Kensho: buying the future
While SPGI's acquisition of Kensho makes sense from a strategic perspective, we are less convinced financially. Also, we question whether SPGI could have just licensed Kensho's technologies without paying 27x sales. That said, the technology sounds impressive and management has promised that it will provide milestones - both revenue enhancement and cost savings - to demonstrate Kensho's NPV-positive contribution as the technologies are applied. With the transaction having an immaterial impact on earnings, we retain our OW rating.S&P Global is a provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The company's segments include: S&P Global Ratings, which provides credit ratings, research and analytics; S&P Global Market Intelligence, which provides multi-asset-class data, research and analytical capabilities that integrate cross-asset analytics and desktop services; S&P Global Platts, which provides information and benchmark prices for the commodity and energy markets; and S&P Dow Jones Indices, which provides a variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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