Core Thesis - S&P Global Inc. is viewed positively, with shares trading at $418.27 and trailing and forward P/E ratios of 36.64 and 24.69 respectively [1][3] Company Overview - S&P Global Inc. provides benchmarks, data, analytics, and workflow solutions across global capital, energy, commodity, and automotive markets [3] - The company plans to spin off its Mobility segment into a standalone public company, Mobility Global, Inc., expected to be completed by mid-2026 [3] Mobility Global Segment - Mobility Global aims to be the leading data and analytics infrastructure for the global automotive value chain, offering high-margin, recurring subscription services [4] - Key products include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan, which address critical issues in the vehicle markets [5] Competitive Advantages - CARFAX utilizes over 112,000 data sources, serving more than 100,000 dealerships and millions of consumers, creating a strong network effect [6] - The predictive Behavior Prediction Score from automotiveMastermind and Polk's extensive 30-year data set provide significant insights and enhance customer retention [6] Financial Profile - Mobility Global has an 81% recurring revenue base, adjusted operating margins of 35.4%, and operates with minimal capital requirements, leading to predictable cash flow [7] - Growth drivers include the expanding used vehicle market, brand equity pricing power, EV adoption, dealer SaaS penetration, international expansion, and a shift towards higher-margin subscription products [7] Strategic Implications - The spin-off allows for strategic autonomy, enabling focused investment in product innovation and M&A, and may lead to a market rerating as a pure-play automotive technology leader [8] - Despite potential short-term execution risks during the separation, Mobility Global's competitive advantages and scalable business model present a compelling investment opportunity [8]