Moody's Corporation (0K36.L)

Industry: Financial - Diversified Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0L3I.L	1	The Charles Schwab	27,156	20.75	16.72	12.27	12.27	13.89	10.99
0KYY.L	2	S&P Global Inc.	15,012	35.87	32.25	21.58	18.85	23.63	23.52
0K91.L	3	Northern Trust Cor	11,185	14.72	13.86	17.75	17.75	16.48	15.60
0SAY.L	4	DWS Group GmbH & C	8,821	10.37	10.37	6.26	6.26	7.25	6.65
0K36.L	5	Moody's Corporatio	7,501	38.11	36.56	25.02	23.39	24.81	26.40
0HR2.L	6	CME Group Inc.	6,397	25.91	23.18	18.34	16.79	25.23	21.65
0HQN.L	7	Cboe Global Market	4,618	26.10	22.49	17.08	15.26	17.11	16.44
0QOQ.L	8	Partners Group Hol	4,518	14.47	12.05	12.48	9.65	18.80	10.18
0QJX.L	9	EFG International	3,967	8.15	6.11	6.14	6.14	3.78	4.25
0K5R.L	10	Navient Corporatio	3,411	-	-	-	-	-	-
0J0N.L	11	Green Dot Corporat	2,013	-	-	-5.38	-5.32	-	-15.14
0QLD.L	12	Swissquote Group H	1,756	11.90	5.42	2.31	1.16	2.34	1.34
0QPJ.L	13	Cembra Money Bank	1,396	8.60	8.11	9.51	7.73	9.87	9.72
0NDP.L	14	MLP SE	1,259	12.41	11.29	32.03	29.82	45.30	43.65
0RP0.L	15	Tikehau Capital	1,200	11.25	11.25	2,495.91	2,495.91	17.01	11.48
0RG7.L	16	VP Bank AG	986	7.70	7.79	-22.95	-11.94	-15.43	-23.34

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.90	11.25	12.37	10.96	15.18	10.59
Full Range Median Multiple	12.41	11.29	14.78	13.76	16.74	11.24
Industry Multiple	16.02	13.91	220.97	219.80	16.72	14.62
Market Implied Multiple	43.18	41.42	28.14	26.31	27.90	29.70
Company (0K36.L) Multiple	38.11	36.56	25.02	23.39	24.81	26.40
(*) Net Income / EBITDA / Revenue	2,244	2,339	3,637	3,891	3,668	3,447
Winsorized Enterprise Value	N/A	N/A	44,990	42,627	55,691	36,494
Full Range Median Enterprise Value	N/A	N/A	53,748	53,551	61,411	38,722
(-) Net Debt	5,464	5,464	5,464	5,464	5,464	5,464
Winsorized Equity Value	26,711	26,309	39,526	37,163	50,227	31,030
Full Range Median Equity Value	27,855	26,411	48,284	48,087	55,947	33,258
(/) Shares Outstanding	180	180	180	180	180	180
Winsorized Fair Value	$148.81	$146.57	$220.20	$207.04	$279.82	$172.87
Full Range Median Fair Value	$155.18	$147.14	$268.99	$267.89	$311.68	$185.28
Current Price	$539.76	$539.76	$539.76	$539.76	$539.76	$539.76
Upside / Downside	-72.43%	-72.85%	-59.20%	-61.64%	-48.16%	-67.97%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$104.16	$102.60	$154.14	$144.92	$195.87	$121.01
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy