We publish no single base value for S&P Global. Our valuation methods put it between $353.84 and $408.34 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | $353.84 | -24.5% | free cash flow $5.64bn, growth 5.99% for 5 years, then fading to 3% over 5 more, discounted at 9.72%; stress floor $228.44 |
| Exit multiple (P/E) | $408.34 | -12.8% | earnings per share $17.95 valued at 28.59× (the stock's own median P/E) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
The discount rate:
| Risk-free rate | 5.13% (10-year US Treasury yield) |
| Company's own beta | 1.03 (5 years of monthly returns against the S&P 500; standard error 0.17) |
| Peer beta | 0.96 (median of 7 S&P 500 Financial Exchanges & Data companies) |
| Blend of own and peers | 1.03 (88% own, 12% peers, weighted by how precisely the company's own beta is measured) |
| Adjusted beta | 1.02 (0.67 × 1.03 + 0.33, pulled toward the market's 1.0) |
| Equity risk premium | 4.5% |
| Discount rate = risk-free + adjusted beta × premium | 9.72% |
Free cash flow grows 5.99% a year for 5 years, then fades in equal steps toward 3% over 5 more; each year is discounted by 1 ÷ (1 + rate)^year:
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Now | — | $5.64bn | — | — |
| Year 1 | 5.99% | $5.98bn | 0.9114 | $5.45bn |
| Year 2 | 5.99% | $6.34bn | 0.8307 | $5.26bn |
| Year 3 | 5.99% | $6.72bn | 0.7571 | $5.09bn |
| Year 4 | 5.99% | $7.12bn | 0.6900 | $4.91bn |
| Year 5 | 5.99% | $7.55bn | 0.6289 | $4.75bn |
| Year 6 | 5.49% | $7.96bn | 0.5732 | $4.56bn |
| Year 7 | 4.99% | $8.36bn | 0.5224 | $4.37bn |
| Year 8 | 4.50% | $8.73bn | 0.4761 | $4.16bn |
| Year 9 | 4.00% | $9.08bn | 0.4339 | $3.94bn |
| Year 10 | 3.50% | $9.40bn | 0.3955 | $3.72bn |
| Terminal value = year-10 cash flow × (1 + 3%) ÷ (9.72% − 3%) | $144.07bn |
| Terminal value in today's money | $56.98bn |
| Present value of years 1–10 | $46.20bn |
| Total present value | $103.18bn |
| Shares outstanding | 291.60m |
| Value per share = total ÷ shares | $353.84 |
How the DCF value moves with the discount rate and the starting growth (the middle cell is the published value):
| Discount rate | Growth 0.99% | Growth 5.99% | Growth 10.99% |
|---|---|---|---|
| 8.72% | $308.09 | $417.73 | $564.07 |
| 9.72% | $263.17 | $353.84 | — |
| 10.72% | $229.85 | $306.58 | — |
The same DCF at each beta, starting growth unchanged:
| Beta | Value | Discount rate | DCF value |
|---|---|---|---|
| Company's own beta | 1.03 | 9.77% | $351.41 |
| Peer beta | 0.96 | 9.45% | $369.13 |
| Adjusted beta (used) | 1.02 | 9.72% | $353.84 |
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $17.95 |
| Year 1 | 5.99% | $19.02 |
| Year 2 | 5.24% | $20.02 |
| Year 3 | 4.68% | $20.96 |
| Year 4 | 4.26% | $21.85 |
| Year 5 | 3.95% | $22.71 |
| Earnings per share in year 5 | $22.71 |
| Exit P/E (the stock's own median P/E) | 28.59× |
| Value in 5 years = earnings × P/E | $649.30 |
| Discounted at 9.72% over 5 years: ÷ 1.5901 | $408.34 |
We publish no single base value for S&P Global. Our valuation methods put it between $353.84 and $408.34 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
One-year price simulation: a 10% chance the price is below $362.35 and a 10% chance it is above $688.57 in a year; a 60% chance it is higher than today's $468.51, from 24.92% volatility. The simulation assumes the price drifts up at our discount rate of 9.72% a year.
At $468.51 the price implies free cash flow growing 10.8% a year for five years and then fading toward 3% over five more; its revenue has grown 6.0%.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $386.27 | — |
| 9 Oct 2026 | $407.82 | — |
| 16 Oct 2026 | $429.64 | $449.65 |
| 23 Oct 2026 | $450.31 | $450.77 |
| 30 Oct 2026 | $466.55 | — |
| 6 Nov 2026 | $467.80 | — |
| 12 Nov 2026 | $468.51 | — |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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