Intrinsic value of IHS Markit Ltd. - INFO

Previous Close

$59.32

  Intrinsic Value

$5.72

stock screener

  Rating & Target

str. sell

-90%

Previous close

$59.32

 
Intrinsic value

$5.72

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of INFO 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 0001), $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 23.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.00
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  4,530
  5,083
  5,666
  6,280
  6,924
  7,597
  8,300
  9,032
  9,795
  10,588
  11,413
  12,270
  13,161
  14,087
  15,049
  16,049
  17,090
  18,172
  19,299
  20,473
  21,695
  22,970
  24,300
  25,687
  27,135
  28,648
  30,228
  31,880
  33,608
  35,415
Variable operating expenses, $m
  3,168
  3,548
  3,948
  4,370
  4,811
  5,274
  5,756
  6,259
  6,783
  7,327
  7,836
  8,424
  9,036
  9,671
  10,332
  11,018
  11,733
  12,476
  13,249
  14,055
  14,895
  15,770
  16,682
  17,635
  18,629
  19,668
  20,753
  21,887
  23,073
  24,313
Fixed operating expenses, $m
  578
  591
  604
  617
  631
  645
  659
  674
  688
  704
  719
  735
  751
  768
  784
  802
  819
  837
  856
  875
  894
  914
  934
  954
  975
  997
  1,019
  1,041
  1,064
  1,087
Total operating expenses, $m
  3,746
  4,139
  4,552
  4,987
  5,442
  5,919
  6,415
  6,933
  7,471
  8,031
  8,555
  9,159
  9,787
  10,439
  11,116
  11,820
  12,552
  13,313
  14,105
  14,930
  15,789
  16,684
  17,616
  18,589
  19,604
  20,665
  21,772
  22,928
  24,137
  25,400
Operating income, $m
  784
  944
  1,114
  1,293
  1,481
  1,678
  1,885
  2,100
  2,324
  2,558
  2,859
  3,111
  3,375
  3,648
  3,933
  4,229
  4,538
  4,859
  5,194
  5,543
  5,907
  6,287
  6,683
  7,098
  7,531
  7,983
  8,457
  8,952
  9,471
  10,014
EBITDA, $m
  1,160
  1,359
  1,570
  1,792
  2,026
  2,270
  2,526
  2,792
  3,070
  3,359
  3,660
  3,973
  4,299
  4,638
  4,990
  5,356
  5,738
  6,135
  6,549
  6,981
  7,431
  7,900
  8,390
  8,902
  9,436
  9,995
  10,580
  11,191
  11,831
  12,501
Interest expense (income), $m
  103
  307
  363
  422
  486
  552
  622
  695
  771
  850
  932
  1,018
  1,108
  1,200
  1,297
  1,397
  1,501
  1,609
  1,722
  1,839
  1,961
  2,088
  2,220
  2,358
  2,502
  2,652
  2,809
  2,973
  3,144
  3,322
  3,509
Earnings before tax, $m
  477
  581
  692
  808
  929
  1,057
  1,190
  1,329
  1,474
  1,625
  1,840
  2,004
  2,174
  2,352
  2,536
  2,728
  2,929
  3,137
  3,355
  3,582
  3,819
  4,067
  4,325
  4,596
  4,879
  5,175
  5,484
  5,809
  6,149
  6,505
Tax expense, $m
  129
  157
  187
  218
  251
  285
  321
  359
  398
  439
  497
  541
  587
  635
  685
  737
  791
  847
  906
  967
  1,031
  1,098
  1,168
  1,241
  1,317
  1,397
  1,481
  1,568
  1,660
  1,756
Net income, $m
  348
  424
  505
  590
  678
  771
  869
  970
  1,076
  1,186
  1,343
  1,463
  1,587
  1,717
  1,851
  1,992
  2,138
  2,290
  2,449
  2,615
  2,788
  2,969
  3,157
  3,355
  3,561
  3,777
  4,004
  4,240
  4,489
  4,748

