S&P Global Inc

SPGI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$325.00	Wcf	Hstvswbff

S&P Global's Collection of Moaty Subscription Businesses Helps It Offset Ratings Weakness

Rajiv Bhatia

Apr 27, 2023

Business Strategy and Outlook

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model will further diversify S&P revenue, limiting both the upside and downside scenarios for the firm.

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