,413
  5,662
  5,924
  6,200
  6,490
  6,796
  7,117
Tax expense, $m
  960
  524
  564
  580
  597
  616
  637
  660
  685
  711
  740
  850
  883
  917
  954
  993
  1,034
  1,078
  1,125
  1,174
  1,225
  1,280
  1,337
  1,398
  1,462
  1,529
  1,600
  1,674
  1,752
  1,835
  1,922
Net income, $m
  2,106
  1,417
  1,526
  1,568
  1,615
  1,666
  1,723
  1,785
  1,852
  1,923
  2,001
  2,298
  2,386
  2,480
  2,579
  2,685
  2,797
  2,915
  3,041
  3,173
  3,312
  3,460
  3,615
  3,779
  3,952
  4,133
  4,325
  4,526
  4,738
  4,961
  5,195

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,400
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,669
  6,394
  6,542
  6,710
  6,898
  7,108
  7,337
  7,587
  7,857
  8,149
  8,462
  8,796
  9,153
  9,533
  9,937
  10,366
  10,820
  11,301
  11,809
  12,347
  12,914
  13,513
  14,144
  14,809
  15,510
  16,249
  17,026
  17,845
  18,706
  19,612
  20,564
Adjusted assets (=assets-cash), $m
  6,269
  6,394
  6,542
  6,710
  6,898
  7,108
  7,337
  7,587
  7,857
  8,149
  8,462
  8,796
  9,153
  9,533
  9,937
  10,366
  10,820
  11,301
  11,809
  12,347
  12,914
  13,513
  14,144
  14,809
  15,510
  16,249
  17,026
  17,845
  18,706
  19,612
  20,564
Revenue / Adjusted assets
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
  0.903
Average production assets, $m
  1,785
  1,819
  1,861
  1,909
  1,962
  2,022
  2,087
  2,158
  2,235
  2,318
  2,407
  2,502
  2,604
  2,712
  2,827
  2,948
  3,078
  3,214
  3,359
  3,512
  3,673
  3,844
  4,023
  4,212
  4,412
  4,622
  4,843
  5,076
  5,321
  5,578
  5,849
Working capital, $m
  1,060
  -1,368
  -1,400
  -1,436
  -1,476
  -1,521
  -1,570
  -1,624
  -1,682
  -1,744
  -1,811
  -1,882
  -1,959
  -2,040
  -2,127
  -2,218
  -2,316
  -2,419
  -2,527
  -2,642
  -2,764
  -2,892
  -3,027
  -3,169
  -3,319
  -3,477
  -3,644
  -3,819
  -4,003
  -4,197
  -4,401
Total debt, $m
  3,564
  1,300
  1,432
  1,584
  1,754
  1,942
  2,148
  2,373
  2,617
  2,879
  3,160
  3,461
  3,783
  4,125
  4,488
  4,874
  5,283
  5,716
  6,173
  6,657
  7,168
  7,706
  8,274
  8,873
  9,504
  10,169
  10,869
  11,605
  12,380
  13,195
  14,053
Total liabilities, $m
  8,019
  5,755
  5,887
  6,039
  6,209
  6,397
  6,603
  6,828
  7,072
  7,334
  7,615
  7,916
  8,238
  8,580
  8,943
  9,329
  9,738
  10,171
  10,628
  11,112
  11,623
  12,161
  12,729
  13,328
  13,959
  14,624
  15,324
  16,060
  16,835
  17,650
  18,508
Total equity, $m
  650
  639
  654
  671
  690
  711
  734
  759
  786
  815
  846
  880
  915
  953
  994
  1,037
  1,082
  1,130
  1,181
  1,235
  1,291
  1,351
  1,414
  1,481
  1,551
  1,625
  1,703
  1,784
  1,871
  1,961
  2,056
Total liabilities and equity, $m
  8,669
  6,394
  6,541
  6,710
  6,899
  7,108
  7,337
  7,587
  7,858
  8,149
  8,461
  8,796
  9,153
  9,533
  9,937
  10,366
  10,820
  11,301
  11,809
  12,347
  12,914
  13,512
  14,143
  14,809
  15,510
  16,249
  17,027
  17,844
  18,706
  19,611
  20,564
Debt-to-equity ratio
  5.483
  2.030
  2.190
  2.360
  2.540
  2.730
  2.930
  3.130
  3.330
  3.530
  3.730
  3.940
  4.130
  4.330
  4.520
  4.700
  4.880
  5.060
  5.230
  5.390
  5.550
  5.700
  5.850
  5.990
  6.130
  6.260
  6.380
  6.500
  6.620
  6.730
  6.830
Adjusted equity ratio
  -0.279
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,106
  1,417
  1,526
  1,568
  1,615
  1,666
  1,723
  1,785
  1,852
  1,923
  2,001
  2,298
  2,386
  2,480
  2,579
  2,685
  2,797