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  18,121
  20,331
  22,665
  25,121
  27,695
  30,388
  33,200
  36,130
  39,181
  42,354
  45,653
  49,082
  52,645
  56,348
  60,196
  64,198
  68,359
  72,689
  77,196
  81,891
  86,782
  91,880
  97,198
  102,747
  108,540
  114,591
  120,912
  127,521
  134,430
  141,659
Adjusted assets (=assets-cash), $m
  18,121
  20,331
  22,665
  25,121
  27,695
  30,388
  33,200
  36,130
  39,181
  42,354
  45,653
  49,082
  52,645
  56,348
  60,196
  64,198
  68,359
  72,689
  77,196
  81,891
  86,782
  91,880
  97,198
  102,747
  108,540
  114,591
  120,912
  127,521
  134,430
  141,659
Revenue / Adjusted assets
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
Average production assets, $m
  8,336
  9,352
  10,426
  11,555
  12,740
  13,979
  15,272
  16,620
  18,023
  19,483
  21,000
  22,578
  24,217
  25,920
  27,690
  29,531
  31,445
  33,437
  35,510
  37,670
  39,920
  42,265
  44,711
  47,264
  49,929
  52,712
  55,620
  58,659
  61,838
  65,163
Working capital, $m
  -621
  -696
  -776
  -860
  -949
  -1,041
  -1,137
  -1,237
  -1,342
  -1,451
  -1,564
  -1,681
  -1,803
  -1,930
  -2,062
  -2,199
  -2,341
  -2,490
  -2,644
  -2,805
  -2,972
  -3,147
  -3,329
  -3,519
  -3,718
  -3,925
  -4,141
  -4,368
  -4,604
  -4,852
Total debt, $m
  6,716
  7,823
  8,993
  10,223
  11,513
  12,862
  14,270
  15,738
  17,267
  18,857
  20,509
  22,227
  24,012
  25,867
  27,796
  29,800
  31,885
  34,055
  36,313
  38,664
  41,115
  43,669
  46,334
  49,114
  52,016
  55,047
  58,214
  61,525
  64,987
  68,608
Total liabilities, $m
  9,078
  10,186
  11,355
  12,585
  13,875
  15,224
  16,633
  18,101
  19,629
  21,219
  22,872
  24,590
  26,375
  28,230
  30,158
  32,163
  34,248
  36,417
  38,675
  41,027
  43,478
  46,032
  48,696
  51,476
  54,379
  57,410
  60,577
  63,888
  67,350
  70,971
Total equity, $m
  9,042
  10,145
  11,310
  12,535
  13,820
  15,164
  16,567
  18,029
  19,551
  21,135
  22,781
  24,492
  26,270
  28,117
  30,038
  32,035
  34,111
  36,272
  38,521
  40,863
  43,304
  45,848
  48,502
  51,271
  54,162
  57,181
  60,335
  63,633
  67,081
  70,688
Total liabilities and equity, $m
  18,120
  20,331
  22,665
  25,120
  27,695
  30,388
  33,200
  36,130
  39,180
  42,354
  45,653
  49,082
  52,645
  56,347
  60,196
  64,198
  68,359
  72,689
  77,196
  81,890
  86,782
  91,880
  97,198
  102,747
  108,541
  114,591
  120,912
  127,521
  134,431
  141,659
Debt-to-equity ratio
  0.740
  0.770
  0.800
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
Adjusted equity ratio
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499
  0.499

