S&P Global (SPGI) Could Be 19% Overvalued Following Its Shelf Registration

S&P Global (SPGI) has filed an omnibus shelf registration that covers common and preferred shares, debt securities, warrants, purchase contracts and units, giving the company broad flexibility to raise capital when needed. S&P Global shares have lifted in the short term, with a 1-day share price return of 2.24% and a 30-day share price return of 12.59%. However, the year-to-date share price is down 11.62%, while the 3-year total shareholder return of 40.92% points to stronger longer-run...