Intrinsic value of S&P Global - SPGI

Previous Close

$203.07

  Intrinsic Value

$219.34

stock screener

  Rating & Target

hold

+8%

Previous close

$203.07

 
Intrinsic value

$219.34

 
Up/down potential

+8%

 
Rating

hold

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 2017), $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 52.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  6,493
  6,941
  7,406
  7,890
  8,393
  8,917
  9,462
  10,030
  10,622
  11,240
  11,884
  12,557
  13,259
  13,993
  14,759
  15,561
  16,400
  17,277
  18,196
  19,157
  20,164
  21,218
  22,323
  23,481
  24,694
  25,966
  27,300
  28,698
  30,164
  31,702
Variable operating expenses, $m
  2,599
  2,748
  2,902
  3,063
  3,231
  3,405
  3,587
  3,776
  3,973
  4,178
  3,955
  4,179
  4,413
  4,657
  4,912
  5,179
  5,458
  5,750
  6,056
  6,376
  6,711
  7,062
  7,429
  7,815
  8,218
  8,642
  9,086
  9,551
  10,039
  10,551
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
  2,599
  2,748
  2,902
  3,063
  3,231
  3,405
  3,587
  3,776
  3,973
  4,178
  3,955
  4,179
  4,413
  4,657
  4,912
  5,179
  5,458
  5,750
  6,056
  6,376
  6,711
  7,062
  7,429
  7,815
  8,218
  8,642
  9,086
  9,551
  10,039
  10,551
Operating income, $m
  3,895
  4,193
  4,504
  4,826
  5,162
  5,511
  5,875
  6,254
  6,649
  7,061
  7,929
  8,378
  8,846
  9,336
  9,847
  10,382
  10,942
  11,527
  12,140
  12,781
  13,453
  14,157
  14,894
  15,666
  16,476
  17,324
  18,214
  19,147
  20,125
  21,152
EBITDA, $m
  4,834
  5,167
  5,514
  5,874
  6,248
  6,638
  7,044
  7,467
  7,908
  8,368
  8,848
  9,348
  9,871
  10,417
  10,988
  11,585
  12,210
  12,863
  13,546
  14,262
  15,012
  15,797
  16,619
  17,481
  18,385
  19,331
  20,324
  21,365
  22,457
  23,602
Interest expense (income), $m
  150
  193
  213
  247
  282
  318
  357
  396
  437
  480
  525
  572
  620
  671
  724
  780
  838
  898
  962
  1,028
  1,097
  1,170
  1,246
  1,326
  1,409
  1,497
  1,589
  1,685
  1,786
  1,891
  2,002
Earnings before tax, $m
  3,702
  3,980
  4,257
  4,544
  4,843
  5,155
  5,479
  5,817
  6,169
  6,536
  7,357
  7,757
  8,175
  8,611
  9,068
  9,545
  10,043
  10,566
  11,112
  11,684
  12,283
  12,910
  13,568
  14,257
  14,979
  15,736
  16,529
  17,361
  18,234
  19,149
Tax expense, $m
  1,000
  1,075
  1,149
  1,227
  1,308
  1,392
  1,479
  1,571
  1,666
  1,765
  1,986
  2,094
  2,207
  2,325
  2,448
  2,577
  2,712
  2,853
  3,000
  3,155
  3,316
  3,486
  3,663
  3,849
  4,044
  4,249
  4,463
  4,688
  4,923
  5,170
Net income, $m
  2,702
  2,906
  3,107
  3,317
  3,536
  3,763
  4,000
  4,246
  4,503
  4,772
  5,371
  5,663
  5,968
  6,286
  6,619
  6,968
  7,332
  7,713
  8,112
  8,529
  8,967
  9,425
  9,905
  10,407
  10,935
  11,487
  12,066
  12,674
  13,311
  13,979