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  348
  424
  505
  590
  678
  771
  869
  970
  1,076
  1,186
  1,343
  1,463
  1,587
  1,717
  1,851
  1,992
  2,138
  2,290
  2,449
  2,615
  2,788
  2,969
  3,157
  3,355
  3,561
  3,777
  4,004
  4,240
  4,489
  4,748
Depreciation, amort., depletion, $m
  376
  415
  456
  499
  544
  592
  641
  692
  746
  802
  802
  862
  924
  989
  1,057
  1,127
  1,200
  1,276
  1,355
  1,438
  1,524
  1,613
  1,707
  1,804
  1,906
  2,012
  2,123
  2,239
  2,360
  2,487
Funds from operations, $m
  724
  839
  961
  1,089
  1,223
  1,363
  1,510
  1,663
  1,822
  1,988
  2,145
  2,325
  2,512
  2,706
  2,908
  3,119
  3,338
  3,566
  3,804
  4,053
  4,312
  4,582
  4,864
  5,159
  5,467
  5,789
  6,127
  6,479
  6,849
  7,236
Change in working capital, $m
  -71
  -76
  -80
  -84
  -88
  -92
  -96
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -217
  -226
  -237
  -248
Cash from operations, $m
  796
  915
  1,041
  1,173
  1,311
  1,455
  1,606
  1,763
  1,927
  2,097
  2,258
  2,442
  2,634
  2,833
  3,040
  3,256
  3,481
  3,715
  3,959
  4,213
  4,479
  4,756
  5,046
  5,349
  5,665
  5,997
  6,343
  6,706
  7,085
  7,483
Maintenance CAPEX, $m
  -282
  -318
  -357
  -398
  -441
  -486
  -534
  -583
  -634
  -688
  -744
  -802
  -862
  -924
  -989
  -1,057
  -1,127
  -1,200
  -1,276
  -1,355
  -1,438
  -1,524
  -1,613
  -1,707
  -1,804
  -1,906
  -2,012
  -2,123
  -2,239
  -2,360
New CAPEX, $m
  -958
  -1,017
  -1,074
  -1,129
  -1,184
  -1,239
  -1,293
  -1,348
  -1,403
  -1,460
  -1,518
  -1,577
  -1,639
  -1,703
  -1,770
  -1,841
  -1,914
  -1,992
  -2,073
  -2,159
  -2,250
  -2,345
  -2,446
  -2,553
  -2,665
  -2,783
  -2,908
  -3,040
  -3,179
  -3,325
Cash from investing activities, $m
  -1,240
  -1,335
  -1,431
  -1,527
  -1,625
  -1,725
  -1,827
  -1,931
  -2,037
  -2,148
  -2,262
  -2,379
  -2,501
  -2,627
  -2,759
  -2,898
  -3,041
  -3,192
  -3,349
  -3,514
  -3,688
  -3,869
  -4,059
  -4,260
  -4,469
  -4,689
  -4,920
  -5,163
  -5,418
  -5,685
Free cash flow, $m
  -444
  -420
  -390
  -355
  -315
  -270
  -221
  -168
  -111
  -51
  -3
  63
  133
  205
  280
  358
  439
  523
  609
  699
  791
  887
  987
  1,090
  1,197
  1,308
  1,423
  1,543
  1,668
  1,798
Issuance/(repayment) of debt, $m
  1,037
  1,108
  1,169
  1,230
  1,290
  1,349
  1,408
  1,468
  1,528
  1,590
  1,653
  1,718
  1,785
  1,855
  1,928
  2,005
  2,085
  2,169
  2,258
  2,352
  2,450
  2,554
  2,664
  2,780
  2,902
  3,031
  3,167
  3,311
  3,462
  3,621
Issuance/(repurchase) of shares, $m
  674
  679
  660
  636
  606
  572
  534
  492
  446
  397
  303
  248
  191
  131
  69
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,711
  1,787
  1,829
  1,866
  1,896
  1,921
  1,942
  1,960
  1,974
  1,987
  1,956
  1,966
  1,976
  1,986
  1,997
  2,010
  2,085
  2,169
  2,258
  2,352
  2,450
  2,554
  2,664
  2,780
  2,902
  3,031
  3,167
  3,311
  3,462
  3,621
Total cash flow (excl. dividends), $m
  1,266
  1,366
  1,439
  1,511
  1,582
  1,652
  1,722
  1,792
  1,863
  1,936
  1,952
  2,029
  2,109
  2,191
  2,278
  2,368
  2,524
  2,692
  2,867
  3,050
  3,242
  3,442
  3,651
  3,870
  4,099
  4,339
  4,590
  4,854
  5,130
  5,419
Retained Cash Flow (-), $m
  -1,022
  -1,103
  -1,165
  -1,225
  -1,285
  -1,344
  -1,403
  -1,462
  -1,522
  -1,584
  -1,646
  -1,711
  -1,778
  -1,848
  -1,920
  -1,997
  -2,077
  -2,161
  -2,249
  -2,342
  -2,441
  -2,544
  -2,654
  -2,769
  -2,891
  -3,019
  -3,155
  -3,297
  -3,448
  -3,607
Prev. year cash balance distribution, $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 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
  244
  263
  275
  286
  297
  308
  319
  330
  341
  353
  306
  318
  331
  344
  357
  371
  447
  531
  618
  708
  801
  898
  997
  1,101
  1,208
  1,320
  1,436
  1,556
  1,682
  1,812
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  229
  230
  222
  212
  201
  188
  175
  160
  146
  131
  98
  87
  75
  65
  55
  46
  44
  41
  36
  31
  26
  21
  16
  12
  9
  6
  4
  3
  2
  1
Current shareholders' claim on cash, %
  97.2
  94.8
  92.8
  91.1
  89.6
  88.3
  87.3
  86.4
  85.7
  85.1
  84.7
  84.4
  84.2
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0

