Intrinsic value of MSCI - MSCI

Previous Close

$115.30

  Intrinsic Value

$32.63

stock screener

  Rating & Target

str. sell

-72%

  Value-price divergence*

-99%

Previous close

$115.30

 
Intrinsic value

$32.63

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence*

-99%

*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 10.6

 

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
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  1,151
  1,250
  1,353
  1,460
  1,571
  1,687
  1,807
  1,932
  2,062
  2,197
  2,338
  2,484
  2,636
  2,795
  2,960
  3,133
  3,312
  3,500
  3,696
  3,901
  4,115
  4,339
  4,573
  4,817
  5,074
  5,342
  5,623
  5,917
  6,225
  6,548
  6,887
Variable operating expenses, $m
 
  767
  817
  869
  924
  980
  1,039
  1,100
  1,164
  1,230
  1,298
  1,214
  1,289
  1,366
  1,447
  1,531
  1,619
  1,711
  1,807
  1,907
  2,011
  2,121
  2,235
  2,355
  2,480
  2,611
  2,749
  2,892
  3,043
  3,201
  3,366
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
  767
  817
  869
  924
  980
  1,039
  1,100
  1,164
  1,230
  1,298
  1,214
  1,289
  1,366
  1,447
  1,531
  1,619
  1,711
  1,807
  1,907
  2,011
  2,121
  2,235
  2,355
  2,480
  2,611
  2,749
  2,892
  3,043
  3,201
  3,366
Operating income, $m
  488
  483
  536
  591
  648
  707
  768
  832
  899
  968
  1,039
  1,270
  1,348
  1,429
  1,513
  1,601
  1,693
  1,789
  1,889
  1,994
  2,103
  2,218
  2,337
  2,463
  2,594
  2,731
  2,874
  3,025
  3,182
  3,347
  3,520
EBITDA, $m
  569
  659
  714
  770
  829
  890
  953
  1,019
  1,088
  1,159
  1,233
  1,310
  1,390
  1,474
  1,561
  1,652
  1,747
  1,846
  1,949
  2,057
  2,170
  2,288
  2,412
  2,541
  2,676
  2,817
  2,965
  3,121
  3,283
  3,454
  3,632
Interest expense (income), $m
  89
  102
  76
  85
  94
  104
  114
  125
  136
  147
  159
  172
  184
  198
  212
  226
  241
  257
  274
  291
  309
  328
  347
  368
  389
  412
  435
  460
  486
  513
  541
Earnings before tax, $m
  386
  382
  460
  506
  553
  603
  654
  707
  763
  820
  880
  1,098
  1,163
  1,231
  1,301
  1,375
  1,452
  1,532
  1,616
  1,703
  1,795
  1,890
  1,990
  2,095
  2,204
  2,319
  2,439
  2,565
  2,696
  2,834
  2,979
Tax expense, $m
  125
  103
  124
  137
  149
  163
  177
  191
  206
  221
  238
  297
  314
  332
  351
  371
  392
  414
  436
  460
  485
  510
  537
  566
  595
  626
  658
  692
  728
  765
  804
Net income, $m
  261
  279
  336
  369
  404
  440
  477
  516
  557
  599
  643
  802
  849
  899
  950
  1,004
  1,060
  1,118
  1,179
  1,243
  1,310
  1,380
  1,453
  1,529
  1,609
  1,693
  1,780
  1,872
  1,968
  2,069
  2,175

