Intrinsic value of MSCI - MSCI

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$98.03

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$98.03

 
Intrinsic value

$28.53

 
Up/down potential

-71%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 8.9

 

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
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  1,151
  1,235
  1,322
  1,413
  1,507
  1,606
  1,708
  1,814
  1,925
  2,040
  2,160
  2,285
  2,416
  2,553
  2,695
  2,844
  3,000
  3,163
  3,333
  3,511
  3,697
  3,893
  4,097
  4,311
  4,535
  4,771
  5,017
  5,275
  5,546
  5,830
  6,128
Variable operating expenses, $m
 
  759
  802
  846
  892
  940
  990
  1,042
  1,096
  1,153
  1,211
  1,117
  1,181
  1,248
  1,317
  1,390
  1,466
  1,546
  1,629
  1,716
  1,807
  1,903
  2,003
  2,107
  2,217
  2,332
  2,452
  2,579
  2,711
  2,850
  2,995
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
  759
  802
  846
  892
  940
  990
  1,042
  1,096
  1,153
  1,211
  1,117
  1,181
  1,248
  1,317
  1,390
  1,466
  1,546
  1,629
  1,716
  1,807
  1,903
  2,003
  2,107
  2,217
  2,332
  2,452
  2,579
  2,711
  2,850
  2,995
Operating income, $m
  488
  476
  520
  567
  615
  665
  717
  772
  828
  887
  949
  1,168
  1,235
  1,305
  1,378
  1,454
  1,533
  1,617
  1,704
  1,795
  1,890
  1,990
  2,094
  2,204
  2,318
  2,439
  2,565
  2,697
  2,835
  2,980
  3,132
EBITDA, $m
  569
  651
  697
  745
  795
  847
  901
  957
  1,015
  1,076
  1,139
  1,205
  1,274
  1,346
  1,421
  1,500
  1,582
  1,668
  1,758
  1,852
  1,950
  2,053
  2,161
  2,274
  2,392
  2,516
  2,646
  2,782
  2,925
  3,075
  3,232
Interest expense (income), $m
  89
  102
  75
  82
  90
  99
  107
  116
  126
  135
  145
  156
  167
  178
  190
  203
  216
  230
  244
  259
  275
  291
  308
  326
  345
  365
  385
  407
  430
  453
  478
Earnings before tax, $m
  386
  374
  446
  484
  525
  567
  610
  655
  703
  752
  803
  1,012
  1,068
  1,126
  1,187
  1,251
  1,317
  1,387
  1,460
  1,536
  1,615
  1,699
  1,786
  1,878
  1,974
  2,074
  2,179
  2,290
  2,405
  2,527
  2,654
Tax expense, $m
  125
  101
  120
  131
  142
  153
  165
  177
  190
  203
  217
  273
  288
  304
  321
  338
  356
  374
  394
  415
  436
  459
  482
  507
  533
  560
  588
  618
  649
  682
  717
Net income, $m
  261
  273
  325
  354
  383
  414
  445
  478
  513
  549
  586
  739
  780
  822
  867
  913
  962
  1,012
  1,066
  1,121
  1,179
  1,240
  1,304
  1,371
  1,441
  1,514
  1,591
  1,671
  1,756
  1,845
  1,938

