S&P Global: Strong Position But Issues Keep on Surfacing

研报英文原文证据摘录

S&P Global: Strong Position But Issues Keep on Surfacing

Global Research

28 July 2026ab

S&P Global Equities

AmericasStrong Position But Issues Keep on Surfacing

Diversified Financial

12-month rating Buy

Muted market intelligence growth overshadows strong benchmark businesses

SPGI materially underperformed following 2Q results as both the Market Intelligence 12m price target US$525.00

(MI) and Energy segments disappointed. Elongated contract renewal discussions and

underperforming small business lines are weighing on the MI segment, which lowers

Price (28 Jul 2026) US$424.36

confidence in the needed reacceleration. That said, key benchmark businesses (ratings

and index) continue to perform well, and our FY27 EPS estimates actually come up. Our RIC: SPGI.N BBG: SPGI US

forecasts for the Ratings segment in the 2H could also prove conservative. MI trends will

Trading data and key metrics

likely remain in focus, but with the overall growth outlook intact and valuation

52-wk range US$564.15-390.76

undemanding, we continue to see a strong setup here.

Market cap. US$129b

AI-driven data demand continuing to accelerate; numbers lag behind Shares o/s 305m (COM)

Free float 100%

Sales to customers using AI solutions continue to grow faster: ACV growth for AI

customers in Market Intelligence is 60% higher and for Energy segment customers Avg. daily volume ('000) 609

is 3x higher. Avg. daily value (m) US$256.5

Common s/h equity (12/26E) US$28.3b

Within the MI segment, management noted that the contract renewal process has P/BV (12/26E) 4.4x

lengthened for its larger clients as they increase AI-related data usage (up another Net debt to EBITDA (12/26E) 1.6x

5x q/q in the 2Q) and SPGI looks to balance that with its need to protect its IP.