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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17,9x - 19,7x | 18,8x |
| Selected Fwd EBITDA Multiple | 15,2x - 16,8x | 16,0x |
| Fair Value | $145,03 - $163,95 | $154,49 |
| Upside | -9,9% - 1,8% | -4,0% |
| Benchmarks | Ticker | Full Ticker |
| MSCI Inc. | MSCI | NYSE:MSCI |
| S&P Global Inc. | SPGI | NYSE:SPGI |
| Nasdaq, Inc. | NDAQ | NasdaqGS:NDAQ |
| Morningstar, Inc. | MORN | NasdaqGS:MORN |
| Moody's Corporation | MCO | NYSE:MCO |
| Intercontinental Exchange, Inc. | ICE | NYSE:ICE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MSCI | SPGI | NDAQ | MORN | MCO | ICE | ||
| NYSE:MSCI | NYSE:SPGI | NasdaqGS:NDAQ | NasdaqGS:MORN | NYSE:MCO | NYSE:ICE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.1% | 14.9% | 14.5% | 16.0% | 7.3% | 12.5% | |
| 3Y CAGR | 12.1% | 13.9% | 11.2% | 14.1% | 1.5% | 9.0% | |
| Latest Twelve Months | 11.7% | 21.9% | 21.0% | 54.4% | 16.3% | 15.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 57.3% | 50.4% | 32.1% | 19.8% | 46.5% | 61.3% | |
| Prior Fiscal Year | 58.5% | 45.7% | 35.7% | 16.4% | 42.0% | 61.3% | |
| Latest Fiscal Year | 57.9% | 49.0% | 35.4% | 22.7% | 45.6% | 60.7% | |
| Latest Twelve Months | 57.9% | 49.0% | 35.4% | 22.7% | 45.9% | 60.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 15.61x | 11.30x | 6.90x | 5.32x | 11.43x | 12.12x | |
| EV / LTM EBITDA | 27.0x | 23.0x | 19.5x | 23.4x | 24.9x | 20.0x | |
| EV / LTM EBIT | 29.0x | 27.7x | 25.5x | 28.8x | 27.0x | 25.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 19.5x | 23.4x | 27.0x | ||||
| Historical EV / LTM EBITDA | 16.2x | 20.5x | 23.6x | ||||
| Selected EV / LTM EBITDA | 17.9x | 18.8x | 19.7x | ||||
| (x) LTM EBITDA | 5,635 | 5,635 | 5,635 | ||||
| (=) Implied Enterprise Value | 100,588 | 105,882 | 111,176 | ||||
| (-) Non-shareholder Claims * | (19,969) | (19,969) | (19,969) | ||||
| (=) Equity Value | 80,619 | 85,913 | 91,207 | ||||
| (/) Shares Outstanding | 574.5 | 574.5 | 574.5 | ||||
| Implied Value Range | 140.33 | 149.55 | 158.76 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 140.33 | 149.55 | 158.76 | 160.99 | |||
| Upside / (Downside) | -12.8% | -7.1% | -1.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MSCI | SPGI | NDAQ | MORN | MCO | ICE | |
| Enterprise Value | 45,605 | 160,508 | 51,062 | 12,014 | 82,584 | 112,457 | |
| (+) Cash & Short Term Investments | 357 | 1,686 | 605 | 551 | 2,201 | 844 | |
| (+) Investments & Other | 0 | 1,774 | 538 | 85 | 0 | 0 | |
| (-) Debt | (4,691) | (12,042) | (9,923) | (904) | (7,136) | (20,740) | |
| (-) Other Liabilities | 0 | (4,349) | (9) | 0 | (158) | (73) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 41,271 | 147,577 | 42,273 | 11,746 | 77,491 | 92,488 | |
| (/) Shares Outstanding | 77.4 | 313.8 | 575.1 | 42.8 | 179.9 | 574.5 | |
| Implied Stock Price | 533.41 | 470.23 | 73.50 | 274.61 | 430.77 | 160.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 533.41 | 470.23 | 73.50 | 274.61 | 430.77 | 160.99 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |