S&P Global Inc. SPGI and MySky have entered into a strategic agreement per which S&P Global will give MySky clients access to Platts' comprehensive database of global jet fuel price assessments.
Platts is a S&P Global division that operates as an independent provider of information and benchmark prices for the commodity and energy markets. It specializes in offering essential price data, analytics and industry insight. MySky is an AI-powered spend-management platform dedicated to the private aviation industry.
S&P Global’s shares have gained 36.5% over the past there months, significantly outperforming the 26.1% rally of the industry it belongs to.
A Well Timed Move
The timing of the move makes sense as owners, operators and consultants are increasingly seeking spend-management tools to establish financial stability amid coronavirus-induced uncertainty.
Addition of jet fuel price information should help MySky create a precise benchmarking tool for private jets and enhance its reputation as a reliable source of information. The move is expected to build a fair and dynamic competitive landscape enabling industry suppliers to precisely benchmark fuel costs.
According to Silvina Aldeco-Martinez, head of Product Management, S&P Global Platts," The essential intelligence from S&P Global Platts has helped drive innovation across numerous energy and commodities industries, and we are excited to work with MySky to bring these same capabilities to private aviation to make a long-lasting and positive impact on the industry.
Zacks Rank and Stocks to Consider
S&P Global currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Zacks Business Services sector are Elastic N.V. ESTC, SailPoint Technologies Holdings, Inc. SAIL and DocuSign, Inc. DOCU. All the stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Long-term earnings (three to five years) growth rates for Elastic, SailPoint Technologies and DocuSign are estimated at 26%, 15% and 31.2%, respectively.
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