I noticed S&P Global dropped about 5% after Q2 on a "miss" and a \~10% "guidance cut." I don't think that's what happened.
Mobility left on July 1. The new $17.50–17.75 guide is continuing ops. The old $19.40–19.65 included Mobility. The company got smaller on a scheduled date. The remaining business printed revenue +10% and adjusted EPS +23%.
The useful split is inside the stub. Ratings and Indices grew 13% and 20% at about 70% margins. Market Intelligence and Commodity Insights grew 6% and 3%. Same shape at Moody's (Investors Service +25%, Analytics +4%) and MSCI (Index +17.5%, Analytics +6.6%).
FICO is the bound. A score written into a federal rulebook can actually get broken. A rating or an index written into private contracts is a different thing.
https://www.investmoat.com/research/sp-global-and-the-half-with-the-moat
Mine. Not advice. Is the spin the whole story, or are you still paying one multiple for two businesses?
