Discounted Cash Flow

S&p Global Inc.

SPGI · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $5.7b $2.1b $1.5b 37.2% $8.02
2017 $6.1b (7.1%) $1.5b (-29.0%) $2.0b (37.7%) 24.7% (-33.7%) $5.84 (-27.2%)
2018 $6.3b (3.2%) $2.0b (30.9%) $2.1b (2.4%) 31.3% (26.8%) $7.80 (33.6%)
2019 $6.7b (7.0%) $2.1b (8.4%) $2.8b (34.5%) 31.7% (1.3%) $8.65 (10.9%)
2020 $7.4b (11.1%) $2.3b (10.2%) $3.6b (28.5%) 31.4% (-0.8%) $9.71 (12.3%)
2021 $8.3b (11.5%) $3.0b (29.3%) $3.6b (0.9%) 36.4% (16.0%) $12.56 (29.4%)
2022 $11.2b (34.8%) $3.2b (7.4%) $2.5b (-30.1%) 29.0% (-20.3%) $10.25 (-18.4%)
2023 $12.5b (11.8%) $2.6b (-19.2%) $3.6b (41.9%) 21.0% (-27.7%) $8.25 (-19.5%)
2024 $14.2b (13.7%) $3.9b (46.7%) $5.6b (56.0%) 27.1% (29.0%) $12.36 (49.8%)
2025 $15.3b (7.9%) $4.5b (16.1%) $5.5b (-2.0%) 29.2% (7.5%) $14.67 (18.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model