SPGI 全部观点

There are rumors that S&P Global may sell Capital IQ. As a major shareholder of S&P Global, what does that mean?

They say that S&P Global is considering spinning off its flagship data and research platform, Capital IQ Pro, in a move that could create a multi-billion dollar standalone company.

Well, nothing is certain here, but this would be a big move for S&P Global, and I think it's already justified.

S&P Global has certainly pulled back and lagged the market, down by about 9%.

So, let's start with the best business of the three, S&P Global, with the ticker symbol SPGI. This company runs the largest credit rating agency on the planet, and it owns the S&P 500 index itself.

Now, the stock is down about 12% this year, and most people see that and think that's been crushed. But, there is a massive detail almost everyone is missing. Back on July 1st, S&P spun off an entire division and handed it directly to shareholders as a separate stock.

So, a big piece of that so-called drop is not lost money. It's value that was literally distributed to the people who owned it. What is left behind is a leaner, cleaner, insanely profitable company now trading at a lower price.

So, you can see the top 10 list: Microsoft, Meta, Visa, S&P Global, Google, Disney, Capital One Financial, Thermo Fisher Scientific, DHR and Comcast.

I mean, just take a look at this list. We have S&P Global, Accenture, Intuit, SAP, Equifax, Cognizant, and Salesforce. These are all companies that have been hammered over the last year, with some being down 50% at some points.

These are software companies, IT services, and financial data companies. These are what I deem as AI victim stocks.

Pershing Square opened four brand new positions this quarter: Netflix, Visa, Mastercard, and S&P Global.

And what's notable is that each one landed pretty much at 5% of the Pershing Square portfolio. So, this definitely reads as a bit of a rotation into, you know, a cluster of dominant businesses as opposed to Ackman having one big swing this quarter like sometimes he does.

Next up, we get to S&P Global. It's my fifth largest position. We're at $127,000 total size, $20,000 in gains. It's about 8.5% of the portfolio. My buyin target for S&B Global, if it's going to get this additional $10,000, is $350.

Now, looking at the chart here, S&B Global has not traded down below 350 this entire year. So, it seems unlikely. Maybe it won't hit this buy in target, and that's fine. We want to be disciplined with this new money.

The last time the S&P Global traded below 350 was back in late 2023. So, I believe it's unlikely for it to hit this target, but I think there's still a chance. And again, we're looking for really good buys here.

We're not just looking for modest dips. I want this additional $10,000 to be a very high returning $10,000.

And the first one is S&P Global, a stock we've been watching closely over the last year. Because in the last year now, it's down by 26% and year-to-date down by 21.3%.

Now, what's interesting about this is if we jump over to our stock screener and look at S&P Global, I want you to pay close attention to something. Revenue per share for S&P Global has been incredibly stable over the past decade and earnings per share for the most part has been as well.

They've seen incredible growth. So, naturally, if revenue and earnings have been growing, particularly in the last few years, but the share price has seen a rather large pullback, what does that mean?

Well, it means the valuation multiple has declined substantially. On average over the last 5 years, the stock has traded at a PE multiple of 28.8. The company has traded at a premium, but now it's trading at a PE multiple of 21.6, pretty close to that of the S&P 500, very close to the average of the S&P 500.