IHS Markit Ltd., formerly Markit Ltd., is a provider of critical information and analytics for the major industries, financial markets and governments. The Company operates through four segments: Resources, Transportation, Consolidated Markets & Solutions (CMS) and Financial Services. The Resources segment includes its energy and chemicals product offerings. Its energy offerings are focused on upstream, midstream, downstream and power/gas/coal/renewables (PGCR) services. The Transportation segment includes its aerospace, defense and security (AD&S); automotive, and maritime and trade (M&T) product offerings. The CMS segment includes its product design; technology, media and telecommunication, and economics and country risk (ECR) product offerings. The Company's Financial Services segment provides pricing and reference data, indices, valuation and trading services, trade processing, enterprise software and managed services.

FINANCIAL RATIOS  of  IHS Markit Ltd. (INFO)

Valuation Ratios
P/E Ratio 160.9
Price to Sales 9
Price to Book 3
Price to Tangible Book
Price to Cash Flow 38.6
Price to Free Cash Flow 50.2
Growth Rates
Sales Growth Rate 145.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.5%
Cap. Spend. - 3 Yr. Gr. Rate 2.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 40.6%
Total Debt to Equity 41.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 3%
Return On Equity - 3 Yr. Avg. 5.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 62%
Gross Margin - 3 Yr. Avg. 20.7%
EBITDA Margin 21.2%
EBITDA Margin - 3 Yr. Avg. 31.1%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 18.3%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 15.3%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate -3.5%
Eff/ Tax Rate - 3 Yr. Avg. 17.9%
Payout Ratio 0%

INFO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INFO stock intrinsic value calculation we used $4009 million for the last fiscal year's total revenue generated by IHS Markit Ltd.. The default revenue input number comes from 0001 income statement of IHS Markit Ltd.. 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 INFO stock valuation model: a) initial revenue growth rate of 13% 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 6.7%, whose default value for INFO is calculated based on our internal credit rating of IHS Markit Ltd., 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 IHS Markit Ltd..
    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 INFO stock the variable cost ratio is equal to 70.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $566 million in the base year in the intrinsic value calculation for INFO 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 5.4% for IHS Markit Ltd..

Corporate tax rate of 27% is the nominal tax rate for IHS Markit Ltd.. 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 INFO 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 INFO are equal to 184%.

Life of production assets of 26.2 years is the average useful life of capital assets used in IHS Markit Ltd. 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 INFO is equal to -13.7%. 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 - $8020.5 million for IHS Markit Ltd. - 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 399.486 million for IHS Markit Ltd. 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 IHS Markit Ltd. at the current share price and the inputted number of shares is $23.7 billion.

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