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
  10,099
  10,795
  11,518
  12,270
  13,053
  13,867
  14,715
  15,599
  16,520
  17,480
  18,482
  19,528
  20,620
  21,761
  22,954
  24,201
  25,505
  26,870
  28,298
  29,793
  31,359
  32,999
  34,717
  36,517
  38,404
  40,383
  42,457
  44,631
  46,912
  49,304
Adjusted assets (=assets-cash), $m
  10,099
  10,795
  11,518
  12,270
  13,053
  13,867
  14,715
  15,599
  16,520
  17,480
  18,482
  19,528
  20,620
  21,761
  22,954
  24,201
  25,505
  26,870
  28,298
  29,793
  31,359
  32,999
  34,717
  36,517
  38,404
  40,383
  42,457
  44,631
  46,912
  49,304
Revenue / Adjusted assets
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
Average production assets, $m
  5,019
  5,365
  5,725
  6,099
  6,488
  6,893
  7,314
  7,753
  8,211
  8,688
  9,186
  9,706
  10,249
  10,816
  11,409
  12,029
  12,677
  13,355
  14,065
  14,808
  15,587
  16,402
  17,256
  18,151
  19,089
  20,072
  21,103
  22,183
  23,317
  24,506
Working capital, $m
  -208
  -222
  -237
  -252
  -269
  -285
  -303
  -321
  -340
  -360
  -380
  -402
  -424
  -448
  -472
  -498
  -525
  -553
  -582
  -613
  -645
  -679
  -714
  -751
  -790
  -831
  -874
  -918
  -965
  -1,014
Total debt, $m
  3,944
  4,570
  5,221
  5,898
  6,602
  7,335
  8,099
  8,894
  9,723
  10,587
  11,489
  12,430
  13,413
  14,440
  15,514
  16,636
  17,810
  19,038
  20,323
  21,669
  23,078
  24,554
  26,100
  27,721
  29,419
  31,199
  33,066
  35,023
  37,076
  39,228
Total liabilities, $m
  9,089
  9,715
  10,366
  11,043
  11,747
  12,480
  13,244
  14,039
  14,868
  15,732
  16,634
  17,575
  18,558
  19,585
  20,659
  21,781
  22,955
  24,183
  25,468
  26,814
  28,223
  29,699
  31,245
  32,866
  34,564
  36,344
  38,211
  40,168
  42,221
  44,373
Total equity, $m
  1,010
  1,079
  1,152
  1,227
  1,305
  1,387
  1,472
  1,560
  1,652
  1,748
  1,848
  1,953
  2,062
  2,176
  2,295
  2,420
  2,551
  2,687
  2,830
  2,979
  3,136
  3,300
  3,472
  3,652
  3,840
  4,038
  4,246
  4,463
  4,691
  4,930
Total liabilities and equity, $m
  10,099
  10,794
  11,518
  12,270
  13,052
  13,867
  14,716
  15,599
  16,520
  17,480
  18,482
  19,528
  20,620
  21,761
  22,954
  24,201
  25,506
  26,870
  28,298
  29,793
  31,359
  32,999
  34,717
  36,518
  38,404
  40,382
  42,457
  44,631
  46,912
  49,303
Debt-to-equity ratio
  3.910
  4.230
  4.530
  4.810
  5.060
  5.290
  5.500
  5.700
  5.890
  6.060
  6.220
  6.370
  6.500
  6.640
  6.760
  6.870
  6.980
  7.090
  7.180
  7.270
  7.360
  7.440
  7.520
  7.590
  7.660
  7.730
  7.790
  7.850
  7.900
  7.960
Adjusted equity ratio
  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
  2,702
  2,906
  3,107
  3,317
  3,536
  3,763
  4,000
  4,246
  4,503
  4,772
  5,371
  5,663
  5,968
  6,286
  6,619
  6,968
  7,332
  7,713
  8,112
  8,529
  8,967
  9,425
  9,905
  10,407
  10,935
  11,487
  12,066
  12,674
  13,311
  13,979
Depreciation, amort., depletion, $m
  940
  974
  1,010
  1,048
  1,086
  1,127
  1,169
  1,213
  1,259
  1,307
  919
  971
  1,025
  1,082
  1,141
  1,203
  1,268
  1,336
  1,407
  1,481
  1,559
  1,640
  1,726
  1,815
  1,909
  2,007
  2,110
  2,218
  2,332
  2,451
Funds from operations, $m
  3,642
  3,880
  4,118
  4,365
  4,622
  4,890
  5,169
  5,459
  5,762
  6,078
  6,289
  6,633
  6,993
  7,368
  7,760
  8,170
  8,599
  9,048
