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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 24.1x - 26.6x | 25.4x |
| Selected Fwd EBIT Multiple | 21.0x - 23.2x | 22.1x |
| Fair Value | $383.58 - $426.61 | $405.10 |
| Upside | -17.6% - -8.4% | -13.0% |
| Benchmarks | Ticker | Full Ticker |
| S&P Global Inc. | SPGI | NYSE:SPGI |
| Intercontinental Exchange, Inc. | ICE | NYSE:ICE |
| Nasdaq, Inc. | NDAQ | NasdaqGS:NDAQ |
| MSCI Inc. | MSCI | NYSE:MSCI |
| FactSet Research Systems Inc. | FDS | NYSE:FDS |
| Moody's Corporation | MCO | NYSE:MCO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SPGI | ICE | NDAQ | MSCI | FDS | MCO | ||
| NYSE:SPGI | NYSE:ICE | NasdaqGS:NDAQ | NYSE:MSCI | NYSE:FDS | NYSE:MCO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.1% | 10.6% | 12.0% | 15.2% | 10.0% | 7.6% | |
| 3Y CAGR | 8.5% | 7.6% | 7.3% | 11.7% | 14.2% | 1.7% | |
| Latest Twelve Months | 26.7% | 11.4% | 8.9% | 10.7% | 4.4% | 33.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 44.5% | 50.4% | 27.1% | 53.3% | 30.7% | 41.8% | |
| Prior Fiscal Year | 36.6% | 49.7% | 30.3% | 54.8% | 31.4% | 37.7% | |
| Latest Fiscal Year | 40.8% | 47.7% | 27.1% | 53.7% | 32.0% | 42.1% | |
| Latest Twelve Months | 40.8% | 47.7% | 27.1% | 53.7% | 31.6% | 42.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.92x | 12.83x | 7.08x | 16.85x | 8.28x | 12.54x | |
| EV / LTM EBITDA | 24.3x | 21.1x | 20.0x | 29.1x | 21.9x | 27.5x | |
| EV / LTM EBIT | 29.2x | 26.9x | 26.2x | 31.4x | 26.2x | 29.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 26.2x | 26.9x | 31.4x | ||||
| Historical EV / LTM EBIT | 23.8x | 27.8x | 37.0x | ||||
| Selected EV / LTM EBIT | 24.1x | 25.4x | 26.6x | ||||
| (x) LTM EBIT | 2,981 | 2,981 | 2,981 | ||||
| (=) Implied Enterprise Value | 71,826 | 75,607 | 79,387 | ||||
| (-) Non-shareholder Claims * | (4,540) | (4,540) | (4,540) | ||||
| (=) Equity Value | 67,286 | 71,067 | 74,847 | ||||
| (/) Shares Outstanding | 179.9 | 179.9 | 179.9 | ||||
| Implied Value Range | 374.04 | 395.06 | 416.07 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 374.04 | 395.06 | 416.07 | 465.69 | |||
| Upside / (Downside) | -19.7% | -15.2% | -10.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SPGI | ICE | NDAQ | MSCI | FDS | MCO | |
| Enterprise Value | 169,324 | 119,081 | 52,420 | 48,135 | 18,666 | 88,313 | |
| (+) Cash & Short Term Investments | 1,686 | 844 | 605 | 406 | 287 | 2,974 | |
| (+) Investments & Other | 1,774 | 0 | 538 | 0 | 0 | 563 | |
| (-) Debt | (12,042) | (20,740) | (9,923) | (4,657) | (1,663) | (7,915) | |
| (-) Other Liabilities | (4,349) | (73) | (9) | 0 | 0 | (162) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 156,393 | 99,112 | 43,631 | 43,884 | 17,290 | 83,773 | |
| (/) Shares Outstanding | 307.8 | 574.6 | 575.1 | 77.6 | 38.0 | 179.9 | |
| Implied Stock Price | 508.10 | 172.50 | 75.86 | 565.50 | 454.64 | 465.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 508.10 | 172.50 | 75.86 | 565.50 | 454.64 | 465.69 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |