MSCI Inc Stock Research

Market Summary

USD554.02+5.30

Market Closedas of 31 Mar 2023, 09:44 am

0.97%

MSCI Stock Price

MSCI RSI Chart

MSCI Valuation

Market Cap

43.9B

Price/Earnings (Trailing)

50.4

Price/Sales (Trailing)

19.51

EV/EBITDA

38.15

Price/Free Cashflow

40.56

MSCI Price/Sales (Trailing)

MSCI Profitability

Operating Margin

83.54%

EBT Margin

46.42%

Return on Assets

17.42%

Free Cashflow Yield

2.47%

MSCI Fundamentals

MSCI Revenue

Revenue (TTM)

2.2B

Revenue Y/Y

4.8%

Revenue Q/Q

2.78%

MSCI Earnings

Earnings (TTM)

870.6M

Earnings Y/Y

10.89%

Earnings Q/Q

-0.75%

Price Action

52 Week Range

373.48572.50

(Low)(High)

Last 7 days

0.3%

Last 30 days

5.1%

Last 90 days

18.0%

Trailing 12 Months

8.4%

MSCI Financial Health

Current Ratio

1.4

Debt/Cashflow

0.24

MSCI Investor Care

Dividend Yield

0.83%

Dividend/Share (TTM)

4.58

Buy Backs (1Y)

3.01%

Diluted EPS (TTM)

10.72

Peers (Alternatives to MSCI)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
GS	107.6B	39.7B	-8.02%	-1.66%	9.55	2.71	-24.93%	-47.95%
SCHW	99.0B	20.8B	-32.66%	-40.00%	13.78	4.77	12.11%	22.68%
MCO	55.1B	5.5B	3.72%	-10.17%	40.13	10.08	-12.06%	-37.94%
MSCI	43.9B	2.2B	5.09%	8.38%	50.4	19.51	10.03%	19.92%
FDS	15.7B	1.9B	-0.93%	-6.64%	36.83	8.16	18.18%	4.93%
MID-CAP
IBKR	8.3B	2.7B	-5.81%	20.48%	4.48	3.07	95.77%	12.59%
SEIC	7.6B	2.0B	-5.99%	-6.93%	15.98	3.82	3.79%	-13.01%
SF	6.3B	4.6B	-12.73%	-15.92%	9.58	1.38	-3.98%	-19.72%
AMG	5.3B	2.3B	-12.80%	-4.83%	4.63	2.28	-3.43%	102.56%
JHG	4.3B	2.2B	-5.72%	-23.75%	15.62	1.95	-20.36%	-55.18%
AMK	2.3B	618.3M	-1.76%	34.81%	21.99	3.67	16.60%	302.25%
SMALL-CAP
BCOR	1.3B	666.5M	7.56%	73.30%	3.12	1.97	1.26%	5317.65%
DFIN	1.2B	833.6M	-4.80%	21.33%	11.36	1.4	-16.08%	-29.75%
RILY	803.4M	1.0B	-26.82%	-56.44%	-21.03	0.79	-41.53%	-106.92%
GRNQ	11.2M	3.8M	-0.64%	-69.79%	-2.97	2.92	76.52%	75.86%