  2,915
  3,041
  3,173
  3,312
  3,460
  3,615
  3,779
  3,952
  4,133
  4,325
  4,526
  4,738
  4,961
  5,195
Depreciation, amort., depletion, $m
  181
  365
  366
  368
  370
  373
  375
  378
  381
  384
  387
  96
  100
  104
  109
  113
  118
  124
  129
  135
  141
  148
  155
  162
  170
  178
  186
  195
  205
  215
  225
Funds from operations, $m
  1,426
  1,782
  1,893
  1,936
  1,985
  2,039
  2,098
  2,163
  2,232
  2,308
  2,388
  2,395
  2,486
  2,584
  2,688
  2,798
  2,915
  3,039
  3,170
  3,308
  3,454
  3,608
  3,770
  3,941
  4,121
  4,311
  4,511
  4,721
  4,943
  5,175
  5,420
Change in working capital, $m
  -38
  -27
  -31
  -36
  -40
  -45
  -49
  -53
  -58
  -62
  -67
  -72
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -204
Cash from operations, $m
  1,464
  1,801
  1,924
  1,972
  2,025
  2,084
  2,147
  2,216
  2,290
  2,370
  2,455
  2,466
  2,563
  2,666
  2,775
  2,890
  3,013
  3,142
  3,279
  3,423
  3,575
  3,736
  3,905
  4,083
  4,271
  4,469
  4,677
  4,896
  5,127
  5,369
  5,624
Maintenance CAPEX, $m
  0
  -69
  -70
  -72
  -73
  -75
  -78
  -80
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -205
  -215
New CAPEX, $m
  -115
  -34
  -42
  -48
  -54
  -59
  -65
  -71
  -77
  -83
  -89
  -95
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -161
  -170
  -180
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -271
Cash from investing activities, $m
  1,205
  -103
  -112
  -120
  -127
  -134
  -143
  -151
  -160
  -169
  -178
  -188
  -198
  -208
  -219
  -231
  -242
  -255
  -269
  -282
  -296
  -311
  -328
  -344
  -361
  -380
  -399
  -419
  -440
  -463
  -486
Free cash flow, $m
  2,669
  1,698
  1,812
  1,853
  1,898
  1,949
  2,004
  2,065
  2,130
  2,201
  2,277
  2,278
  2,365
  2,457
  2,555
  2,660
  2,770
  2,887
  3,010
  3,141
  3,279
  3,424
  3,578
  3,739
  3,910
  4,089
  4,278
  4,477
  4,687
  4,907
  5,139
Issuance/(repayment) of debt, $m
  -71
  -2,264
  132
  151
  170
  188
  207
  225
  243
  262
  281
  301
  321
  342
  364
  386
  409
  433
  458
  484
  511
  539
  568
  599
  631
  665
  700
  736
  775
  815
  858
Issuance/(repurchase) of shares, $m
  -1,035
  556
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1,220
  -1,708
  132
  151
  170
  188
  207
  225
  243
  262
  281
  301
  321
  342
  364
  386
  409
  433
  458
  484
  511
  539
  568
  599
  631
  665
  700
  736
  775
  815
  858
Total cash flow (excl. dividends), $m
  1,291
  -566
  1,945
  2,004
  2,068
  2,137
  2,211
  2,290
  2,374
  2,463
  2,558
  2,580
  2,686
  2,799
  2,919
  3,045
  3,179
  3,319
  3,468
  3,624
  3,789
  3,963
  4,146
  4,338
  4,541
  4,754
  4,978
  5,214
  5,462
  5,722
  5,996
Retained Cash Flow (-), $m
  -456
  -2,389
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
Prev. year cash balance distribution, $m
 
  2,400
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  1,930
  1,987
  2,049
  2,116
  2,188
  2,265
  2,347
  2,434
  2,527
  2,546
  2,651
  2,761
  2,879
  3,002
  3,133
  3,271
  3,417
  3,571
  3,733
  3,903
  4,083
  4,272
  4,471
  4,680
  4,900
  5,132
  5,376
  5,632
  5,901
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  0
  1,767
  1,729
  1,687
  1,640
  1,588
  1,530
  1,467
  1,398
  1,325
  1,209
  1,131
  1,050
  966
  881
  796
  712
  629
  550
  474
  404
  339
  280
  228
  182
  143
  110
  83
  61
  44
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

