Discounted Cash Flow (DCF) Analysis Unlevered

S&P Global Inc. (SPGI)

$316.17

-5.48 (-1.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 233.46 | 316.17 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 6,0636,2586,6997,4428,2978,978.259,715.4410,513.1611,376.3712,310.46
Revenue (%)
EBITDA 2,6482,8583,1523,5754,2224,225.534,572.484,947.915,354.185,793.80
EBITDA (%)
EBIT 2,4682,6522,9483,3694,0443,970.204,296.184,648.945,030.655,443.71
EBIT (%)
Depreciation 180206204206178255.33276.29298.98323.53350.09
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 2,7911,9352,8944,1176,5084,559.404,933.765,338.865,777.236,251.58
Total Cash (%)
Account Receivables 1,3191,4491,5771,5931,6501,970.592,132.392,307.482,496.942,701.96
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 195211190233205269.81291.96315.94341.88369.95
Accounts Payable (%)
Capital Expenditure -123-113-115-76-35-125.59-135.90-147.06-159.14-172.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 316.17
Beta 1.045
Diluted Shares Outstanding 242.10
Cost of Debt
Tax Rate 27.38
After-tax Cost of Debt 1.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.759
Total Debt 4,702
Total Equity 76,544.76
Total Capital 81,246.76
Debt Weighting 5.79
Equity Weighting 94.21
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 6,0636,2586,6997,4428,2978,978.259,715.4410,513.1611,376.3712,310.46
EBITDA 2,6482,8583,1523,5754,2224,225.534,572.484,947.915,354.185,793.80
EBIT 2,4682,6522,9483,3694,0443,970.204,296.184,648.945,030.655,443.71
Tax Rate 39.21%26.97%27.54%21.50%27.38%28.52%28.52%28.52%28.52%28.52%
EBIAT 1,500.261,936.822,136.042,644.692,936.852,837.913,070.923,323.073,595.923,891.18
Depreciation 180206204206178255.33276.29298.98323.53350.09
Accounts Receivable --130-128-16-57-320.59-161.80-175.09-189.46-205.02
Inventories ----------
Accounts Payable -16-2143-2864.8122.1523.9725.9428.07
Capital Expenditure -123-113-115-76-35-125.59-135.90-147.06-159.14-172.20
UFCF 1,557.261,915.822,076.042,801.692,994.852,711.873,071.673,323.873,596.793,892.12
WACC
PV UFCF 2,502.652,615.992,612.392,608.792,605.20
SUM PV UFCF 12,945.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.36
Free cash flow (t + 1) 3,969.96
Terminal Value 62,420.75
Present Value of Terminal Value 41,781.50

Intrinsic Value

Enterprise Value 54,726.51
Net Debt -1,795
Equity Value 56,521.51
Shares Outstanding 242.10
Equity Value Per Share 233.46