Intrinsic value of MSCI - MSCI

Previous Close

$138.25

  Intrinsic Value

$40.37

stock screener

  Rating & Target

str. sell

-71%

Previous close

$138.25

 
Intrinsic value

$40.37

 
Up/down potential

-71%

 
Rating

str. sell

*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

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
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  1,151
  1,287
  1,430
  1,580
  1,738
  1,902
  2,073
  2,252
  2,438
  2,631
  2,832
  3,041
  3,258
  3,483
  3,717
  3,961
  4,215
  4,478
  4,753
  5,039
  5,338
  5,649
  5,973
  6,312
  6,665
  7,035
  7,421
  7,824
  8,247
  8,688
  9,150
Variable operating expenses, $m
 
  785
  855
  928
  1,005
  1,085
  1,169
  1,256
  1,347
  1,442
  1,540
  1,486
  1,592
  1,703
  1,817
  1,936
  2,060
  2,189
  2,323
  2,463
  2,609
  2,761
  2,920
  3,085
  3,258
  3,439
  3,627
  3,825
  4,031
  4,247
  4,473
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
  785
  855
  928
  1,005
  1,085
  1,169
  1,256
  1,347
  1,442
  1,540
  1,486
  1,592
  1,703
  1,817
  1,936
  2,060
  2,189
  2,323
  2,463
  2,609
  2,761
  2,920
  3,085
  3,258
  3,439
  3,627
  3,825
  4,031
  4,247
  4,473
Operating income, $m
  488
  502
  575
  652
  733
  817
  904
  996
  1,091
  1,189
  1,292
  1,554
  1,665
  1,780
  1,900
  2,025
  2,154
  2,289
  2,430
  2,576
  2,728
  2,887
  3,053
  3,226
  3,407
  3,596
  3,793
  4,000
  4,216
  4,441
  4,678
EBITDA, $m
  569
  679
  754
  833
  916
  1,003
  1,093
  1,188
  1,286
  1,388
  1,494
  1,604
  1,718
  1,837
  1,960
  2,089
  2,223
  2,362
  2,507
  2,658
  2,815
  2,979
  3,150
  3,329
  3,515
  3,710
  3,914
  4,126
  4,349
  4,582
  4,826
Interest expense (income), $m
  89
  102
  79
  92
  105
  119
  133
  148
  164
  180
  197
  215
  233
  252
  272
  293
  314
  336
  360
  384
  409
  435
  462
  491
  521
  552
  584
  618
  654
  691
  729
Earnings before tax, $m
  386
  401
  496
  560
  628
  698
  771
  847
  927
  1,009
  1,095
  1,339
  1,432
  1,528
  1,628
  1,732
  1,840
  1,953
  2,070
  2,192
  2,320
  2,452
  2,591
  2,736
  2,887
  3,044
  3,209
  3,382
  3,562
  3,751
  3,948
Tax expense, $m
  125
  108
  134
  151
  169
  188
  208
  229
  250
  272
  296
  362
  387
  413
  440
  468
  497
  527
  559
  592
  626
  662
  700
  739
  779
  822
  866
  913
  962
  1,013
  1,066
Net income, $m
  261
  292
  362
  409
  458
  509
  563
  618
  676
  737
  799
  978
  1,045
  1,116
  1,189
  1,264
  1,343
  1,426
  1,511
  1,600
  1,693
  1,790
  1,891
  1,997
  2,107
  2,222
  2,343
  2,469
  2,600
  2,738
  2,882