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
  2,490
  2,695
  2,909
  3,130
  3,361
  3,600
  3,849
  4,108
  4,377
  4,657
  4,948
  5,251
  5,567
  5,897
  6,240
  6,598
  6,972
  7,363
  7,771
  8,197
  8,643
  9,109
  9,597
  10,107
  10,641
  11,201
  11,787
  12,401
  13,045
  13,719
Adjusted assets (=assets-cash), $m
  2,291
  2,490
  2,695
  2,909
  3,130
  3,361
  3,600
  3,849
  4,108
  4,377
  4,657
  4,948
  5,251
  5,567
  5,897
  6,240
  6,598
  6,972
  7,363
  7,771
  8,197
  8,643
  9,109
  9,597
  10,107
  10,641
  11,201
  11,787
  12,401
  13,045
  13,719
Revenue / Adjusted assets
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
Average production assets, $m
  467
  506
  548
  591
  636
  683
  732
  783
  835
  890
  947
  1,006
  1,068
  1,132
  1,199
  1,269
  1,342
  1,418
  1,497
  1,580
  1,667
  1,757
  1,852
  1,951
  2,055
  2,164
  2,277
  2,396
  2,521
  2,652
  2,789
Working capital, $m
  519
  -296
  -321
  -346
  -372
  -400
  -428
  -458
  -489
  -521
  -554
  -589
  -625
  -662
  -702
  -742
  -785
  -830
  -876
  -925
  -975
  -1,028
  -1,084
  -1,142
  -1,202
  -1,266
  -1,333
  -1,402
  -1,475
  -1,552
  -1,632
Total debt, $m
  2,075
  1,551
  1,736
  1,928
  2,127
  2,335
  2,550
  2,774
  3,007
  3,249
  3,501
  3,763
  4,036
  4,321
  4,617
  4,926
  5,248
  5,585
  5,936
  6,304
  6,687
  7,088
  7,508
  7,947
  8,406
  8,887
  9,391
  9,918
  10,471
  11,050
  11,657
Total liabilities, $m
  2,765
  2,241
  2,426
  2,618
  2,817
  3,025
  3,240
  3,464
  3,697
  3,939
  4,191
  4,453
  4,726
  5,011
  5,307
  5,616
  5,938
  6,275
  6,626
  6,994
  7,377
  7,778
  8,198
  8,637
  9,096
  9,577
  10,081
  10,608
  11,161
  11,740
  12,347
Total equity, $m
  318
  249
  270
  291
  313
  336
  360
  385
  411
  438
  466
  495
  525
  557
  590
  624
  660
  697
  736
  777
  820
  864
  911
  960
  1,011
  1,064
  1,120
  1,179
  1,240
  1,304
  1,372
Total liabilities and equity, $m
  3,083
  2,490
  2,696
  2,909
  3,130
  3,361
  3,600
  3,849
  4,108
  4,377
  4,657
  4,948
  5,251
  5,568
  5,897
  6,240
  6,598
  6,972
  7,362
  7,771
  8,197
  8,642
  9,109
  9,597
  10,107
  10,641
  11,201
  11,787
  12,401
  13,044
  13,719
Debt-to-equity ratio
  6.525
  6.230
  6.440
  6.630
  6.800
  6.950
  7.080
  7.210
  7.320
  7.420
  7.520
  7.610
  7.690
  7.760
  7.830
  7.890
  7.950
  8.010
  8.060
  8.110
  8.160
  8.200
  8.240
  8.280
  8.320
  8.350
  8.380
  8.410
  8.440
  8.470
  8.500
Adjusted equity ratio
  -0.207
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  261
  279
  336
  369
  404
  440
  477
  516
  557
  599
  643
  802
  849
  899
  950
  1,004
  1,060
  1,118
  1,179
  1,243
  1,310
  1,380
  1,453
  1,529
  1,609
  1,693
  1,780
  1,872
  1,968
  2,069
  2,175
Depreciation, amort., depletion, $m
  81
  176
  178
  179
  181
  183
  185
  187
  189
  191
  193
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
Funds from operations, $m
  516
  454
  513
  548
  585
  623
  662
  703
  746
  790
  836
  842
  892
  944
  998
  1,055
  1,114
  1,175
  1,239
  1,307
  1,377
  1,450
  1,527
  1,607
  1,691
  1,779
  1,871
  1,968
  2,069
  2,175
  2,286
Change in working capital, $m
  81
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -49
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
Cash from operations, $m
  435
  478
  538
  574
  611
  650
  691
  733
  776
  822
  869
  877
  928
  981
  1,037
  1,095
  1,156
  1,220
  1,286
  1,355
  1,427
  1,503
  1,582
  1,665
  1,752
  1,843
  1,938
  2,038
  2,142
  2,252
  2,366
Maintenance CAPEX, $m
  0
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
New CAPEX, $m
  -43
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
Cash from investing activities, $m
  -42
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -150
  -158
  -165
  -173
  -182
  -191
  -201
  -210
  -221
  -232
  -243
Free cash flow, $m
  393
  420
  476
  509
  543
  578
  615
  653
  693
  734
  777
  779
  826
  874
  925
  978
  1,033
  1,090
  1,150
  1,212
  1,278
  1,346
  1,417
  1,492
  1,570
  1,652
  1,738
  1,827
  1,922
  2,020
  2,123
Issuance/(repayment) of debt, $m
  500
  -524
  185
  192
  200
  207
  216
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  337
  351
  367
  384
  401
  420
  439
  459
  481
  504
  527
  553
  579
  607
Issuance/(repurchase) of shares, $m
  -770
  444
  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
  -80
  185
  192
  200
  207
  216
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  337
  351
  367
  384
  401
  420
  439
  459
  481
  504
  527
  553
  579
  607
Total cash flow (excl. dividends), $m
  110
  340
  660
  701
  742
  785
  830
  877
  925
  976
  1,029
  1,042
  1,099
  1,159
  1,221
  1,287
  1,355
  1,426
  1,501
  1,579
  1,661
  1,747
  1,837
  1,931
  2,030
  2,133
  2,241
  2,355
  2,474
  2,599
  2,730
Retained Cash Flow (-), $m
  583
  -723
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -67
Prev. year cash balance distribution, $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
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
 
