Intrinsic value of MSCI - MSCI

Previous Close

$108.15

  Intrinsic Value

$66.74

stock screener

  Rating & Target

sell

-38%

  Value-price divergence*

-86%

Previous close

$108.15

 
Intrinsic value

$66.74

 
Up/down potential

-38%

 
Rating

sell

 
Value-price divergence*

-86%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MSCI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.07
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  1,151
  1,242
  1,336
  1,435
  1,537
  1,643
  1,753
  1,868
  1,987
  2,111
  2,240
  2,375
  2,516
  2,662
  2,815
  2,974
  3,140
  3,314
  3,496
  3,686
  3,885
  4,093
  4,310
  4,538
  4,777
  5,027
  5,289
  5,563
  5,850
  6,152
  6,468
Variable operating expenses, $m
 
  763
  809
  857
  907
  959
  1,013
  1,069
  1,127
  1,188
  1,251
  1,161
  1,230
  1,301
  1,376
  1,454
  1,535
  1,620
  1,709
  1,802
  1,899
  2,001
  2,107
  2,218
  2,335
  2,457
  2,585
  2,719
  2,860
  3,007
  3,162
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  663
  763
  809
  857
  907
  959
  1,013
  1,069
  1,127
  1,188
  1,251
  1,161
  1,230
  1,301
  1,376
  1,454
  1,535
  1,620
  1,709
  1,802
  1,899
  2,001
  2,107
  2,218
  2,335
  2,457
  2,585
  2,719
  2,860
  3,007
  3,162
Operating income, $m
  488
  479
  528
  578
  630
  684
  741
  799
  860
  924
  990
  1,214
  1,286
  1,361
  1,439
  1,520
  1,605
  1,694
  1,787
  1,884
  1,986
  2,092
  2,203
  2,320
  2,442
  2,570
  2,703
  2,844
  2,991
  3,145
  3,306
EBITDA, $m
  569
  655
  705
  757
  810
  866
  925
  985
  1,048
  1,113
  1,182
  1,253
  1,327
  1,404
  1,484
  1,568
  1,656
  1,748
  1,844
  1,944
  2,049
  2,159
  2,273
  2,393
  2,519
  2,651
  2,789
  2,934
  3,085
  3,244
  3,411
Interest expense (income), $m
  89
  102
  113
  124
  135
  147
  160
  173
  186
  200
  215
  230
  246
  263
  280
  298
  317
  336
  357
  378
  401
  424
  448
  474
  501
  529
  559
  589
  622
  656
  691
Earnings before tax, $m
  386
  378
  415
  454
  495
  537
  581
  626
  674
  723
  775
  984
  1,040
  1,098
  1,159
  1,222
  1,289
  1,358
  1,430
  1,506
  1,585
  1,668
  1,755
  1,846
  1,941
  2,041
  2,145
  2,254
  2,369
  2,489
  2,615
Tax expense, $m
  125
  102
  112
  123
  134
  145
  157
  169
  182
  195
  209
  266
  281
  296
  313
  330
  348
  367
  386
  407
  428
  450
  474
  498
  524
  551
  579
  609
  640
  672
  706
Net income, $m
  261
  276
  303
  331
  361
  392
  424
  457
  492
  528
  566
  718
  759
  802
  846
  892
  941
  991
  1,044
  1,099
  1,157
  1,218
  1,281
  1,347
  1,417
  1,490
  1,566
  1,646
  1,729
  1,817
  1,909