Financials for MSCI

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	1.2%	2,249	2,222	2,179	2,125	2,044
S&GA Expenses	1.2%	265	261	256	253	243
R&D Expenses	-1.6%	107	109	111	115	112
Costs and Expenses	-0.2%	1,041	1,043	1,029	1,018	971
EBITDA	1.9%	1,242	1,219	1,148	1,082	-
EBITDA Margin	0.8%	0.55*	0.55*	0.53*	-	-
Earnings Before Taxes	1.9%	1,044	1,024	955	891	858
EBT Margin	0.7%	0.46*	0.46*	0.44*	-	-
Interest Expenses	3.2%	172	166	164	163	160
Net Income	2.5%	871	849	803	758	726
Net Income Margin	1.3%	0.39*	0.38*	0.37*	-	-
Free Cahsflow	3.5%	1,082	1,045	937	951	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	4.6%	4,998	4,778	4,833	4,692	5,507
Current Assets	14.5%	1,748	1,527	1,489	1,332	2,143
Cash Equivalents	14.6%	994	867	842	679	1,421
Net PPE	-0.9%	54.00	54.00	59.00	65.00	67.00
Goodwill	0.2%	2,230	2,226	2,231	2,235	2,236
Liabilities	2.6%	6,005	5,855	5,860	5,571	5,670
Current Liabilities	17.2%	1,251	1,067	1,120	1,160	1,251
Long Term Debt	0.0%	4,513	4,512	4,162	4,161	-
LT Debt, Current	-0.1%	9.00	9.00	7.00	-	-
LT Debt, Non Current	0.0%	4,503	4,504	4,505	4,162	4,161
Retained Earnings	3.4%	3,473	3,359	3,244	3,118	2,977
Additional Paid-In Capital	0.8%	1,516	1,504	1,492	1,480	1,458
Shares Outstanding	-0.2%	80.00	80.00	80.00	81.00	82.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	3.4%	1,095	1,060	952	965	936
Share Based Compensation	-0.1%	58.00	58.00	58.00	59.00	55.00
Cashflow From Investing	22.4%	-79.33	-102	-1,047	-1,040	-1,035
Cashflow From Financing	-6.0%	-1,425	-1,344	-1,010	-982	230
Dividend Payments	4.0%	373	359	344	324	302
Buy Backs	4.9%	1,398	1,333	1,169	889	198

Risks for MSCI

What is the probability of a big loss on MSCI?

61.5%

Probability that MSCI stock will be more than 20% underwater in next one year

18.1%

Probability that MSCI stock will be more than 30% underwater in next one year.

8.5%

Probability that MSCI stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MSCI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if MSCI was unfortunately bought at previous high price.

Drawdowns

Returns for MSCI

Cumulative Returns on MSCI

33.5%

10-Year Cumulative Returns

34.5%

7-Year Cumulative Returns

30.9%

5-Year Cumulative Returns

24.1%

3-Year Cumulative Returns

What are the long-term rolling returns for MSCI?

FIve years rolling returns for MSCI.

Annualized Returns

Which funds bought or sold MSCI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-28	Acrisure Capital Management, LLC	new	-	1,012,680	1,012,680	1.12%
2023-03-23	MetLife Investment Management, LLC	reduced	-2.66	738,326	10,775,700	0.09%
2023-03-23	ETF MANAGERS GROUP, LLC	added	3.95	84,007	661,007	0.03%
2023-03-17	American Portfolios Advisors	reduced	-10.14	-14,375	164,498	0.01%
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-18.79	-42,115	361,885	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-11.55	-2,123,510	84,406,500	0.09%
2023-03-10	MATHER GROUP, LLC.	sold off	-100	-254,000	-	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-2.52	45,000	646,000	-%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	16,210,800	16,210,800	0.20%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	sold off	-100	-	-	-%

Latest Funds Activity

Are funds buying MSCI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MSCI

No. of Funds

MSCI News

Schedule 13G FIlings of MSCI

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	10.86%	8,680,812	SC 13G/A
Feb 03, 2023	blackrock inc.	8.2%	6,576,190	SC 13G/A
Feb 03, 2022	blackrock inc.	8.2%	6,730,522	SC 13G/A
Feb 10, 2021	vanguard group inc	10.42%	8,634,755	SC 13G/A
Jan 29, 2021	blackrock inc.	7.7%	6,410,861	SC 13G/A
Feb 12, 2020	vanguard group inc	11.11%	9,418,801	SC 13G/A
Feb 07, 2020	fmr llc	-	0	SC 13G/A
Feb 05, 2020	blackrock inc.	7.9%	6,681,359	SC 13G/A

MSCI Fair Value

MSCI fair value in different scenarios

The table shows the Fair Value estimates for MSCI for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	155.40 -71.95%	197.48 -64.36%	272.21 -50.87%	359.32 -35.14%	443.62 -19.93%
Current Inflation	140.12 -74.71%	175.60 -68.30%	237.73 -57.09%	310.05 -44.04%	380.03 -31.41%
Very High Inflation	121.41 -78.09%	149.34 -73.04%	197.33 -64.38%	253.23 -54.29%	307.38 -44.52%