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
  2,460
  2,634
  2,815
  3,003
  3,198
  3,402
  3,613
  3,834
  4,063
  4,303
  4,552
  4,813
  5,085
  5,369
  5,665
  5,976
  6,300
  6,639
  6,994
  7,365
  7,754
  8,161
  8,588
  9,035
  9,503
  9,994
  10,509
  11,048
  11,614
  12,207
Adjusted assets (=assets-cash), $m
  2,291
  2,460
  2,634
  2,815
  3,003
  3,198
  3,402
  3,613
  3,834
  4,063
  4,303
  4,552
  4,813
  5,085
  5,369
  5,665
  5,976
  6,300
  6,639
  6,994
  7,365
  7,754
  8,161
  8,588
  9,035
  9,503
  9,994
  10,509
  11,048
  11,614
  12,207
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
  500
  536
  572
  611
  650
  692
  735
  779
  826
  875
  926
  979
  1,034
  1,092
  1,152
  1,215
  1,281
  1,350
  1,422
  1,497
  1,576
  1,659
  1,746
  1,837
  1,932
  2,032
  2,136
  2,246
  2,361
  2,482
Working capital, $m
  519
  -293
  -313
  -335
  -357
  -381
  -405
  -430
  -456
  -483
  -512
  -542
  -573
  -605
  -639
  -674
  -711
  -750
  -790
  -832
  -876
  -923
  -971
  -1,022
  -1,075
  -1,131
  -1,189
  -1,250
  -1,314
  -1,382
  -1,452
Total debt, $m
  2,075
  1,524
  1,681
  1,843
  2,013
  2,188
  2,372
  2,562
  2,760
  2,967
  3,183
  3,407
  3,642
  3,886
  4,142
  4,409
  4,688
  4,980
  5,285
  5,604
  5,939
  6,289
  6,655
  7,039
  7,441
  7,863
  8,305
  8,768
  9,253
  9,762
  10,296
Total liabilities, $m
  2,765
  2,214
  2,371
  2,533
  2,703
  2,878
  3,062
  3,252
  3,450
  3,657
  3,873
  4,097
  4,332
  4,576
  4,832
  5,099
  5,378
  5,670
  5,975
  6,294
  6,629
  6,979
  7,345
  7,729
  8,131
  8,553
  8,995
  9,458
  9,943
  10,452
  10,986
Total equity, $m
  318
  246
  263
  281
  300
  320
  340
  361
  383
  406
  430
  455
  481
  508
  537
  567
  598
  630
  664
  699
  737
  775
  816
  859
  903
  950
  999
  1,051
  1,105
  1,161
  1,221
Total liabilities and equity, $m
  3,083
  2,460
  2,634
  2,814
  3,003
  3,198
  3,402
  3,613
  3,833
  4,063
  4,303
  4,552
  4,813
  5,084
  5,369
  5,666
  5,976
  6,300
  6,639
  6,993
  7,366
  7,754
  8,161
  8,588
  9,034
  9,503
  9,994
  10,509
  11,048
  11,613
  12,207
Debt-to-equity ratio
  6.525
  6.200
  6.380
  6.550
  6.700
  6.840
  6.970
  7.090
  7.200
  7.300
  7.400
  7.480
  7.570
  7.640
  7.710
  7.780
  7.850
  7.900
  7.960
  8.010
  8.060
  8.110
  8.150
  8.200
  8.240
  8.270
  8.310
  8.340
  8.380
  8.410
  8.430
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
  273
  325
  354
  383
  414
  445
  478
  513
  549
  586
  739
  780
  822
  867
  913
  962
  1,012
  1,066
  1,121
  1,179
  1,240
  1,304
  1,371
  1,441
  1,514
  1,591
  1,671
  1,756
  1,845
  1,938
Depreciation, amort., depletion, $m
  81
  176
  177
  178
  180
  182
  183
  185
  187
  189
  191
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  90
  94
  99
Funds from operations, $m
  516
  449
  502
  532
  563
  595
  629
  663
  700
  738
  777
  776
  819
  864
  910
  959
  1,010
  1,064
  1,120
  1,178
  1,239
  1,303
  1,370
  1,441
  1,514
  1,591
  1,672
  1,757
  1,846
  1,939
  2,037
Change in working capital, $m
  81
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
Cash from operations, $m
  435
  445
  523
  554
  585
  618
  653
  689
  726
  765
  805
  806
  850
  896
  944
  995
  1,047
  1,102
  1,160
  1,220
  1,283
  1,349
  1,419
  1,491
  1,567
  1,647
  1,731
  1,818
  1,910
  2,006
  2,107
Maintenance CAPEX, $m
  0
  -19
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
New CAPEX, $m
  -43
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
Cash from investing activities, $m
  -42
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
  -161
  -168
  -177
  -186
  -195
  -205
  -215
Free cash flow, $m
  393
  393
  468
  495
  524
  554
  585
  618
  652
  687
  724
  720
  760
  802
  845
  891
  938
  988
  1,040
  1,094
  1,151
  1,211
  1,273
  1,338
  1,407
  1,478
  1,554
  1,632
  1,715
  1,801
  1,892
Issuance/(repayment) of debt, $m
  500
  -551
  157
  163
  169
  176
  183
  190
  198
  207
  215
  225
  234
  245
  256
  267
  279
  292
  305
  319
  334
  350
  366
  384
  402
  421
  442
  463
  486
  509
  534
Issuance/(repurchase) of shares, $m
  -770
  86
  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
  -465
  157
  163
  169
  176
  183
  190
  198
  207
  215
  225
  234
  245
  256
  267
  279
  292
  305
  319
  334
  350
  366
  384
  402
  421
  442
  463
  486
  509
  534
Total cash flow (excl. dividends), $m
  110
  -158
  624
  658
  693
  730
  768
  808
  850
  894
  939
  945
  994
  1,046
  1,101
  1,158
  1,217
  1,280
  1,345
  1,413
  1,485
  1,560
  1,639
  1,722
  1,809
  1,900
  1,995
  2,095
  2,200
  2,311
  2,426
Retained Cash Flow (-), $m
  583
  -720
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -59
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
 
  0
  607
  640
  675
  711
  748
  787
  828
  871
  915
  920
  968
  1,019
  1,072
  1,128
  1,186
  1,247
  1,311
  1,378
  1,448
  1,522
  1,599
  1,679
  1,764
  1,853
  1,946
  2,044
  2,146
  2,254
  2,367
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
 
  0
  519
  501
  479
  454
  426
  396
  364
  330
  296
  251
  219
  189
  161
  134
  110
  89
  70
  55
  41
  31
  22
  16
  11
  7
  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., 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 34.3
Price to Sales 7.8
Price to Book 28.1
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 22.8
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 7.3% 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 90.853 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 $8.9 billion.


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▶ Hot Stocks Shouldn't Sway MSCI   [Nov-28-16 03:00PM  at Bloomberg]
▶ Hedge Funds Are Coming Back to Msci Inc (MSCI)   [Nov-27-16 01:28PM  at Insider Monkey]
▶ MSCI Equity Indexes November 2016 Index Review   [Nov-14-16 06:13PM  Business Wire]
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Stock chart of MSCI 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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