Intrinsic value of MSCI - MSCI

Previous Close

$153.86

  Intrinsic Value

$166.38

stock screener

  Rating & Target

hold

+8%

Previous close

$153.86

 
Intrinsic value

$166.38

 
Up/down potential

+8%

 
Rating

hold

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 0001), $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 13.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  1,464
  1,668
  1,885
  2,115
  2,358
  2,614
  2,882
  3,163
  3,456
  3,761
  4,079
  4,410
  4,753
  5,111
  5,482
  5,868
  6,269
  6,686
  7,119
  7,570
  8,040
  8,529
  9,039
  9,570
  10,124
  10,702
  11,306
  11,936
  12,595
  13,283
Variable operating expenses, $m
  357
  380
  405
  432
  460
  490
  520
  553
  587
  622
  470
  508
  548
  589
  632
  676
  723
  771
  821
  873
  927
  983
  1,042
  1,103
  1,167
  1,234
  1,303
  1,376
  1,452
  1,531
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
  734
  765
  799
  835
  871
  910
  950
  992
  1,036
  1,081
  939
  987
  1,038
  1,089
  1,143
  1,199
  1,257
  1,317
  1,379
  1,443
  1,510
  1,579
  1,651
  1,725
  1,803
  1,884
  1,967
  2,055
  2,146
  2,240
Operating income, $m
  730
  902
  1,085
  1,280
  1,487
  1,704
  1,932
  2,171
  2,420
  2,681
  3,140
  3,422
  3,716
  4,021
  4,339
  4,669
  5,012
  5,369
  5,741
  6,128
  6,531
  6,951
  7,388
  7,845
  8,321
  8,819
  9,339
  9,882
  10,450
  11,043
EBITDA, $m
  966
  1,145
  1,336
  1,538
  1,752
  1,978
  2,215
  2,463
  2,722
  2,992
  3,274
  3,567
  3,872
  4,189
  4,519
  4,861
  5,218
  5,589
  5,975
  6,376
  6,795
  7,231
  7,685
  8,159
  8,654
  9,171
  9,710
  10,274
  10,863
  11,480
Interest expense (income), $m
  89
  116
  129
  153
  178
  206
  234
  265
  296
  330
  364
  400
  438
  477
  518
  560
  604
  650
  697
  746
  798
  851
  907
  964
  1,025
  1,088
  1,153
  1,222
  1,293
  1,368
  1,445
Earnings before tax, $m
  614
  773
  933
  1,102
  1,281
  1,470
  1,667
  1,874
  2,091
  2,316
  2,740
  2,984
  3,239
  3,503
  3,779
  4,065
  4,362
  4,672
  4,994
  5,330
  5,680
  6,044
  6,424
  6,820
  7,234
  7,666
  8,117
  8,589
  9,082
  9,598
Tax expense, $m
  166
  209
  252
  298
  346
  397
  450
  506
  564
  625
  740
  806
  874
  946
  1,020
  1,097
  1,178
  1,261
  1,348
  1,439
  1,533
  1,632
  1,734
  1,841
  1,953
  2,070
  2,192
  2,319
  2,452
  2,591
Net income, $m
  448
  564
  681
  805
  935
  1,073
  1,217
  1,368
  1,526
  1,691
  2,000
  2,178
  2,364
  2,557
  2,758
  2,967
  3,185
  3,411
  3,646
  3,891
  4,146
  4,412
  4,689
  4,979
  5,281
  5,596
  5,926
  6,270
  6,630
  7,007