S&P Global Inc. provides independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide. It operates through three segments: Ratings, Market and Commodities Intelligence, and S&P Dow Jones Indices. The Ratings segment provides credit ratings, research and analytics, information, and benchmarks to the investors, issuers, and other market participants. The Market and Commodities Intelligence segment offers multi-asset-class data; and research and analytical capabilities, which integrate cross-asset analytics and desktop services, and deliver access to information, data, analytic services, and pricing and quality benchmarks to its customers in the commodity and energy markets. The S&P Dow Jones Indices segment provides index that maintains various valuation and index benchmarks for investment advisors, wealth managers, and institutional investors. The company was formerly known as McGraw Hill Financial, Inc. and changed its name to S&P Global Inc. in April 2016. S&P Global Inc. was founded in 1888 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  S&P Global (SPGI)

Valuation Ratios
P/E Ratio 16.6
Price to Sales 6.2
Price to Book 53.8
Price to Tangible Book
Price to Cash Flow 23.9
Price to Free Cash Flow 25.9
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.3%
Cap. Spend. - 3 Yr. Gr. Rate -0.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 548.3%
Total Debt to Equity 548.3%
Interest Coverage 22
Management Effectiveness
Return On Assets 26.2%
Ret/ On Assets - 3 Yr. Avg. 12.6%
Return On Total Capital 52.5%
Ret/ On T. Cap. - 3 Yr. Avg. 30.4%
Return On Equity 499.1%
Return On Equity - 3 Yr. Avg. 275.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 68.8%
Gross Margin - 3 Yr. Avg. 68.4%
EBITDA Margin 62.2%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin 59.5%
Oper. Margin - 3 Yr. Avg. 32.6%
Pre-Tax Margin 56.3%
Pre-Tax Margin - 3 Yr. Avg. 30.5%
Net Profit Margin 37.2%
Net Profit Margin - 3 Yr. Avg. 18.9%
Effective Tax Rate 30.1%
Eff/ Tax Rate - 3 Yr. Avg. 171.3%
Payout Ratio 18%

SPGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPGI stock intrinsic value calculation we used $5661 million for the last fiscal year's total revenue generated by S&P Global. The default revenue input number comes from 2016 income statement of S&P Global. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SPGI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SPGI is calculated based on our internal credit rating of S&P Global, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of S&P Global.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SPGI stock the variable cost ratio is equal to 63.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SPGI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.2% for S&P Global.

Corporate tax rate of 27% is the nominal tax rate for S&P Global. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SPGI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SPGI are equal to 31.5%.

Life of production assets of 26 years is the average useful life of capital assets used in S&P Global operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SPGI is equal to -23.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $650 million for S&P Global - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 261.205 million for S&P Global is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of S&P Global at the current share price and the inputted number of shares is $35.3 billion.


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COMPANY NEWS

▶ S&P Global Declares Quarterly Dividend   [08:57AM  PR Newswire]
▶ S&P Global beats Street 1Q forecasts   [07:16AM  Associated Press]
▶ S&P Global Reports First Quarter Results   [07:10AM  PR Newswire]
▶ [$$] Indexing Pivotal in S&P Global's Rebound   [Apr-23-17 07:00AM  The Wall Street Journal]
▶ Applied Optoelectronics Set to Join S&P SmallCap 600   [Apr-20-17 06:07PM  PR Newswire]
▶ Sabre Set to Join S&P MidCap 400   [Apr-13-17 05:54PM  PR Newswire]
▶ /C O R R E C T I O N -- S&P Global Platts/   [Apr-04-17 05:12PM  PR Newswire]
▶ Acadia Healthcare Set to Join the S&P MidCap 400   [Apr-03-17 06:07PM  PR Newswire]
▶ The cheapest way to watch baseball online   [11:37AM  Yahoo Finance]
▶ Penn National Gaming Set to Join S&P SmallCap 600   [Mar-22-17 06:10PM  PR Newswire]
▶ PNC meets carbon reduction goal four years early   [08:00AM  at bizjournals.com]
▶ Finalists Announced for 2017 Platts Global Metals Awards   [Mar-20-17 09:12PM  PR Newswire]
▶ S&P Global Makes Bold Offer to Acquire MSCI   [11:14AM  at Investopedia]
▶ Dish Network Set to Join S&P 500   [Mar-06-17 06:01PM  PR Newswire]
▶ William Lyon Homes Set to Join S&P SmallCap 600   [Feb-28-17 05:45PM  PR Newswire]
Stock chart of SPGI Financial statements of SPGI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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