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  792
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,083
  3,330
  3,583
  3,846
  4,120
  4,404
  4,700
  5,007
  5,327
  5,660
  6,007
  6,368
  6,744
  7,136
  7,546
  7,973
  8,419
  8,886
  9,373
  9,882
  10,415
  10,973
  11,556
  12,167
  12,807
  13,477
  14,178
  14,914
  15,685
  16,493
  17,340
Adjusted assets (=assets-cash), $m
  2,291
  3,330
  3,583
  3,846
  4,120
  4,404
  4,700
  5,007
  5,327
  5,660
  6,007
  6,368
  6,744
  7,136
  7,546
  7,973
  8,419
  8,886
  9,373
  9,882
  10,415
  10,973
  11,556
  12,167
  12,807
  13,477
  14,178
  14,914
  15,685
  16,493
  17,340
Revenue / Adjusted assets
  0.502
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
Average production assets, $m
  467
  503
  541
  581
  622
  665
  710
  756
  805
  855
  907
  962
  1,019
  1,078
  1,140
  1,204
  1,272
  1,342
  1,416
  1,493
  1,573
  1,658
  1,746
  1,838
  1,935
  2,036
  2,142
  2,253
  2,369
  2,491
  2,619
Working capital, $m
  519
  -124
  -134
  -143
  -154
  -164
  -175
  -187
  -199
  -211
  -224
  -238
  -252
  -266
  -281
  -297
  -314
  -331
  -350
  -369
  -388
  -409
  -431
  -454
  -478
  -503
  -529
  -556
  -585
  -615
  -647
Total debt, $m
  2,075
  2,297
  2,524
  2,760
  3,006
  3,261
  3,526
  3,802
  4,088
  4,387
  4,698
  5,022
  5,359
  5,711
  6,079
  6,462
  6,862
  7,280
  7,718
  8,175
  8,652
  9,153
  9,676
  10,224
  10,798
  11,398
  12,028
  12,688
  13,379
  14,104
  14,864
Total liabilities, $m
  2,765
  2,987
  3,214
  3,450
  3,696
  3,951
  4,216
  4,492
  4,778
  5,077
  5,388
  5,712
  6,049
  6,401
  6,769
  7,152
  7,552
  7,970
  8,408
  8,865
  9,342
  9,843
  10,366
  10,914
  11,488
  12,088
  12,718
  13,378
  14,069
  14,794
  15,554
Total equity, $m
  318
  343
  369
  396
  424
  454
  484
  516
  549
  583
  619
  656
  695
  735
  777
  821
  867
  915
  965
  1,018
  1,073
  1,130
  1,190
  1,253
  1,319
  1,388
  1,460
  1,536
  1,616
  1,699
  1,786
Total liabilities and equity, $m
  3,083
  3,330
  3,583
  3,846
  4,120
  4,405
  4,700
  5,008
  5,327
  5,660
  6,007
  6,368
  6,744
  7,136
  7,546
  7,973
  8,419
  8,885
  9,373
  9,883
  10,415
  10,973
  11,556
  12,167
  12,807
  13,476
  14,178
  14,914
  15,685
  16,493
  17,340
Debt-to-equity ratio
  6.525
  6.700
  6.840
  6.970
  7.080
  7.190
  7.280
  7.370
  7.450
  7.530
  7.590
  7.660
  7.720
  7.770
  7.820
  7.870
  7.910
  7.950
  7.990
  8.030
  8.070
  8.100
  8.130
  8.160
  8.190
  8.210
  8.240
  8.260
  8.280
  8.300
  8.320
Adjusted equity ratio
  -0.207
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  261
  276
  303
  331
  361
  392
  424
  457
  492
  528
  566
  718
  759
  802
  846
  892
  941
  991
  1,044
  1,099
  1,157
  1,218
  1,281
  1,347
  1,417
  1,490
  1,566
  1,646
  1,729
  1,817
  1,909
Depreciation, amort., depletion, $m
  81
  176
  177
  179
  180
  182
  184
  186
  188
  190
  192
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  74
  77
  81
  86
  90
  95
  100
  105
Funds from operations, $m
  516
  451
  480
  510
  542
  574
  608
  643
  680
  718
  757
  757
  800
  845
  892
  941
  992
  1,045
  1,101
  1,159
  1,220
  1,284
  1,351
  1,421
  1,494
  1,571
  1,651
  1,736
  1,824
  1,917
  2,014
Change in working capital, $m
  81
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
Cash from operations, $m
  435
  460
  490
  520
  552
  585
  619
  655
  692
  730
  770
  770
  814
  859
  907
  956
  1,008
  1,062
  1,119
  1,178
  1,240
  1,305
  1,373
  1,444
  1,518
  1,596
  1,678
  1,763
  1,853
  1,947
  2,045
Maintenance CAPEX, $m
  0
  -19
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -81
  -86
  -90
  -95
  -100
New CAPEX, $m
  -43
  -36
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -74
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
Cash from investing activities, $m
  -42
  -55
  -58
  -62
  -64
  -68
  -72
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
  -115
  -121
  -128
  -134
  -140
  -147
  -154
  -162
  -171
  -178
  -187
  -197
  -206
  -217
  -228
Free cash flow, $m
  393
  405
  431
  459
  487
  517
  548
  580
  613
  648
  684
  679
  719
  759
  802
  846
  893
  941
  992
  1,045
  1,100
  1,158
  1,218
  1,282
  1,348
  1,417
  1,490
  1,566
  1,646
  1,730
  1,818
Issuance/(repayment) of debt, $m
  500
  222
  227
  236
  245
  255
  265
  276
  287
  299
  311
  324
  338
  352
  367
  383
  400
  418
  437
  457
  478
  500
  523
  548
  574
  601
  630
  660
  691
  725
  760
Issuance/(repurchase) of shares, $m
  -770
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -269
  222
  227
  236
  245
  255
  265
  276
  287
  299
  311
  324
  338
  352
  367
  383
  400
  418
  437
  457
  478
  500
  523
  548
  574
  601
  630
  660
  691
  725
  760
Total cash flow (excl. dividends), $m
  110
  627
  659
  695
  733
  772
  813
  856
  900
  946
  995
  1,003
  1,056
  1,111
  1,169
  1,230
  1,293
  1,359
  1,429
  1,502
  1,578
  1,658
  1,742
  1,830
  1,922
  2,018
  2,120
  2,226
  2,338
  2,455
  2,578
Retained Cash Flow (-), $m
  583
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  602
  632
  668
  705
  743
  782
  824
  867
  912
  959
  966
  1,017
  1,071
  1,127
  1,186
  1,247
  1,311
  1,379
  1,449
  1,523
  1,600
  1,682
  1,767
  1,856
  1,949
  2,047
  2,150
  2,258
  2,372
  2,490
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  559
  541
  523
  501
  475
  446
  414
  381
  346
  310
  263
  231
  199
  169
  141
  116
  93
  74
  57
  43
  32
  23
  17
  11
  8
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