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,437
  3,915
  4,424
  4,965
  5,536
  6,136
  6,766
  7,424
  8,112
  8,829
  9,575
  10,351
  11,158
  11,997
  12,868
  13,774
  14,715
  15,694
  16,712
  17,771
  18,873
  20,022
  21,218
  22,465
  23,766
  25,123
  26,540
  28,019
  29,566
  31,182
Adjusted assets (=assets-cash), $m
  3,437
  3,915
  4,424
  4,965
  5,536
  6,136
  6,766
  7,424
  8,112
  8,829
  9,575
  10,351
  11,158
  11,997
  12,868
  13,774
  14,715
  15,694
  16,712
  17,771
  18,873
  20,022
  21,218
  22,465
  23,766
  25,123
  26,540
  28,019
  29,566
  31,182
Revenue / Adjusted assets
  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
  1,198
  1,364
  1,542
  1,730
  1,929
  2,138
  2,358
  2,587
  2,827
  3,076
  3,337
  3,607
  3,888
  4,180
  4,484
  4,800
  5,128
  5,469
  5,824
  6,193
  6,577
  6,977
  7,394
  7,828
  8,282
  8,754
  9,248
  9,764
  10,303
  10,866
Working capital, $m
  -265
  -302
  -341
  -383
  -427
  -473
  -522
  -572
  -625
  -681
  -738
  -798
  -860
  -925
  -992
  -1,062
  -1,135
  -1,210
  -1,289
  -1,370
  -1,455
  -1,544
  -1,636
  -1,732
  -1,832
  -1,937
  -2,046
  -2,160
  -2,280
  -2,404
Total debt, $m
  2,296
  2,727
  3,185
  3,672
  4,186
  4,726
  5,293
  5,885
  6,504
  7,149
  7,821
  8,519
  9,246
  10,000
  10,785
  11,600
  12,447
  13,328
  14,244
  15,197
  16,190
  17,223
  18,300
  19,422
  20,592
  21,814
  23,089
  24,421
  25,812
  27,267
Total liabilities, $m
  3,093
  3,523
  3,982
  4,468
  4,982
  5,522
  6,089
  6,682
  7,301
  7,946
  8,617
  9,316
  10,042
  10,797
  11,581
  12,397
  13,244
  14,125
  15,041
  15,994
  16,986
  18,019
  19,096
  20,218
  21,389
  22,611
  23,886
  25,217
  26,609
  28,064
Total equity, $m
  344
  391
  442
  496
  554
  614
  677
  742
  811
  883
  957
  1,035
  1,116
  1,200
  1,287
  1,377
  1,472
  1,569
  1,671
  1,777
  1,887
  2,002
  2,122
  2,246
  2,377
  2,512
  2,654
  2,802
  2,957
  3,118
Total liabilities and equity, $m
  3,437
  3,914
  4,424
  4,964
  5,536
  6,136
  6,766
  7,424
  8,112
  8,829
  9,574
  10,351
  11,158
  11,997
  12,868
  13,774
  14,716
  15,694
  16,712
  17,771
  18,873
  20,021
  21,218
  22,464
  23,766
  25,123
  26,540
  28,019
  29,566
  31,182
Debt-to-equity ratio
  6.680
  6.970
  7.200
  7.400
  7.560
  7.700
  7.820
  7.930
  8.020
  8.100
  8.170
  8.230
  8.290
  8.340
  8.380
  8.420
  8.460
  8.490
  8.520
  8.550
  8.580
  8.600
  8.620
  8.650
  8.660
  8.680
  8.700
  8.720
  8.730
  8.740
Adjusted equity ratio
  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
  448
  564
  681
  805
  935
  1,073
  1,217
  1,368
  1,526
  1,691
  2,000
  2,178
  2,364
  2,557
  2,758
  2,967
  3,185
  3,411
  3,646
  3,891
  4,146
  4,412
  4,689
  4,979
  5,281
  5,596
  5,926
  6,270
  6,630
  7,007
Depreciation, amort., depletion, $m
  236
  243
  250
  258
  266
  274
  283
  292
  302
  312
  134
  145
  156
  168
  180
  193
  206
  220
  234
  249
  264
  280
  297
  314
  333
  352
  371
  392
  414
  436
Funds from operations, $m
  684
  807
  931
  1,062
  1,201
  1,347
  1,500
  1,660
  1,828
  2,003
  2,134
  2,323
  2,520
  2,725
  2,938
  3,160
  3,390
  3,630
  3,880
  4,140
  4,410
  4,692
  4,986
  5,293
  5,613
  5,948
  6,297
  6,662
  7,044
  7,443
Change in working capital, $m
  -34
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
Cash from operations, $m
  719
  844
  970
  1,104
  1,245
  1,393
  1,549
  1,711
  1,881
  2,058
  2,191
  2,383
  2,583
  2,790
  3,006
  3,230
  3,463
  3,706
  3,958
  4,221
  4,495
  4,781
  5,079
  5,389
  5,714
  6,052
  6,406
  6,776
  7,163
  7,568
Maintenance CAPEX, $m
  -42
  -48
  -55
  -62
  -69
  -77
  -86
  -95
  -104
  -114
  -124
  -134
  -145
  -156
  -168
  -180
  -193
  -206
  -220
  -234
  -249
  -264
  -280
  -297
  -314
  -333
  -352
  -371
  -392
  -414
New CAPEX, $m
  -156
  -167
  -178
  -188
  -199
  -209
  -219
  -230
  -240
  -250
  -260
  -270
  -281
  -292
  -304
  -316
  -328
  -341
  -355
  -369
  -384
  -400
  -417
  -435
  -453
  -473
  -494
  -516
  -539
  -563
Cash from investing activities, $m
  -198
  -215
  -233
  -250
  -268
  -286
  -305
  -325
  -344
  -364
  -384
  -404
  -426
  -448
  -472
  -496
  -521
  -547
  -575
  -603
  -633
  -664
  -697
  -732
  -767
  -806
  -846
  -887
  -931
  -977
Free cash flow, $m
  521
  630
  738
  854
  977
  1,107
  1,243
  1,387
  1,538
  1,695
  1,808
  1,979
  2,157
  2,342
  2,534
  2,734
  2,942
  3,159
  3,384
  3,618
  3,862
  4,117
  4,382
  4,658
  4,946
  5,247
  5,561
  5,889
  6,232
  6,591
Issuance/(repayment) of debt, $m
  218
  430
  459
  486
  514
  540
  567
  593
  619
  645
  672
  699
  726
  755
  784
  815
  847
  881
  916
  953
  992
  1,033
  1,077
  1,122
  1,171
  1,221
  1,275
  1,332
  1,392
  1,455
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  218
  430
  459
  486
  514
  540
  567
  593
  619
  645
  672
  699
  726
  755
  784
  815
  847
  881
  916
  953
  992
  1,033
  1,077
  1,122
  1,171
  1,221
  1,275
  1,332
  1,392
  1,455
Total cash flow (excl. dividends), $m
  739
  1,060
  1,197
  1,340
  1,490
  1,647
  1,810
  1,980
  2,156
  2,340
  2,479
  2,677
  2,883
  3,096
  3,318
  3,549
  3,790
  4,040
  4,300
  4,572
  4,855
  5,150
  5,458
  5,780
  6,117
  6,468
  6,836
  7,221
  7,624
  8,045
Retained Cash Flow (-), $m
  -224
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
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
  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
  796
  1,012
  1,146
  1,286
  1,433
  1,587
  1,747
  1,914
  2,088
  2,268
  2,405
  2,600
  2,802
  3,013
  3,231
  3,459
  3,695
  3,942
  4,198
  4,466
  4,744
  5,035
  5,339
  5,655
  5,986
  6,333
  6,694
  7,073
  7,469
  7,884
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
  748
  887
  931
  962
  980
  984
  974
  950
  915
  868
  795
  734
  667
  597
  526
  455
  387
  324
  265
  213
  168
  129
  97
  72
  51
  36
  24
  16
  10
  6
Current shareholders' claim on cash, %
  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 53.8
Price to Sales 12.2
Price to Book 44.2
Price to Tangible Book
Price to Cash Flow 32.3
Price to Free Cash Flow 35.8
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 $1274.172 million for the last fiscal year's total revenue generated by MSCI. The default revenue input number comes from 0001 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 14.9% 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 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 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 81.8%.