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
  2,563
  2,848
  3,148
  3,461
  3,789
  4,130
  4,486
  4,856
  5,241
  5,641
  6,057
  6,489
  6,938
  7,405
  7,891
  8,396
  8,921
  9,468
  10,038
  10,633
  11,252
  11,898
  12,573
  13,277
  14,013
  14,782
  15,586
  16,427
  17,307
  18,228
Adjusted assets (=assets-cash), $m
  2,291
  2,563
  2,848
  3,148
  3,461
  3,789
  4,130
  4,486
  4,856
  5,241
  5,641
  6,057
  6,489
  6,938
  7,405
  7,891
  8,396
  8,921
  9,468
  10,038
  10,633
  11,252
  11,898
  12,573
  13,277
  14,013
  14,782
  15,586
  16,427
  17,307
  18,228
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
  521
  579
  640
  704
  770
  840
  912
  987
  1,066
  1,147
  1,231
  1,319
  1,411
  1,506
  1,604
  1,707
  1,814
  1,925
  2,041
  2,162
  2,288
  2,419
  2,556
  2,699
  2,849
  3,005
  3,169
  3,340
  3,519
  3,706
Working capital, $m
  519
  -305
  -339
  -374
  -412
  -451
  -491
  -534
  -578
  -624
  -671
  -721
  -772
  -825
  -881
  -939
  -999
  -1,061
  -1,126
  -1,194
  -1,265
  -1,339
  -1,416
  -1,496
  -1,580
  -1,667
  -1,759
  -1,854
  -1,954
  -2,059
  -2,169
Total debt, $m
  2,075
  1,617
  1,874
  2,143
  2,425
  2,720
  3,027
  3,347
  3,681
  4,027
  4,387
  4,761
  5,150
  5,554
  5,975
  6,412
  6,866
  7,339
  7,832
  8,345
  8,879
  9,437
  10,019
  10,626
  11,260
  11,922
  12,614
  13,338
  14,095
  14,887
  15,715
Total liabilities, $m
  2,765
  2,307
  2,564
  2,833
  3,115
  3,410
  3,717
  4,037
  4,371
  4,717
  5,077
  5,451
  5,840
  6,244
  6,665
  7,102
  7,556
  8,029
  8,522
  9,035
  9,569
  10,127
  10,709
  11,316
  11,950
  12,612
  13,304
  14,028
  14,785
  15,577
  16,405
Total equity, $m
  318
  256
  285
  315
  346
  379
  413
  449
  486
  524
  564
  606
  649
  694
  741
  789
  840
  892
  947
  1,004
  1,063
  1,125
  1,190
  1,257
  1,328
  1,401
  1,478
  1,559
  1,643
  1,731
  1,823
Total liabilities and equity, $m
  3,083
  2,563
  2,849
  3,148
  3,461
  3,789
  4,130
  4,486
  4,857
  5,241
  5,641
  6,057
  6,489
  6,938
  7,406
  7,891
  8,396
  8,921
  9,469
  10,039
  10,632
  11,252
  11,899
  12,573
  13,278
  14,013
  14,782
  15,587
  16,428
  17,308
  18,228
Debt-to-equity ratio
  6.525
  6.310
  6.580
  6.810
  7.010
  7.180
  7.330
  7.460
  7.580
  7.680
  7.780
  7.860
  7.940
  8.010
  8.070
  8.130
  8.180
  8.230
  8.270
  8.310
  8.350
  8.390
  8.420
  8.450
  8.480
  8.510
  8.530
  8.560
  8.580
  8.600
  8.620
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
  292
  362
  409
  458
  509
  563
  618
  676
  737
  799
  978
  1,045
  1,116
  1,189
  1,264
  1,343
  1,426
  1,511
  1,600
  1,693
  1,790
  1,891
  1,997
  2,107
  2,222
  2,343
  2,469
  2,600
  2,738
  2,882
Depreciation, amort., depletion, $m
  81
  176
  179
  181
  184
  186
  189
  192
  195
  198
  201
  49
  53
  56
  60
  64
  68
  73
  77
  82
  86
  92
  97
  102
  108
  114
  120
  127
  134
  141
  148
Funds from operations, $m
  516
  469
  541
  590
  642
  696
  752
  811
  871
  935
  1,001
  1,027
  1,098
  1,172
  1,249
  1,329
  1,412
  1,498
  1,588
  1,682
  1,780
  1,882
  1,988
  2,099
  2,215
  2,336
  2,463
  2,595
  2,734
  2,879
  3,030
Change in working capital, $m
  81
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -91
  -96
  -100
  -105
  -110
Cash from operations, $m
  435
  501
  575
  626
  679
  735
  793
  853
  916
  981
  1,048
  1,076
  1,149
  1,225
  1,304
  1,386
  1,472
  1,561
  1,653
  1,750
  1,850
  1,955
  2,065
  2,179
  2,299
  2,424
  2,554
  2,691
  2,834
  2,983
  3,140
Maintenance CAPEX, $m
  0
  -19
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -86
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
New CAPEX, $m
  -43
  -55
  -58
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -156
  -163
  -171
  -179
  -187
Cash from investing activities, $m
  -42
  -74
  -79
  -84
  -90
  -95
  -100
  -106
  -111
  -117
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -203
  -212
  -223
  -234
  -245
  -258
  -270
  -283
  -298
  -313
  -328
Free cash flow, $m
  393
  428
  496
  542
  590
  640
  692
  747
  804
  863
  924
  946
  1,012
  1,081
  1,153
  1,227
  1,305
  1,386
  1,469
  1,557
  1,648
  1,743
  1,842
  1,946
  2,053
  2,166
  2,284
  2,407
  2,536
  2,671
  2,812
Issuance/(repayment) of debt, $m
  500
  -458
  257
  269
  282
  295
  307
  320
  333
  346
  360
  374
  389
  404
  420
  437
  455
  473
  493
  513
  535
  558
  582
  607
  634
  662
  692
  724
  757
  792
  829
Issuance/(repurchase) of shares, $m
  -770
  438
  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
  -20
  257
  269
  282
  295
  307
  320
  333
  346
  360
  374
  389
  404
  420
  437
  455
  473
  493
  513
  535
  558
  582
  607
  634
  662
  692
  724
  757
  792
  829
Total cash flow (excl. dividends), $m
  110
  408
  753
  811
  872
  935
  1,000
  1,067
  1,137
  1,209
  1,284
  1,320
  1,401
  1,485
  1,573
  1,664
  1,759
  1,859
  1,962
  2,070
  2,183
  2,301
  2,424
  2,553
  2,687
  2,829
  2,976
  3,131
  3,293
  3,463
  3,641
Retained Cash Flow (-), $m
  583
  -730
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -74
  -77
  -80
  -84
  -88
  -92
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
 