  9,518
  10,010
  10,525
  11,065
  11,630
  12,222
  12,843
  13,494
  14,177
  14,892
  15,643
  16,430
Change in working capital, $m
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
Cash from operations, $m
  3,656
  3,894
  4,132
  4,380
  4,638
  4,907
  5,186
  5,478
  5,781
  6,098
  6,310
  6,655
  7,015
  7,391
  7,785
  8,196
  8,626
  9,076
  9,548
  10,041
  10,557
  11,099
  11,665
  12,260
  12,882
  13,535
  14,219
  14,937
  15,690
  16,479
Maintenance CAPEX, $m
  -469
  -502
  -537
  -572
  -610
  -649
  -689
  -731
  -775
  -821
  -869
  -919
  -971
  -1,025
  -1,082
  -1,141
  -1,203
  -1,268
  -1,336
  -1,407
  -1,481
  -1,559
  -1,640
  -1,726
  -1,815
  -1,909
  -2,007
  -2,110
  -2,218
  -2,332
New CAPEX, $m
  -330
  -346
  -360
  -374
  -389
  -405
  -422
  -439
  -458
  -477
  -498
  -520
  -543
  -567
  -593
  -620
  -648
  -678
  -710
  -743
  -778
  -815
  -854
  -895
  -938
  -983
  -1,031
  -1,081
  -1,134
  -1,189
Cash from investing activities, $m
  -799
  -848
  -897
  -946
  -999
  -1,054
  -1,111
  -1,170
  -1,233
  -1,298
  -1,367
  -1,439
  -1,514
  -1,592
  -1,675
  -1,761
  -1,851
  -1,946
  -2,046
  -2,150
  -2,259
  -2,374
  -2,494
  -2,621
  -2,753
  -2,892
  -3,038
  -3,191
  -3,352
  -3,521
Free cash flow, $m
  2,857
  3,046
  3,236
  3,434
  3,639
  3,853
  4,075
  4,307
  4,548
  4,799
  4,943
  5,216
  5,502
  5,799
  6,110
  6,435
  6,775
  7,130
  7,502
  7,891
  8,298
  8,725
  9,171
  9,639
  10,129
  10,643
  11,181
  11,746
  12,338
  12,958
Issuance/(repayment) of debt, $m
  375
  626
  651
  677
  704
  733
  763
  795
  829
  864
  902
  941
  983
  1,027
  1,073
  1,122
  1,174
  1,228
  1,285
  1,346
  1,409
  1,476
  1,546
  1,620
  1,698
  1,780
  1,867
  1,957
  2,053
  2,153
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  375
  626
  651
  677
  704
  733
  763
  795
  829
  864
  902
  941
  983
  1,027
  1,073
  1,122
  1,174
  1,228
  1,285
  1,346
  1,409
  1,476
  1,546
  1,620
  1,698
  1,780
  1,867
  1,957
  2,053
  2,153
Total cash flow (excl. dividends), $m
  3,231
  3,673
  3,887
  4,111
  4,344
  4,586
  4,839
  5,102
  5,377
  5,664
  5,845
  6,158
  6,485
  6,826
  7,184
  7,558
  7,949
  8,359
  8,788
  9,237
  9,708
  10,201
  10,718
  11,259
  11,828
  12,423
  13,048
  13,703
  14,390
  15,111
Retained Cash Flow (-), $m
  -299
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -130
  -136
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -217
  -228
  -239
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
  97
  104
  111
  118
  126
  134
  143
  151
  160
  170
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  307
  323
  339
  357
  376
  395
  415
  437
  459
  483
Cash available for distribution, $m
  2,932
  3,603
  3,815
  4,036
  4,265
  4,505
  4,754
  5,014
  5,285
  5,568
  5,745
  6,053
  6,375
  6,712
  7,064
  7,433
  7,819
  8,222
  8,645
  9,087
  9,551
  10,037
  10,546
  11,079
  11,639
  12,225
  12,840
  13,486
  14,162
  14,872
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
  2,812
  3,298
  3,320
  3,323
  3,306
  3,269
  3,212
  3,134
  3,036
  2,919
  2,728
  2,583
  2,424
  2,253
  2,074
  1,889
  1,701
  1,514
  1,331
  1,155
  988
  833
  691
  564
  453
  357
  276
  209
  155
  112
Current shareholders' claim on cash, %
  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
  100.0

