S&P Global Inc. (NYSE:SPGI) is included among the 15 Dividend Stocks to Buy for Steady Income. BMO Capital Raises S&P Global (SPGI) Price Target on Strong Issuance Momentum Image by Steve Buissinne from Pixabay On March 17, BMO Capital analyst Jeffrey Silber raised the price recommendation on S&P Global Inc. (NYSE:SPGI) to $495 from $482. It reiterated an Outperform rating on the shares. He pointed to stronger issuance trends. February billed issuance rose 22% year over year, a sharp step up from Januar ...

Core Viewpoint - S&P Global reported mixed fourth-quarter 2025 results, with earnings missing estimates while revenues exceeded expectations, leading to a mixed outlook for the company's stock performance going forward [3][4][8]. Financial Performance - Adjusted earnings per share (EPS) for Q4 2025 were $4.30, slightly below the Zacks Consensus Estimate, but represented a year-over-year increase of 14.1% [3]. - Revenues for the quarter reached $3.92 billion, surpassing consensus estimates and showing a 9% year-over-year growth [3]. - Adjusted operating profit was $1.90 billion, reflecting a 12% increase year-over-year, with an operating profit margin of 47.3%, up 60 basis points from the previous year [5]. Segment Performance - Marketing Intelligence revenues were $1.26 billion, a 7% increase from the previous year [4]. - Ratings revenues grew 12% to $1.19 billion [4]. - Revenues from Energy Organic were $576 million, up 6% year-over-year [4]. - Mobility and Indices segments saw increases of 8% and 14%, reaching $444 million and $498 million, respectively [4]. Balance Sheet and Cash Flow - The company ended Q4 2025 with cash and cash equivalents of $1.75 billion, up from $1.67 billion in Q4 2024 [6]. - Long-term debt increased to $12.37 billion from $11.39 billion year-over-year [6]. - Cash generated from operating activities was $1.75 billion, with capital expenditures of $46 million and free cash flow of $1.6 billion [6]. Shareholder Returns - In 2025, S&P Global returned $6.2 billion to shareholders, which included $1.2 billion in dividends and $5.0 billion in share repurchases [7]. 2026 Outlook - For 2026, S&P Global expects adjusted EPS to be between $19.40 and $19.65, with revenue growth guidance raised to 6-8% [8]. - Capital expenditure guidance is set at $215-$225 million, and the expected full-year tax rate is between 22-23% [8]. Market Position and Comparisons - S&P Global's stock has seen a downward trend in estimates since the earnings release, leading to a Zacks Rank of 4 (Sell) [9][12]. - In comparison, Nasdaq, a peer in the Securities and Exchanges industry, reported revenues of $1.39 billion for the last quarter, a year-over-year increase of 13.4%, and has a Zacks Rank of 2 (Buy) [13][14].

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Core Insights - Euronext has appointed Judith Stein as the new Head of Investor Relations, responsible for the company's investor relations strategy and financial communication with the market [1][2]. Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [5]. - As of December 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a market capitalization of €6.7 trillion, making it a significant player in European equity trading [6]. - Euronext has a diverse product offering, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [6]. Recent Developments - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange (ATHEX), enhancing its pan-European market infrastructure [7].

Core Insights - Euronext achieved double-digit growth in 2025, with underlying revenue and income increasing by 12.1% to €1,823.2 million, driven by non-volume-related businesses and resilient trading performance [2][14][24] - The company plans to accelerate the execution of its strategic initiatives in 2026, including diversifying its commodities franchise and enhancing its European capital market infrastructure [8][10][11] Financial Performance - Full year 2025 underlying revenue and income rose to €1,823.2 million, a 12.1% increase from 2024, with non-volume-related revenue accounting for 59% of total revenue [3][16] - Adjusted EBITDA for 2025 was €1,143.1 million, up 13.6%, with an adjusted EBITDA margin of 62.7%, reflecting disciplined cost management [4][19] - Reported net income increased by 9.8% to €642.9 million, resulting in a reported EPS of €6.34 [24][25] Revenue Breakdown - Securities Services revenue grew to €330.7 million, a 6.9% increase, driven by strong growth in custody and settlement services [4][13] - Capital Markets and Data Solutions revenue reached €669.3 million, up 12.1%, supported by contributions from Admincontrol and Advanced Data Solutions [4][30] - FICC Markets revenue increased by 16.2% to €342.8 million, while Equity Markets revenue grew by 11.7% to €410.0 million, reflecting robust trading activity [4][36] Cost Management - Underlying operating expenses (excluding D&A) were €680.1 million, a 9.6% increase, aligning with revised guidance [6][17] - Euronext expects stable underlying expenses for 2026 at around €720 million, with additional costs from acquisitions and strategic growth investments [7] Strategic Initiatives - Euronext made significant progress in its "Innovate for Growth 2027" strategic plan, including the acquisition of Admincontrol and the establishment of an integrated ETF market in Europe [9][11] - The company plans to enhance its European CSD model and expand its retail offerings, aiming to improve liquidity and access across European markets [53][54] Dividend Proposal - A dividend of €321.5 million will be proposed at the 2026 Annual General Meeting, representing 50% of 2025 reported net income, marking a 9.8% increase from 2024 [5]