  409
  640
  679
  720
  762
  806
  852
  900
  949
  1,001
  1,013
  1,069
  1,127
  1,188
  1,252
  1,319
  1,389
  1,462
  1,539
  1,619
  1,702
  1,790
  1,882
  1,979
  2,080
  2,185
  2,296
  2,413
  2,535
  2,663
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
 
  380
  548
  532
  512
  487
  459
  428
  395
  360
  324
  276
  242
  209
  178
  149
  123
  99
  78
  61
  46
  34
  25
  18
  12
  8
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

MSCI Inc. offers products and services to support the needs of institutional investors throughout their investment processes. Its segments include Index, Analytics and All Other segment. All Other segment comprises environmental, social and governance (ESG) and Real Estate segments. Its indexes are used 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 uses analytical content to create products and services, which offer institutional investors an integrated view of risk and return. MSCI's ESG products include MSCI ESG Ratings, MSCI ESG Business Involvement Screening Research and MSCI ESG Governance Metrics. MSCI's Real Estate products comprise private real estate benchmarks and indexes branded IPD Group Limited (IPD) and include Portfolio Analysis Service (PAS), IPD Rental Information Service (IRIS) and IPD Global Intel.

FINANCIAL RATIOS  of  MSCI (MSCI)

Valuation Ratios
P/E Ratio 40.3
Price to Sales 9.1
Price to Book 33.1
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 26.8
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 8.6% 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 -23.7%. 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 91.896 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 $10.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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ENV Envestnet 49.55 16.90  str.sell
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CME CME Group Cl A 133.80 104.80  hold
DFIN Donnelley Fina 20.50 32.60  str.buy

COMPANY NEWS

▶ Why Index Funds Have a Limited Presence in the IPO Market   [Sep-05-17 12:04AM  The Wall Street Journal]
▶ Why Index Funds Steer Clear of the IPO Market   [Sep-04-17 10:22PM  The Wall Street Journal]
▶ Hang Seng Durability Index Dives   [Aug-22-17 04:00PM  Bloomberg]
▶ ETFs with exposure to MSCI, Inc. : August 18, 2017   [Aug-18-17 05:38PM  Capital Cube]
▶ MSCI Equity Indexes August 2017 Index Review   [Aug-10-17 06:03PM  Business Wire]
▶ WisdomTree Adds A-Shares To 2 China ETFs   [Aug-09-17 08:46AM  Benzinga]
▶ Pakistans Status Grows in Indexes   [12:05AM  The Wall Street Journal]
▶ A View On The Vietnam ETF   [Aug-04-17 07:59AM  Benzinga]
▶ MSCI beats Street 2Q forecasts   [Aug-03-17 07:32PM  Associated Press]
▶ [$$] Stock Indexes Push Back Against Dual-Class Listings   [Aug-02-17 07:34AM  The Wall Street Journal]
▶ [$$] Stock Indexes Push Back Against Dual-Class Listings   [12:09AM  The Wall Street Journal]
▶ 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]
Financial statements 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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