MSCI Inc., together with its subsidiaries, provides products and services to support the needs of institutional investors throughout their investment processes worldwide. The company operates through four segments: Index, Analytics, ESG, and Real Estate. The Index segment primarily provides equity indexes for use in various areas of the investment process, including index-linked product creation and performance benchmarking, as well as portfolio construction and rebalancing and asset allocation. The Analytics segment offers products and services that help institutional investors understand and control for market, credit, liquidity and counterparty risk across various major asset classes, spanning short, and medium and long-term time horizons; and products and services that assist institutional investors with portfolio construction, risk management, performance attribution and regulatory reporting, as well as uses analytical content to create products and services, which offer institutional investors an integrated view of risk and return. The ESG segment provides products and services that help institutional investors understand how environmental, social, and governance factors impact the long-term risk of their investments; data and ratings products for use in the construction of equity and fixed income indexes to help institutional investors benchmark ESG investment performance and issue index-based investment products, as well as manage, measure, and report on ESG mandates. The Real Estate segment offers real estate performance analysis for funds, investors, managers, and lenders. This segment provides products and offer services that include research, reporting, and benchmarking; and business intelligence to real estate owners, managers, developers, and brokers. MSCI Inc. was founded in 1998 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  MSCI (MSCI)

Valuation Ratios
P/E Ratio 37.8
Price to Sales 8.6
Price to Book 31
Price to Tangible Book
Price to Cash Flow 22.7
Price to Free Cash Flow 25.2
Growth Rates
Sales Growth Rate 7.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.2%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 652.5%
Total Debt to Equity 652.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 10.3%
Ret/ On Assets - 3 Yr. Avg. 9.5%
Return On Total Capital 10.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 42.8%
Return On Equity - 3 Yr. Avg. 27%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 78.1%
Gross Margin - 3 Yr. Avg. 74.1%
EBITDA Margin 48.3%
EBITDA Margin - 3 Yr. Avg. 44%
Operating Margin 42.4%
Oper. Margin - 3 Yr. Avg. 37.9%
Pre-Tax Margin 33.5%
Pre-Tax Margin - 3 Yr. Avg. 32.3%
Net Profit Margin 22.7%
Net Profit Margin - 3 Yr. Avg. 24%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 34%
Payout Ratio 36.8%

MSCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSCI stock intrinsic value calculation we used $1151 million for the last fiscal year's total revenue generated by MSCI. The default revenue input number comes from 2016 income statement of MSCI. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MSCI stock valuation model: a) initial revenue growth rate of 7.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.7%, whose default value for MSCI is calculated based on our internal credit rating of MSCI, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of MSCI.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MSCI stock the variable cost ratio is equal to 62.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MSCI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.9% for MSCI.

