Discounted Cash Flow (DCF) Analysis Levered
S&P Global Inc. (SPGI)
$334.59
+0.10 (+0.03%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 6,258 | 6,699 | 7,442 | 8,297 | 9,116.39 | 10,016.69 | 11,005.91 | 12,092.81 | 13,287.06 | 14,599.25 | 16,041.02 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 2,064 | 2,776 | 3,567 | 3,598 | 3,776.84 | 4,149.83 | 4,559.65 | 5,009.95 | 5,504.71 | 6,048.34 | 6,645.66 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | -113 | -115 | -76 | -35 | -113.17 | -124.34 | -136.62 | -150.12 | -164.94 | -181.23 | -199.13 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | 1,951 | 2,661 | 3,491 | 3,563 | 3,663.67 | 4,025.48 | 4,423.03 | 4,859.83 | 5,339.77 | 5,867.11 | 6,446.53 |
Weighted Average Cost Of Capital
| Share price | $ 334.59 |
|---|---|
| Beta | 1.116 |
| Diluted Shares Outstanding | 241.80 |
| Cost of Debt | |
| Tax Rate | 27.38 |
| After-tax Cost of Debt | 3.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.749 |
| Total Debt | 11,533 |
| Total Equity | 80,903.86 |
| Total Capital | 92,436.86 |
| Debt Weighting | 12.48 |
| Equity Weighting | 87.52 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 6,258 | 6,699 | 7,442 | 8,297 | 9,116.39 | 10,016.69 | 11,005.91 | 12,092.81 | 13,287.06 | 14,599.25 | 16,041.02 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,064 | 2,776 | 3,567 | 3,598 | 3,776.84 | 4,149.83 | 4,559.65 | 5,009.95 | 5,504.71 | 6,048.34 | 6,645.66 |
| Capital Expenditure | -113 | -115 | -76 | -35 | -113.17 | -124.34 | -136.62 | -150.12 | -164.94 | -181.23 | -199.13 |
| Free Cash Flow | 1,951 | 2,661 | 3,491 | 3,563 | 3,663.67 | 4,025.48 | 4,423.03 | 4,859.83 | 5,339.77 | 5,867.11 | 6,446.53 |
| WACC | |||||||||||
| PV LFCF | 3,663.67 | 3,723.51 | 3,784.32 | 3,846.13 | 3,908.94 | 3,972.79 | 4,037.67 | ||||
| SUM PV LFCF | 21,135.34 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.11 |
| Free cash flow (t + 1) | 6,575.46 |
| Terminal Value | 107,618.02 |
| Present Value of Terminal Value | 72,871.16 |
Intrinsic Value
| Enterprise Value | 94,006.50 |
|---|---|
| Net Debt | 10,246 |
| Equity Value | 83,760.50 |
| Shares Outstanding | 241.80 |
| Equity Value Per Share | 346.40 |