Intrinsic value of MSCI - MSCI

Previous Close

$175.44

  Intrinsic Value

$111.01

stock screener

  Rating & Target

sell

-37%

Previous close

$175.44

 
Intrinsic value

$111.01

 
Up/down potential

-37%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  1,151
  1,410
  1,553
  1,703
  1,858
  2,021
  2,190
  2,366
  2,549
  2,738
  2,936
  3,141
  3,354
  3,576
  3,807
  4,047
  4,296
  4,557
  4,828
  5,110
  5,405
  5,713
  6,034
  6,370
  6,721
  7,087
  7,470
  7,871
  8,291
  8,730
  9,190
Variable operating expenses, $m
 
  351
  367
  384
  402
  421
  441
  461
  482
  504
  527
  362
  387
  412
  439
  466
  495
  525
  557
  589
  623
  659
  696
  734
  775
  817
  861
  907
  956
  1,006
  1,059
Fixed operating expenses, $m
 
  377
  385
  394
  403
  411
  420
  430
  439
  449
  459
  469
  479
  490
  500
  511
  523
  534
  546
  558
  570
  583
  596
  609
  622
  636
  650
  664
  679
  694
  709
Total operating expenses, $m
  663
  728
  752
  778
  805
  832
  861
  891
  921
  953
  986
  831
  866
  902
  939
  977
  1,018
  1,059
  1,103
  1,147
  1,193
  1,242
  1,292
  1,343
  1,397
  1,453
  1,511
  1,571
  1,635
  1,700
  1,768
Operating income, $m
  488
  682
  801
  924
  1,053
  1,188
  1,329
  1,475
  1,627
  1,786
  1,951
  2,310
  2,488
  2,674
  2,867
  3,069
  3,278
  3,497
  3,725
  3,963
  4,212
  4,472
  4,743
  5,027
  5,324
  5,634
  5,960
  6,300
  6,657
  7,030
  7,422
EBITDA, $m
  569
  1,091
  1,231
  1,378
  1,532
  1,692
  1,859
  2,032
  2,213
  2,401
  2,597
  2,800
  3,012
  3,232
  3,461
  3,700
  3,949
  4,208
  4,478
  4,761
  5,055
  5,363
  5,684
  6,021
  6,372
  6,740
  7,125
  7,528
  7,950
  8,392
  8,856
Interest expense (income), $m
  89
  116
  122
  139
  157
  175
  194
  214
  235
  257
  279
  303
  327
  352
  378
  406
  434
  464
  494
  527
  560
  595
  631
  669
  709
  750
  794
  839
  887
  936
  988
Earnings before tax, $m
  386
  566
  678
  785
  897
  1,013
  1,134
  1,261
  1,392
  1,529
  1,671
  2,007
  2,161
  2,322
  2,489
  2,663
  2,844
  3,033
  3,231
  3,437
  3,652
  3,877
  4,112
  4,358
  4,615
  4,884
  5,166
  5,461
  5,770
  6,094
  6,434
Tax expense, $m
  125
  153
  183
  212
  242
  274
  306
  340
  376
  413
  451
  542
  584
  627
  672
  719
  768
  819
  872
  928
  986
  1,047
  1,110
  1,177
  1,246
  1,319
  1,395
  1,474
  1,558
  1,645
  1,737
Net income, $m
  261
  413
  495
  573
  655
  740
  828
  920
  1,016
  1,116
  1,220
  1,465
  1,578
  1,695
  1,817
  1,944
  2,076
  2,214
  2,358
  2,509
  2,666
  2,830
  3,002
  3,181
  3,369
  3,565
  3,771
  3,986
  4,212
  4,449
  4,697