Corporate tax rate of 27% is the nominal tax rate for MSCI. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MSCI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MSCI are equal to 40.5%.

Life of production assets of 25 years is the average useful life of capital assets used in MSCI operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MSCI is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $318 million for MSCI - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 89.695 million for MSCI is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of MSCI at the current share price and the inputted number of shares is $9.7 billion.

RELATED COMPANIES Price Int.Val. Rating
MORN Morningstar 80.00 100.42  buy
FDS FactSet Resear 166.10 134.71  hold
BLK BlackRock 428.65 1,367.78  str.buy
ENV Envestnet 39.20 21.79  sell
SPGI S&P Global 153.85 150.79  hold
INFO IHS Markit 45.65 111.74  str.buy
MCO Moody's 132.57 73.67  sell
TRI Thomson Reuter 45.91 40.22  hold

COMPANY NEWS

▶ Argentina: Not Quite Ready For Prime Time   [Jul-20-17 08:56AM  Benzinga]
▶ [$$] MSCI Already Talking About Adding More Chinese Stocks   [Jun-28-17 12:58AM  The Wall Street Journal]
▶ [$$] MSCI Already Talking About Adding More Chinese Stocks   [Jun-27-17 10:57PM  The Wall Street Journal]
▶ Investing with 'green' ratings? It's a gray area   [Jun-26-17 01:31AM  Reuters]
▶ Stockpickers Expected to Embrace Chinese Shares   [12:15AM  The Wall Street Journal]
▶ [$$] Stock Pickers to Add Chinese Shares   [10:20PM  The Wall Street Journal]
▶ When MSCI and S&P Rule the World   [Jun-23-17 10:00AM  Bloomberg]
▶ [$$] Deng's Take: What's Next for China After Index Win   [07:50AM  The Wall Street Journal]
▶ No Oil Worries: MSCI Pushes Saudi ETF Higher   [Jun-22-17 12:36PM  Zacks]
▶ Stockpickers Expected to Embrace Chinese Shares   [12:13PM  The Wall Street Journal]
▶ Dow Notches Second Day of Losses   [12:35AM  The Wall Street Journal]
▶ MSCI Forgets Its Doubts About China   [06:20PM  Bloomberg]
▶ [$$] MSCI's Index Decisions Swing Stocks Around the World   [04:11PM  The Wall Street Journal]
▶ MSCI Welcomes China, Delays Argentina   [11:09AM  Bloomberg Video]
▶ Opening Bell, June 21, 2017   [09:29AM  CNBC Videos]
▶ Uber Changes and Index Additions   [09:09AM  Bloomberg]
▶ Global Shares Extend Losses Amid Oil's Weakness   [07:49AM  The Wall Street Journal]
▶ MSCI's Wishful Thinking   [01:16AM  Bloomberg]
▶ [$$] China Stocks Win Big Endorsement From Indexing Giant   [07:30PM  The Wall Street Journal]
▶ Why the MSCI's Decision on China Matters   [01:22PM  Bloomberg Video]
▶ A Big Week For Argentina ETFs   [08:38AM  Benzinga]
▶ [$$] MSCI Could Usher China Markets Into the Big Time   [06:35AM  The Wall Street Journal]
▶ MSCI Decision Could Affect This ETF   [01:21PM  Investopedia]
▶ Whats behind the tech selloff   [Jun-16-17 12:06PM  Harvest Exchange]
▶ MSCI China Bulls, Prepare to Be Disappointed   [Jun-15-17 04:00PM  Bloomberg]
▶ Why Investors in This China ETF Are Betting Big   [Jun-14-17 09:51AM  Bloomberg]
▶ Bulls in a China Shop?   [Jun-09-17 09:39AM  Harvest Exchange]
▶ Eurozone: Three Forces Driving the Rally   [09:35AM  Harvest Exchange]
▶ Save the Date for These China ETFs   [12:27PM  Investopedia]
▶ MSCI Gives No Reason for Meitu Reversal   [May-16-17 11:03PM  Bloomberg]
▶ MSCI Equity Indexes May 2017 Index Review   [May-15-17 06:15PM  Business Wire]
Stock chart of MSCI Financial statements of MSCI Annual reports of MSCI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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