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S&P Global Inc - Stock Quote SPGI

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Morningstar's S&P Global Inc Stock Analysis

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Ratings Weakness Modestly Lowers Outlook for S&P Global

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Wide-moat-rated S&P Global started 2022 with strong results in nonratings segments. Adjusted pro forma revenue grew 2%. Ratings revenue declined 15% while pro forma nonratings revenue grew 9%. As we tweak our estimates to incorporate near-term softness in ratings and lower market values for index revenue, we are decreasing our fair value estimate on S&P Global to $410 from $430.

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S&P Global Inc's Company Profile

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, Indices, and Platts. Market Intelligence provides desktop tools and other data solutions to investment banks, corporations, and other entities. Indices 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
Sector Financial Services
Industry Financial Data & Stock Exchanges
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 15, 2022
Stock Type Cyclical
Employees 22,850

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