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Core Insights - S&P Global Inc. (SPGI) reported mixed fourth-quarter 2025 results, with earnings missing the Zacks Consensus Estimate while revenues exceeded expectations [1][9] Financial Performance - Adjusted earnings per share (EPS) for SPGI was $4.30, missing the consensus mark by 0.5% but showing a year-over-year increase of 14.1% [1][9] - Revenues reached $3.92 billion, surpassing the consensus estimate by 0.5% and growing 9% year over year [1][9] - Adjusted operating profit was $1.90 billion, reflecting a 12% increase year over year, with an adjusted operating profit margin of 47.3%, up 60 basis points from the previous year [4] Segment Performance - Revenues from Marketing Intelligence were $1.26 billion, a 7% increase from the previous year [3] - Ratings revenues grew 12% to $1.19 billion [3] - Revenues from Energy Organic rose 6% to $576 million [3] - Mobility and Indices segments saw increases of 8% and 14%, reaching $444 million and $498 million, respectively [3] Balance Sheet & Cash Flow - At the end of Q4 2025, SPGI had cash, cash equivalents, and restricted cash of $1.75 billion, up from $1.67 billion in Q4 2024 [5] - Long-term debt increased to $12.37 billion from $11.39 billion year over year [5] - The company generated $5.65 billion in cash from operating activities, with capital expenditures of $195 million and free cash flow of $1.62 billion [5] Shareholder Returns - In 2025, SPGI returned $6.2 billion to shareholders, which included $1.2 billion in dividends and $5.0 billion in share repurchases [6] 2026 Outlook - For 2026, SPGI expects adjusted EPS to be between $19.40 and $19.65, with the Zacks Consensus Estimate at $17.85 [7] - Revenue growth guidance has been raised to 6-8% [7] - Capital expenditure guidance is set at $215-$225 million [7] - The expected full-year tax rate is projected to be between 22-23% [7]

Core Insights - Euronext announced trading volumes for January 2026, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] Market Position - As of December 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.7 trillion, making it a significant player in global debt and fund listings [3] - Euronext accounts for 25% of European lit equity trading, offering a diverse range of products including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3] Recent Developments - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange (ATHEX), enhancing its pan-European market infrastructure [4]

Core Viewpoint - Euronext has successfully completed a €250 million share repurchase program, repurchasing approximately 1.90% of its share capital at an average price of €127.03 per share [1][2]. Group 1: Share Repurchase Program Details - The share repurchase program was executed from November 18, 2025, to January 27, 2026, totaling 1,967,993 shares [1]. - The program was conducted in compliance with applicable regulations, including the Market Abuse Regulation and was authorized by the General Meeting of Shareholders on May 15, 2025 [2]. Group 2: Future Actions - During the 2026 Annual General Meeting scheduled for May 20, 2026, the Managing Board will seek authorization to confirm the cancellation of the repurchased shares [3]. Group 3: Company Overview - Euronext is a leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, and settlement [5]. - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a market capitalization of €6.5 trillion, handling 25% of European lit equity trading [6]. - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange, further expanding its market presence [7].

Core Perspective - PU Prime has launched a global brand campaign titled 'Champion in You', which emphasizes the human experience in trading and the personal journeys that lead individuals to start trading [1][2]. Group 1: Campaign Overview - The 'Champion in You' campaign consists of three phases, with the first phase called 'The Dream', featuring interviews with real traders sharing their motivations and experiences that led them to trading [2][5]. - The campaign aims to provide a grounded perspective on trading, reconnecting traders with their initial motivations and emphasizing the importance of discipline, resilience, and consistency [4][6]. Group 2: Phase Details - 'The Dream' phase highlights the stories of individuals who overcame personal challenges and uncertainties to begin their trading journeys, focusing on the courage to start despite not having certainty [3][4]. - The subsequent phase, 'The Grind', will address the discipline and consistency required to persevere through challenges and setbacks that traders face after their initial motivation wanes [5]. Group 3: Company Background - PU Prime, founded in 2015, is a global fintech company and CFD broker, offering regulated financial products across various asset classes and operating in over 190 countries with more than 40 million app downloads [7].