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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.3x - 24.6x | 23.4x |
| Selected Fwd EBIT Multiple | 16.4x - 18.1x | 17.2x |
| Fair Value | €60.66 - €68.42 | €64.54 |
| Upside | -17.4% - -6.8% | -12.1% |
| Benchmarks | Ticker | Full Ticker |
| MSCI Inc. | MSCI | NYSE:MSCI |
| S&P Global Inc. | SPGI | NYSE:SPGI |
| Intercontinental Exchange, Inc. | ICE | NYSE:ICE |
| Moody's Corporation | MCO | NYSE:MCO |
| OTC Markets Group Inc. | OTCM | OTCPK:OTCM |
| Nasdaq, Inc. | NAQ | XTRA:NAQ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MSCI | SPGI | ICE | MCO | OTCM | NAQ | ||
| NYSE:MSCI | NYSE:SPGI | NYSE:ICE | NYSE:MCO | OTCPK:OTCM | XTRA:NAQ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.2% | 12.1% | 10.6% | 7.6% | 12.5% | 12.0% | |
| 3Y CAGR | 11.7% | 8.5% | 7.6% | 1.7% | -5.4% | 7.3% | |
| Latest Twelve Months | 11.2% | 22.5% | 12.2% | 23.7% | -2.1% | 14.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 53.5% | 44.1% | 50.1% | 41.7% | 35.4% | 27.3% | |
| Prior Fiscal Year | 54.8% | 36.6% | 49.7% | 37.7% | 33.4% | 30.3% | |
| Latest Fiscal Year | 53.7% | 40.8% | 47.7% | 42.1% | 31.8% | 27.1% | |
| Latest Twelve Months | 53.7% | 41.2% | 48.4% | 42.3% | 31.8% | 27.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 16.42x | 11.76x | 13.00x | 12.66x | 5.51x | 7.30x | |
| EV / LTM EBITDA | 28.4x | 23.9x | 21.2x | 27.6x | 16.0x | 20.8x | |
| EV / LTM EBIT | 30.6x | 28.6x | 26.9x | 29.9x | 17.3x | 26.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 17.3x | 28.6x | 30.6x | ||||
| Historical EV / LTM EBIT | 19.9x | 21.6x | 28.3x | ||||
| Selected EV / LTM EBIT | 22.3x | 23.4x | 24.6x | ||||
| (x) LTM EBIT | 2,122 | 2,122 | 2,122 | ||||
| (=) Implied Enterprise Value | 47,240 | 49,726 | 52,213 | ||||
| (-) Non-shareholder Claims * | (8,511) | (8,511) | (8,511) | ||||
| (=) Equity Value | 38,729 | 41,215 | 43,702 | ||||
| (/) Shares Outstanding | 574.1 | 574.1 | 574.1 | ||||
| Implied Value Range | 67.46 | 71.79 | 76.12 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 59.42 | 63.23 | 67.05 | 73.43 | |||
| Upside / (Downside) | -19.1% | -13.9% | -8.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MSCI | SPGI | ICE | MCO | OTCM | NAQ | |
| Enterprise Value | 47,973 | 170,411 | 122,562 | 90,879 | 568 | 56,374 | |
| (+) Cash & Short Term Investments | 357 | 1,469 | 783 | 2,201 | 33 | 705 | |
| (+) Investments & Other | 0 | 1,785 | 483 | 594 | 0 | 567 | |
| (-) Debt | (4,691) | (12,025) | (20,621) | (7,268) | (12) | (9,774) | |
| (-) Other Liabilities | 0 | (4,354) | (69) | (158) | 0 | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,639 | 157,286 | 103,138 | 86,248 | 589 | 47,863 | |
| (/) Shares Outstanding | 77.4 | 306.7 | 573.6 | 179.9 | 11.8 | 574.1 | |
| Implied Stock Price | 564.02 | 512.86 | 179.80 | 479.32 | 50.00 | 83.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 564.02 | 512.86 | 179.80 | 479.32 | 50.00 | 73.43 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |