Model update: remain Overweight
We are updating our SPGI model to reflect the $20m expense that SPGI will incur in 1Q18 following a contribution to the S&P Global Foundation. The expense will be recorded in SPGI's unallocated expenses. As a result, we have lowered our adjusted EPS forecast by 2.9% in 1Q18 and by 0.7% in FY18. Our other forecasts are unchanged. Our valuation and price target remain at $210 and we retain our Overweight recommendation.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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