S&P Global & Mobility Global: Mobility Global: Keep on Spinning

研报英文原文证据摘录

S&P Global & Mobility Global: Mobility Global: Keep on Spinning

Foundation

June 24, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMS&P Global & Mobility Global | North America Toni Kaplan

Equity Analyst

Mobility Global: Keep on Toni.Kaplan@morganstanley.comGreg Parrish, CFA +1 212 761-3620

Greg.Parrish@morganstanley.com +1 212 761-0156

Spinning

Business & Education Services

North America

Mobility Global (MBGL) will begin trading when-issued on June Industry View In-Line

26. SPGI expects regular-way trading of MBGL to begin on July 1.

We expect Mobility to trade in-line to the bottom-end of Info

Services peers at a low-double-digit adj. EBITDA multiple,

implying $5.4-$8.4B of equity value at spin.

Key Takeaways

MBGL is a leading provider for used and new car markets, spinning out of SPGI on

July 1 with when-issued trading beginning June 26.

The business has a strong financial algo of 7.5–10% top-line growth, ~50 bps of

annual margin expansion, and ~8–11% EPS growth, similar to Info Services peers.

MBGL has a $78B TAM including a $14B opportunity in its core offerings and

currently has 13% penetration.

AI will likely be a key debate, but MBGL has proprietary data with 177k data

sources and 38B records across 800M+ VINs.

We expect MBGL to trade in line to the low end of Info Services peers, and we

estimate current fair value of $18-$28 per share.

What is Mobility Global? Mobility Global is the leading data provider for used and

new car markets. In the used car market, Mobility Global underpins transactions

through its CARFAX offering, and helps dealers make decisions and market to

consumers. In the new car market, Mobility helps OEMs make critical strategy and

planning decisions through its vehicle and supply chain forecasting data. Mobility