SPGI · NYQ · Financial Services
S&P Global Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 139.62
Market price
USD 475.17
Implied upside
-70.6%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 11.3%
- Payout
- 29%
- Cost of equity
- 9.22%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 31.1bn | USD 33.4bn | USD 35.7bn | USD 38.0bn | USD 40.2bn | USD 42.3bn | USD 44.2bn | USD 46.1bn | USD 47.7bn | USD 49.2bn |
| Return on equity | 11.3% | 11.3% | 11.3% | 11.3% | 11.3% | 11.3% | 11.3% | 11.3% | 11.3% | 11.3% |
| Excess return | USD 636.7m | USD 683.9m | USD 730.8m | USD 776.9m | USD 821.7m | USD 864.7m | USD 905.1m | USD 942.5m | USD 976.4m | USD 1.0bn |
| Present value | USD 583.0m | USD 573.3m | USD 560.9m | USD 546.0m | USD 528.8m | USD 509.4m | USD 488.3m | USD 465.5m | USD 441.6m | USD 416.6m |
| Book equity | USD 31.1bn |
| Present value of excess returns | USD 5.1bn |
| Terminal, growing at 2.50% | USD 6.4bn |
| Equity value | USD 42.6bn |
| Per share | USD 139.62 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 1.022 | Reported 1.033, pulled toward 1.0 (Blume) |
| Cost of equity | 9.22% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.