S&P Global Inc., formerly McGraw Hill Financial Inc., is a provider of ratings, benchmarks, analytics and data to the capital and commodity markets around the world. The Company operates through three segments: Ratings, which provides credit ratings, research and analytics to investors, issuers and other market participants; Market and Commodities Intelligence, which offers multi-asset-class data, research and analytical capabilities that integrate cross-asset analytics and desktop services, and deliver their customers in the commodity and energy markets access to information, data, analytic services and pricing and benchmarks, and S&P Dow Jones Indices (Indices), which is an index provider that maintains a range of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. The Company's subsidiary, CRISIL Limited (CRISIL), is a global analytical company and a provider of ratings, data and research, analytics and solutions.

FINANCIAL RATIOS  of  S&P Global (SPGI)

Valuation Ratios
P/E Ratio 25
Price to Sales 9.3
Price to Book 80.9
Price to Tangible Book
Price to Cash Flow 35.9
Price to Free Cash Flow 39
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 $6063 million for the last fiscal year's total revenue generated by S&P Global. The default revenue input number comes from 2017 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 7.1% 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 40.5%.

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 5.4% 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 1.6%.

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 77.3%.

Life of production assets of 10 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 -3.2%. 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 - $711 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 256 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 $52.0 billion.

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COMPANY NEWS

▶ Adient and Eldorado Resorts Set to Join S&P MidCap 400   [Aug-14-18 05:59PM  PR Newswire]
▶ Triumph Bancorp Set to Join S&P SmallCap 600   [Jul-31-18 06:04PM  PR Newswire]
▶ S&P Global: 2Q Earnings Snapshot   [07:43AM  Associated Press]
▶ S&P Global Reports Second Quarter Results   [07:07AM  PR Newswire]
▶ Bonanza Creek Energy Set to Join S&P SmallCap 600   [Jul-25-18 06:36PM  PR Newswire]
▶ Redwood Trust Set to Join S&P SmallCap 600   [Jul-19-18 06:02PM  PR Newswire]
▶ Exclusive: Gymboree unleashes new retail strategy after shedding $900 million in debt   [Jul-17-18 04:26PM  American City Business Journals]
▶ Visteon Set to Join S&P MidCap 400   [Jul-05-18 06:04PM  PR Newswire]
▶ Preferred Bank Set to Join S&P SmallCap 600   [Jun-29-18 05:41PM  PR Newswire]
▶ Heritage Financial Set to Join S&P SmallCap 600   [Jun-27-18 06:04PM  PR Newswire]
▶ S&P Global Declares Quarterly Dividend   [Jun-26-18 02:15PM  PR Newswire]
▶ With GE Gone, Its Time to Stop Covering the Dow Jones Index   [Jun-20-18 12:44PM  InvestorPlace]
▶ S&P Global to Acquire RateWatch   [09:23AM  PR Newswire]
▶ S&P Global Platts announces customized Jet Fuel service   [May-30-18 07:36AM  PR Newswire]
▶ [$$] S&P Global Moves to Start Ratings Business in China   [May-24-18 11:58PM  The Wall Street Journal]
▶ [$$] S&P Global Moves to Start Ratings Business in China   [03:06PM  The Wall Street Journal]
▶ Renewable Energy Group Set to Join S&P SmallCap 600   [May-11-18 05:40PM  PR Newswire]
▶ S&P Global Inc (NYSE:SPGI) Is Undervalued By 6%   [May-09-18 08:27PM  Simply Wall St.]
▶ SDG Evaluation Tool Launched by Trucost   [01:41PM  PR Newswire]
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