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
  3,311
  3,646
  3,997
  4,363
  4,744
  5,141
  5,553
  5,982
  6,428
  6,892
  7,373
  7,874
  8,394
  8,936
  9,499
  10,085
  10,696
  11,333
  11,996
  12,688
  13,411
  14,165
  14,953
  15,776
  16,636
  17,536
  18,478
  19,463
  20,494
  21,574
Adjusted assets (=assets-cash), $m
  2,291
  3,311
  3,646
  3,997
  4,363
  4,744
  5,141
  5,553
  5,982
  6,428
  6,892
  7,373
  7,874
  8,394
  8,936
  9,499
  10,085
  10,696
  11,333
  11,996
  12,688
  13,411
  14,165
  14,953
  15,776
  16,636
  17,536
  18,478
  19,463
  20,494
  21,574
Revenue / Adjusted assets
  0.502
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
Average production assets, $m
  467
  2,200
  2,423
  2,656
  2,899
  3,153
  3,416
  3,691
  3,976
  4,272
  4,580
  4,900
  5,233
  5,579
  5,938
  6,313
  6,702
  7,108
  7,531
  7,972
  8,432
  8,912
  9,413
  9,937
  10,484
  11,056
  11,654
  12,280
  12,934
  13,620
  14,337
Working capital, $m
  519
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
Total debt, $m
  2,075
  2,183
  2,485
  2,800
  3,130
  3,473
  3,830
  4,201
  4,588
  4,989
  5,406
  5,839
  6,290
  6,758
  7,246
  7,752
  8,280
  8,830
  9,403
  10,000
  10,623
  11,273
  11,952
  12,661
  13,402
  14,176
  14,986
  15,833
  16,720
  17,648
  18,620
Total liabilities, $m
  2,765
  2,980
  3,281
  3,597
  3,926
  4,269
  4,627
  4,998
  5,384
  5,786
  6,203
  6,636
  7,086
  7,555
  8,042
  8,549
  9,077
  9,627
  10,199
  10,797
  11,420
  12,070
  12,748
  13,457
  14,198
  14,973
  15,783
  16,630
  17,517
  18,445
  19,416
Total equity, $m
  318
  331
  365
  400
  436
  474
  514
  555
  598
  643
  689
  737
  787
  839
  894
  950
  1,009
  1,070
  1,133
  1,200
  1,269
  1,341
  1,416
  1,495
  1,578
  1,664
  1,754
  1,848
  1,946
  2,049
  2,157
Total liabilities and equity, $m
  3,083
  3,311
  3,646
  3,997
  4,362
  4,743
  5,141
  5,553
  5,982
  6,429
  6,892
  7,373
  7,873
  8,394
  8,936
  9,499
  10,086
  10,697
  11,332
  11,997
  12,689
  13,411
  14,164
  14,952
  15,776
  16,637
  17,537
  18,478
  19,463
  20,494
  21,573
Debt-to-equity ratio
  6.525
  6.590
  6.820
  7.010
  7.170
  7.320
  7.450
  7.570
  7.670
  7.760
  7.840
  7.920
  7.990
  8.050
  8.110
  8.160
  8.210
  8.260
  8.300
  8.340
  8.370
  8.410
  8.440
  8.470
  8.500
  8.520
  8.550
  8.570
  8.590
  8.610
  8.630
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
  413
  495
  573
  655
  740
  828
  920
  1,016
  1,116
  1,220
  1,465
  1,578
  1,695
  1,817
  1,944
  2,076
  2,214
  2,358
  2,509
  2,666
  2,830
  3,002
  3,181
  3,369
  3,565
  3,771
  3,986
  4,212
  4,449
  4,697
Depreciation, amort., depletion, $m
  81
  408
  430
  454
  478
  503
  530
  557
  586
  615
  646
  490
  523
  558
  594
  631
  670
  711
  753
  797
  843
  891
  941
  994
  1,048
  1,106
  1,165
  1,228
  1,293
  1,362
  1,434
Funds from operations, $m
  516
  821
  926
  1,027
  1,133
  1,243
  1,358
  1,478
  1,602
  1,731
  1,866
  1,955
  2,101
  2,253
  2,411
  2,575
  2,747
  2,925
  3,112
  3,306
  3,509
  3,721
  3,943
  4,175
  4,417
  4,671
  4,936
  5,214
  5,506
  5,811
  6,130
Change in working capital, $m
  81
  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 operations, $m
  435
  822
  926
  1,027
  1,133
  1,243
  1,358
  1,478
  1,602
  1,732
  1,866
  1,956
  2,101
  2,253
  2,411
  2,575
  2,747
  2,925
  3,112
  3,306
  3,509
  3,722
  3,943
  4,175
  4,417
  4,671
  4,937
  5,215
  5,506
  5,811
  6,131
Maintenance CAPEX, $m
  0
  -199
  -220
  -242
  -266
  -290
  -315
  -342
  -369
  -398
  -427
  -458
  -490
  -523
  -558
  -594
  -631
  -670
  -711
  -753
  -797
  -843
  -891
  -941
  -994
  -1,048
  -1,106
  -1,165
  -1,228
  -1,293
  -1,362
New CAPEX, $m
  -43
  -212
  -223
  -233
  -243
  -253
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -374
  -390
  -406
  -423
  -441
  -460
  -480
  -501
  -524
  -547
  -572
  -598
  -626
  -655
  -685
  -718
Cash from investing activities, $m
  -42
  -411
  -443
  -475
  -509
  -543
  -579
  -616
  -654
  -694
  -735
  -778
  -823
  -869
  -918
  -968
  -1,021
  -1,076
  -1,134
  -1,194
  -1,257
  -1,323
  -1,392
  -1,465
  -1,541
  -1,620
  -1,704
  -1,791
  -1,883
  -1,978
  -2,080
Free cash flow, $m
  393
  411
  483
  552
  624
  700
  779
  862
  948
  1,038
  1,131
  1,178
  1,279
  1,384
  1,493
  1,607
  1,726
  1,849
  1,978
  2,112
  2,252
  2,398
  2,551
  2,710
  2,877
  3,051
  3,233
  3,424
  3,623
  3,832
  4,051
Issuance/(repayment) of debt, $m
  500
  105
  302
  316
  329
  343
  357
  371
  386
  401
  417
  433
  450
  468
  487
  507
  528
  550
  573
  597
  623
  650
  679
  709
  741
  774
  810
  847
  887
  928
  972
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
  105
  302
  316
  329
  343
  357
  371
  386
  401
  417
  433
  450
  468
  487
  507
  528
  550
  573
  597
  623
  650
  679
  709
  741
  774
  810
  847
  887
  928
  972
Total cash flow (excl. dividends), $m
  110
  515
  785
  867
  953
  1,043
  1,136
  1,233
  1,334
  1,439
  1,548
  1,611
  1,729
  1,852
  1,981
  2,114
  2,254
  2,399
  2,551
  2,709
  2,875
  3,048
  3,230
  3,419
  3,618
  3,825
  4,043
  4,271
  4,510
  4,760
  5,023
Retained Cash Flow (-), $m
  583
  -212
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
Prev. year cash balance distribution, $m
 