  469
  724
  781
  841
  902
  966
  1,032
  1,100
  1,171
  1,244
  1,279
  1,358
  1,441
  1,526
  1,616
  1,709
  1,806
  1,907
  2,013
  2,123
  2,239
  2,359
  2,485
  2,617
  2,755
  2,899
  3,051
  3,209
  3,375
  3,549
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
 
  436
  620
  612
  597
  577
  550
  519
  483
  444
  403
  349
  308
  267
  229
  192
  159
  129
  102
  80
  61
  45
  33
  23
  16
  11
  7
  4
  3
  2
  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 48.4
Price to Sales 11
Price to Book 39.7
Price to Tangible Book
Price to Cash Flow 29
Price to Free Cash Flow 32.2
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 11.8% 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 89.932 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 $12.4 billion.

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COMPANY NEWS

▶ New Twist in Race to the Bottom for Fund Fees   [Dec-07-17 12:00AM  Bloomberg]
▶ Index Providers Rule the WorldFor Now, at Least   [Nov-26-17 07:00PM  Bloomberg]
▶ MSCI Equity Indexes November 2017 Index Review   [Nov-13-17 05:51PM  Business Wire]
▶ MSCI tops 3Q profit forecasts   [07:39AM  Associated Press]
▶ 5 GARP Stocks for Marvelous Returns   [Nov-01-17 09:31AM  Zacks]
▶ Franklin Templeton Undercuts BlackRock on Single-Country Stock ETFs   [Oct-31-17 09:39AM  The Wall Street Journal]
▶ The Kingdom Enters Another ETF   [Oct-25-17 08:44AM  Benzinga]
▶ [$$] Companies That Perform Best Dont Pay CEOs the Most   [12:11AM  The Wall Street Journal]
▶ [$$] Companies That Perform Best Don't Pay CEOs the Most   [05:00AM  The Wall Street Journal]
▶ MSCI Introduces Factor-Based ESG Benchmarks   [Sep-29-17 10:21AM  ETF Trends]
▶ MSCI Launches New Factor ESG Target Indexes   [09:00AM  Business Wire]
▶ 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]
Financial statements of MSCI
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