S&P Global Inc. (0KYY.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	16.19	14.25	221.26	220.18	16.82	14.86
Market Implied Multiple	40.39	36.32	24.13	21.07	26.41	26.29
Company (0KYY.L) Multiple	35.87	32.25	21.58	18.85	23.63	23.52
(*) Net Income / EBITDA / Revenue	4,129	4,592	7,335	8,399	6,700	6,730
Winsorized Enterprise Value	N/A	N/A	90,735	92,020	101,726	71,264
Full Range Median Enterprise Value	N/A	N/A	108,398	115,602	112,174	75,615
(-) Net Debt	10,194	10,194	10,194	10,194	10,194	10,194
Winsorized Equity Value	49,148	51,646	80,541	81,826	91,532	61,070
Full Range Median Equity Value	51,255	51,846	98,204	105,408	101,980	65,421
(/) Shares Outstanding	304	304	304	304	304	304
Winsorized Fair Value	$161.51	$169.72	$264.67	$268.90	$300.80	$200.69
Full Range Median Fair Value	$168.43	$170.38	$322.72	$346.39	$335.13	$214.99
Current Price	$548.04	$548.04	$548.04	$548.04	$548.04	$548.04
Upside / Downside	-70.53%	-69.03%	-51.70%	-50.93%	-45.11%	-63.38%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$113.06	$118.80	$185.27	$188.23	$210.56	$140.48
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy