SPGI - S&P Global Inc.

The thesis is improving due to spin-offs of underperforming segments, a 100% free cash flow return target via buybacks and dividends, and expected margin and growth recovery. The forward P/E of 23 is attractive relative to Moody's at 28, and the new CEO's capital allocation strategy is shareholder-friendly.

He calls S&P Global one of his favorite opportunities, noting the stock is still down, cheap with forward P/E around 23 vs 33 in 2021, and past its management/spinoff overhang. He thinks it will eventually rebound toward 500-550.

High-quality business with a strong moat and 6/8 pillars, but current price of $440 is above the middle intrinsic value of $334. The host will only consider buying around $300 to build in a margin of safety.

Ackman bought S&P Global as a new ~5% position while Li Lu sold his entire stake in the same quarter. The host uses this as an example of value investors disagreeing, so no clear directional signal.

Similar to Moody's, growth >20%; trades at a cheaper PE (~20). Hohn increased the position slightly; host sees value.

Calls S&P Global cheap at current levels and sees the same consolidation-then-growth pattern as MSCI, with fair valuation after zero returns for five years.

Management diversified away from its core ratings/index duopoly into lower-margin analytics via acquisitions, lowering ROIC and margins. The presenter prefers MSCI over S&P Global due to these capital-allocation decisions.

Mentioned as printing cash by grading rising corporate debt, similar to Moody's, but no direct host recommendation.

Prefers it much more than Uber; understands the business model better.

Strong earnings report with 11% revenue growth, 26% EPS growth, massive buyback program, improving margins, and cheap forward P/E of 22. The post-earnings dip presents a buying opportunity. AI integration and debt market tailwinds support future growth.