SPGI — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($441.88)
DCF	$1282.98	+190.3%
Graham Number	$185.43	-58.0%
Reverse DCF	—	implied g: 13.9%
DDM	$79.93	-81.9%
EV/EBITDA	$458.71	+3.8%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.88B

Near-term growth (yrs 1–5)(%)Rev: 9.0% / EPS: 32.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.89%

Computed WACC: 9.89%

Cost of equity (Re)10.91%(Rf 4.30% + β 1.20 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)90.71%

Debt weight (D/V)9.29%

Results

Intrinsic Value / share$1089.38

Current Price$441.88

Upside / Downside+146.5%

Net Debt (used)$11.91B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	24.0%	28.0%	32.0%	36.0%	40.0%
7.0%	$1472.66	$1724.98	$2010.34	$2331.93	$2693.09
8.0%	$1156.57	$1354.67	$1578.61	$1830.87	$2114.06
9.0%	$940.06	$1101.06	$1282.98	$1487.81	$1717.68
10.0%	$783.13	$917.28	$1068.78	$1239.30	$1430.58
11.0%	$664.62	$778.52	$907.10	$1051.75	$1213.94

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $14.67

Book Value / share($)Yahoo: $104.17

Results

Graham Number$185.43

Current Price$441.88

Margin of Safety-58.0%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.89%

Terminal growth rate(%)

Computed WACC: 9.89%

Cost of equity (Re)10.91%(Rf 4.30% + β 1.20 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)90.71%

Debt weight (D/V)9.29%

Results

Current Price$441.88

Implied Near-term FCF Growth16.4%

Historical Revenue Growth9.0%

Historical Earnings Growth32.0%

Base FCF (TTM)$4.88B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $3.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$79.93

Current Price$441.88

Upside / Downside-81.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $7.64B

Target EV/EBITDA multipleCurrent: 19.5×

Net Debt($B)Default: $11.91B

Results

Implied Equity Value / share$458.71

Current Price$441.88

Upside / Downside+3.8%

Implied EV$148.97B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$5.91B	$8.91B	$11.91B	$14.91B	$17.91B
15.5x	$376.46	$366.42	$356.38	$346.34	$336.30
17.5x	$427.62	$417.58	$407.54	$397.50	$387.46
19.5x	$478.79	$468.75	$458.71	$448.67	$438.63
21.5x	$529.95	$519.91	$509.87	$499.83	$489.79
23.5x	$581.12	$571.08	$561.04	$550.99	$540.95

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