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STOCK COMPARISON

Hong Kong Exchange and Clearing vs S&P Global: Fair Value & Quality

Both stocks run through our valuation models. Here is how Hong Kong Exchange and Clearing (0388) and S&P Global (SPGI) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Hong Kong Exchange and Clearing as the less overvalued of the two: Hong Kong Exchange and Clearing trades at HK$409 versus a fair value of HK$183 (-55%), while S&P Global trades at $451 versus $196 (-56%).
Hong Kong Exchange and Clearing
0388.HK · HKD · Financials
-55%
upside to fair value
overvalued
PriceHK$409
Fair ValueHK$183
Quality76/100
S&P Global
SPGI · USD · Financials
-56%
upside to fair value
overvalued
Price$451
Fair Value$196
Quality80/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Hong Kong Exchange and ClearingS&P Global
Valuation
27.1×P/E (TTM)28.1×
16.39×P/S (TTM)8.61×
8.50×P/B4.33×
13.5×EV/EBITDA18.6×
1.85×PEG1.85×
−55.3%Fair value upside−56.4%
2.7%Dividend yield0.9%
—Dividend per share$3.85
Profitability
77%Operating margin44%
0.91×EBIT margin trend (5Y)0.87×
35%Return on equity14%
3%Return on assets7%
Growth
19%Revenue growth (YoY)10%
19.9%Avg. growth/yr (3Y)11.1%
11.6%Avg. growth/yr (5Y)15.6%
+11.8%Value creation/yr+8.4%
Balance & size
222.2×Interest coverage (EBIT/interest)22.6×
0.00×Debt / equity0.40×
$63BMarket cap$135B
healthyGrowth qualityhealthy

Hong Kong Exchange and Clearing leads: 10 to 4 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Hong Kong Exchange and Clearingof which business quality 75 · market factors 50 S&P Globalof which business quality 74 · market factors 45
ProfitabilityMargins and returns on capital today
49
50
Quality GrowthAre margins and returns improving?
60
59
CashflowEarnings quality: real cash, not paper profit
87
88
Fin. StrengthBalance sheet, leverage, solvency risk
100
66
InvestmentDisciplined investing over empire-building
63
100
Low VolatilityCalm price path (market factor)
77
59
MomentumPrice trend over the last 3–12 months (market factor)
40
41
52W MomentumDistance to the 52-week high (market factor)
39
35
Net IssuanceBuybacks instead of dilution
82
99

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyHong Kong Exchange and ClearingPrice HK$409S&P GlobalPrice $451
DCF Models+6%close to the priceHK$435-52%below the price$217
Earnings-Based-22%below the priceHK$320-52%below the price$214
Dividend Discount-49%below the priceHK$207-85%below the price$68.00
Multiples-70%below the priceHK$123-62%below the price$172
Asset-Based-92%below the priceHK$30.82-84%below the price$70.70
Growth DCF+38%above the priceHK$563-54%below the price$208
Economic Profit-75%below the priceHK$103-70%below the price$133
Minimum-92%below the priceHK$30.82-85%below the price$68.00
Maximum+38%above the priceHK$563-52%below the price$217
Median-49%below the priceHK$207-62%below the price$172
Geometric mean-56%below the priceHK$181-69%below the price$140

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Hong Kong Exchange and Clearing: 7 of 12 models see the stock below the current price.

S&P Global: 13 of 13 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Hong Kong Exchange and Clearing
Bear HK$137Fair Value HK$183Bull HK$322
HK$409 = current price (white tick)
S&P Global
Bear $135Fair Value $196Bull $300
$451 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Hong Kong Exchange and Clearing · Financials

Quality score76 · Top 25%
Fair value upside-55% · bottom 25%

S&P Global · Financials

Quality score80 · Top 25%
Fair value upside-56% · bottom 25%

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Hong Kong Exchange and Clearing as the less overvalued of the two: Hong Kong Exchange and Clearing trades at HK$409 versus a fair value of HK$183 (-55%), while S&P Global trades at $451 versus $196 (-56%).

S&P Global has the higher quality score (80/100).

See the full analysis →
Hong Kong Exchange and Clearing · S&P Global

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.