Historical MSCI Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of MSCI

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	ARS	ARS
Mar 15, 2023	DEF 14A	DEF 14A
Mar 15, 2023	DEFA14A	DEFA14A
Mar 13, 2023	8-K	Current Report
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Feb 14, 2023	4	Insider Trading
Feb 14, 2023	5	Insider Trading

Latest Insider Trading transactions for MSCI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-28	Matlock Robin	acquired	-	-	1.00	-
2023-02-28	RIEFLER LINDA H	acquired	-	-	1.00	-
2023-02-28	Taneja Rajat	acquired	-	-	2.00	-
2023-02-28	Kinney Catherine R	acquired	-	-	54.00	-
2023-02-13	Mak Jennifer H	sold	-503,901	559	-900	global controller
2023-02-08	Fernandez Henry A	acquired	-	-	28,472	chairman and ceo
2023-02-08	Wiechmann Andrew C.	sold (taxes)	-493,970	556	-887	chief financial officer
2023-02-08	Mak Jennifer H	acquired	-	-	1,330	global controller
2023-02-08	Crum Scott A	sold (taxes)	-1,277,530	556	-2,294	chief human resources officer
2023-02-08	Gutowski Robert J.	sold (taxes)	-344,164	556	-618	general counsel

About MSCI

Henry A. Fernandez

www.msci.com

3630

MSCI Inc., together with its subsidiaries, provides investment decision support tools for the clients to manage their investment processes worldwide. It operates through four segments: Index, Analytics, ESG and Climate, and All Other Ã‚â€“ Private Assets. The Index segment provides indexes for use in various areas of the investment process, including indexed product creation, such as ETFs, mutual funds, annuities, futures, options, structured products, over-the-counter derivatives; performance benchmarking; portfolio construction and rebalancing; and asset allocation, as well as licenses GICS and GICS Direct. The Analytics segment offers risk management, performance attribution and portfolio management content, application, and service that provides an integrated view of risk and return, and an analysis of market, credit, liquidity, and counterparty risk across asset classes; managed services, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting; and HedgePlatform to measure, evaluate, and monitor the risk of hedge fund investments. The ESG and Climate segment provides products and services that help institutional investors understand how ESG factors impact the long-term risk and return of their portfolio and individual security-level investments; and data, ratings, research, and tools to help investors navigate increasing regulation. The All Other Ã‚â€“ Private Assets segment includes real estate market and transaction data, benchmarks, return-analytics, climate assessments and market insights for funds, investors, and managers; business intelligence to real estate owners, managers, developers, and brokers; and offers investment decision support tools for private capital. It serves asset owners and managers, financial intermediaries, wealth managers, real estate professionals, and corporates. MSCI Inc. was incorporated in 1998 and is headquartered in New York, New York.

MSCI Income Statement

2022-09-30

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Operating revenues	$ 560,639	$ 517,099	$ 1,672,390	$ 1,493,702
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)	98,418	89,674	301,957	262,781
Selling and marketing	65,545	59,819	192,671	174,477
Research and development	25,941	28,352	78,179	80,745
General and administrative	30,702	38,110	112,993	103,020
Amortization of intangible assets	23,375	14,105	67,274	59,569
Depreciation and amortization of property, equipment and leasehold improvements	7,127	6,809	20,426	20,972
Total operating expenses	251,108	236,869	773,500	701,564
Operating income	309,531	280,230	898,890	792,138
Interest income	(3,938)	(396)	(5,160)	(1,129)
Interest expense	44,162	42,137	125,961	119,278
Other expense (income)	103	37,839	(90)	61,616
Other expense (income), net	40,327	79,580	120,711	179,765
Income before provision for income taxes	269,204	200,650	778,179	612,373
Provision for income taxes	52,612	30,774	122,577	80,255
Net income	$ 216,592	$ 169,876	$ 655,602	$ 532,118
Earnings per share:
Basic (in USD per share)	$ 2.69	$ 2.06	$ 8.09	$ 6.45
Diluted (in USD per share)	$ 2.68	$ 2.03	$ 8.05	$ 6.38
Weighted average shares outstanding:
Basic (in USD per share)	80,500	82,470	81,001	82,521
Diluted (in USD per share)	80,874	83,554	81,481	83,446