  282
  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
 
  37
  41
  45
  49
  54
  59
  64
  69
  74
  79
  85
  91
  97
  104
  110
  117
  125
  132
  140
  148
  157
  166
  175
  185
  195
  206
  217
  228
  240
  253
Cash available for distribution, $m
 
  585
  751
  832
  917
  1,005
  1,097
  1,192
  1,291
  1,394
  1,502
  1,563
  1,679
  1,800
  1,926
  2,058
  2,195
  2,338
  2,487
  2,643
  2,806
  2,976
  3,154
  3,340
  3,535
  3,739
  3,953
  4,177
  4,411
  4,657
  4,915
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  550
  658
  676
  686
  687
  680
  664
  641
  611
  575
  517
  474
  429
  382
  335
  289
  245
  204
  167
  134
  105
  81
  61
  45
  32
  22
  15
  10
  6
  4
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. 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 61.4
Price to Sales 13.9
Price to Book 50.4
Price to Tangible Book
Price to Cash Flow 36.8
Price to Free Cash Flow 40.9
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 $1274 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 10.7% 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 6.5%, 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 26.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $369 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 5.6% 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 2.9%.

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 156%.

Life of production assets of 10 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 -0.1%. 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 - $401 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 90 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 $15.8 billion.

RELATED COMPANIES Price Int.Val. Rating
MORN Morningstar 134.34 78.50  hold
FDS FactSet Resear 216.83 158.44  hold
ENV Envestnet 60.55 80.40  buy
SPGI S&P Global 203.07 219.34  hold
MCO Moody's 170.92 29.76  str.sell
TRI Thomson Reuter 42.85 31.73  hold

COMPANY NEWS

▶ MSCI Equity Indexes August 2018 Index Review   [Aug-13-18 05:51PM  Business Wire]
▶ 3 ETFs to Gain Frontier Markets Exposure   [11:33AM  Investopedia]
▶ MSCI: 2Q Earnings Snapshot   [07:21AM  Associated Press]
▶ [$$] The Add-On Deal Roundup: July 30   [Jul-30-18 04:23PM  The Wall Street Journal]
▶ A factor view on FAANGs   [09:47AM  Harvest Exchange]
▶ MSCI Announces Sale of InvestorForce┬«   [08:30AM  Business Wire]
▶ Thirty Is the Magic Number for Argentina's Macri   [Jul-17-18 06:00AM  Bloomberg]
▶ [$$] Chinas bear market woes run deeper than Trump tariffs   [Jun-27-18 05:00AM  Financial Times]
▶ Argentine President Wows Global Investors But Is Losing Confidence at Home   [Jun-26-18 08:00PM  The Wall Street Journal]
▶ New Saudi Arabia ETF Emerges   [12:25PM  Bloomberg]
▶ Why MSCI Inc (NYSE:MSCI) Could Be A Buy   [Jun-25-18 01:32PM  Simply Wall St.]
▶ [$$] Europe's dividend bull market   [Jun-22-18 05:48AM  Financial Times]
▶ Troubled Argentina Tries to Turn a Corner   [Jun-18-18 09:26AM  The Wall Street Journal]
▶ [$$] Chinas retreating A-shares raise trading suspension fears   [Jun-15-18 07:09AM  Financial Times]
▶ A-Shares Move Renews Interest In This ETF   [Jun-12-18 12:33PM  Benzinga]
▶ [$$] China DataView: 2015 crash still raw for older investors   [Jun-10-18 11:31PM  Financial Times]
▶ [$$] Chinese Stocks Have Been Money-Losing Bets This Year   [Jun-08-18 12:42AM  The Wall Street Journal]
▶ [$$] Chinese Stocks Dip Following MSCI Inclusion   [12:58AM  The Wall Street Journal]
▶ If MSCI's So Great, Why Are China Stocks Down?   [May-31-18 09:24PM  Bloomberg]
▶ Why India's Offshore Clampdown Irks Global Markets   [May-22-18 02:30PM  Bloomberg]
▶ [$$] Sizzling China A-share become hot area for innovation   [May-20-18 05:00AM  Financial Times]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.