Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

S&P Global Inc. (0KYY.L)

Company Dividend Discount ModelIndustry: Financial - DiversifiedSector: Financial Services

Valuation Snapshot

Stable Growth$390.87 - $1,485.06$658.83
Multi-Stage$246.87 - $269.84$258.15
Blended Fair Value$458.49
Current Price$486.71
Upside-5.80%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS15.16%13.28%3.693.733.332.422.101.821.641.371.241.18
YoY Growth---1.13%12.01%37.82%15.19%15.18%11.33%19.48%10.79%4.68%11.35%
Dividend Yield--0.73%0.87%0.97%0.59%0.59%0.74%0.77%0.72%0.95%1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,129.00
(-) Cash Dividends Paid (M)1,160.00
(=) Cash Retained (M)2,969.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)825.80516.13309.68
Cash Retained (M)2,969.002,969.002,969.00
(-) Cash Required (M)-825.80-516.13-309.68
(=) Excess Retained (M)2,143.202,452.882,659.33
(/) Shares Outstanding (M)307.55307.55307.55
(=) Excess Retained per Share6.977.988.65
LTM Dividend per Share3.773.773.77
(+) Excess Retained per Share6.977.988.65
(=) Adjusted Dividend10.7411.7512.42
WACC / Discount Rate8.40%8.40%8.40%
Growth Rate5.50%6.50%7.50%
Fair Value$390.87$658.83$1,485.06
Upside / Downside-19.69%35.36%205.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,129.004,397.394,683.224,987.625,311.825,657.095,826.80
Payout Ratio28.09%40.48%52.86%65.24%77.62%90.00%92.50%
Projected Dividends (M)1,160.001,779.852,475.383,253.814,122.975,091.385,389.79

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.40%8.40%8.40%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,626.531,641.941,657.36
Year 2 PV (M)2,067.272,106.652,146.39
Year 3 PV (M)2,483.282,554.562,627.20
Year 4 PV (M)2,875.552,986.143,099.88
Year 5 PV (M)3,245.073,401.813,564.55
PV of Terminal Value (M)63,628.5066,701.7869,892.68
Equity Value (M)75,926.2079,392.8882,988.07
Shares Outstanding (M)307.55307.55307.55
Fair Value$246.87$258.15$269.84
Upside / Downside-49.28%-46.96%-44.56%

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