Life of production assets of 24.9 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 -18.1%. 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 - $401.012 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 88.833 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 $13.7 billion.

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INFO IHS Markit 52.05 41.62  sell
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COMPANY NEWS

▶ Is MSCI Inc (NYSE:MSCI) A Great Dividend Stock?   [Oct-12-18 03:04PM  Simply Wall St.]
▶ MSCI Completes Sale of InvestorForce®   [01:56PM  Business Wire]
▶ [$$] Copper points to EM rebound   [Oct-02-18 04:35AM  Financial Times]
▶ [$$] Indexers Turn Spotlight on China's Smaller Stocks   [04:16AM  The Wall Street Journal]
▶ [$$] More Chinese Stocks Are Coming to Global Indexes   [12:21AM  The Wall Street Journal]
▶ [$$] MSCI Has Become Chinese Stocks' Best Friend   [08:05AM  The Wall Street Journal]
▶ MSCI Launches Ex Tobacco Involvement Indexes   [08:00AM  Business Wire]
▶ 3 Bargains in Emerging Markets Amid the Turmoil   [Sep-10-18 03:25PM  Barrons.com]
▶ Has EM Selloff Bottomed Out? ETFs to Tap   [Sep-03-18 01:00PM  Zacks]
▶ [$$] Argentina raises interest rate to 60%   [Aug-29-18 10:41PM  Financial Times]
▶ MSCI CEO Fernandez on Emerging Markets, Aramco IPO   [Aug-23-18 12:10PM  Bloomberg Video]
▶ [$$] Emerging markets investors feel effects of Turkey crisis   [Aug-17-18 06:01AM  Financial Times]
▶ [$$] Emerging markets: base wraith rise   [Aug-16-18 12:29AM  Financial Times]
▶ MSCI Equity Indexes August 2018 Index Review   [Aug-13-18 05:51PM  Business Wire]
▶ 3 ETFs to Gain Frontier Markets Exposure   [11:33AM  Investopedia]
▶ MSCI: 2Q Earnings Snapshot   [07:21AM  Associated Press]
▶ [$$] 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]

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