Financials Morgan Stanley

Equities

MS

US6174464486

Investment Banking & Brokerage Services

Market Closed - Nyse Other stock markets 04:00:39 2024-12-11 pm EST			After market 07:20:06 pm
127.59 ^USD	+0.63%		128.65	+0.83%

Dec. 11	US Airline Stocks Likely to Be Propelled by 'Perfect Storm of Tailwinds' in 2025, Morgan Stanley Says	MT
Dec. 11	Morgan Stanley Raises Price Targets on AutoZone, Ulta Beauty, Ollie's Amid Mixed Trends Following Quarterly Results	MT

Projected Income Statement: Morgan Stanley

income-statement-evolution-chart MORGAN-STANLEY

Fiscal Period: december	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	41,419	48,198	59,755	53,668	54,143	60,241	63,238	66,763
Change	-	16.37%	23.98%	-10.19%	0.89%	11.26%	4.98%	5.57%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	11,473	14,418	19,672	14,369	12,345	15,820	17,138	20,306
Change	-	25.67%	36.44%	-26.96%	-14.09%	28.15%	8.34%	18.48%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	11,301	14,418	19,668	14,089	11,813	16,110	17,196	18,776
Change	-	27.58%	36.41%	-28.37%	-16.15%	36.38%	6.74%	9.18%
Net income ¹	8,512	10,500	14,566	10,540	8,530	11,802	12,613	13,729
Change	-	23.36%	38.72%	-27.64%	-19.07%	38.36%	6.87%	8.85%
Announcement Date	1/16/20	1/20/21	1/19/22	1/17/23	1/16/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	10,857	9,487	13,414	11,657	13,640	15,719	14,759	14,753	14,524	14,801	13,132	12,986	12,749	14,517	13,457	13,273	12,896	15,136	15,019	15,383	14,732	16,201	15,872	15,838	15,672	17,579	17,395	17,225
Change	-	-12.62%	41.39%	-13.1%	17.01%	15.24%	-6.11%	-0.04%	-1.55%	1.91%	-11.28%	-1.11%	-1.83%	13.87%	-7.3%	-1.37%	-2.84%	17.37%	-0.77%	2.42%	-4.23%	9.97%	-2.03%	-0.22%	-1.05%	12.16%	-1.04%	-0.98%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,905	2,146	4,355	3,487	4,430	5,246	4,639	4,898	4,889	4,645	3,740	3,546	2,881	3,994	-	-	2,099	4,389	4,150	4,300	3,613	4,966	4,647	4,665	4,436	6,092	5,767	5,498
Change	-	-26.13%	102.94%	-19.93%	27.04%	18.42%	-11.57%	5.58%	-0.18%	-4.99%	-19.48%	-5.19%	-18.75%	38.63%	-100%	-	-	109.1%	-5.45%	3.61%	-15.98%	37.44%	-6.42%	0.38%	-4.9%	37.33%	-5.33%	-4.66%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	2,733	2,146	4,355	3,487	4,430	5,344	4,566	4,874	4,884	4,588	3,319	3,388	2,794	3,760	2,812	3,145	2,096	4,395	4,074	4,221	3,625	4,711	4,358	4,306	4,035	5,429	5,180	4,851
Change	-	-21.48%	102.94%	-19.93%	27.04%	20.63%	-14.56%	6.75%	0.21%	-6.06%	-27.66%	2.08%	-17.53%	34.57%	-25.21%	11.84%	-33.35%	109.69%	-7.3%	3.61%	-14.12%	29.95%	-7.49%	-1.2%	-6.28%	34.54%	-4.58%	-6.35%
Net income ¹	2,085	1,590	3,047	2,597	3,266	3,982	3,408	3,584	3,592	3,542	2,391	2,494	2,113	2,836	2,049	2,262	1,383	3,266	2,942	3,028	2,647	3,460	3,184	3,139	2,971	3,908	3,752	3,617
Change	-	-23.74%	91.64%	-14.77%	25.76%	21.92%	-14.41%	5.16%	0.22%	-1.39%	-32.5%	4.31%	-15.28%	34.22%	-27.75%	10.4%	-38.86%	136.15%	-9.92%	2.92%	-12.59%	30.74%	-7.98%	-1.41%	-5.37%	31.54%	-3.98%	-3.61%
Announcement Date	1/16/20	4/16/20	7/16/20	10/15/20	1/20/21	4/16/21	7/15/21	10/14/21	1/19/22	4/14/22	7/14/22	10/14/22	1/17/23	4/19/23	7/18/23	10/18/23	1/16/24	4/16/24	7/16/24	10/16/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Morgan Stanley

balance-sheet-analysis-chart MORGAN-STANLEY

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	265,738	185,606	189,930	196,302	187,155	212,005	212,005	212,005
Change	-	-30.15%	2.33%	3.35%	-4.66%	13.28%	0%	0%
Announcement Date	1/16/20	1/20/21	1/19/22	1/17/23	1/16/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Morgan Stanley

Fiscal Period: December	2018	2019	2020	2021	2022	2023
CAPEX ¹	1,865	1,826	1,444	2,308	3,078	3,412
Change	-	-2.09%	-20.92%	59.83%	33.36%	10.85%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	2/26/19	2/27/20	2/26/21	2/24/22	2/24/23	2/22/24

¹USD in Million

Estimates

Forecast Financial Ratios: Morgan Stanley

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	27.7%	29.91%	32.92%	26.77%	22.8%	26.26%	27.1%	30.41%
EBT Margin (%)	27.28%	29.91%	32.91%	26.25%	21.82%	26.74%	27.19%	28.12%
Net margin (%)	20.55%	21.79%	24.38%	19.64%	15.75%	19.59%	19.94%	20.56%
FCF margin (%)	-	-	-	-	-68.24%	-	-	-
FCF / Net Income (%)	-	-	-	-	-433.15%	-	-	-
Profitability
ROA	0.97%	1.04%	1.3%	0.92%	0.72%	1%	1.02%	1.09%
ROE	11.7%	13.1%	15%	11.2%	9.4%	12.85%	13.36%	14.18%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-5.07x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	6.3%	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-9.23%	-	-	-
Items per share
Cash flow per share ¹	-	-15.54	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	1.35	1.4	2.45	3.025	3.25	3.555	3.8	4.02
Change	-	3.7%	75%	23.47%	7.44%	9.38%	6.91%	5.78%
Book Value Per Share ¹	45.82	51.13	55.12	54.55	55.5	58.67	60.63	64.15
Change	-	11.59%	7.8%	-1.03%	1.74%	5.72%	3.34%	5.81%
EPS ¹	5.19	6.46	8.03	6.15	5.18	7.331	7.935	8.768
Change	-	24.47%	24.3%	-23.41%	-15.77%	41.52%	8.24%	10.5%
Nbr of stocks (in thousands)	1,618,598	1,809,198	1,794,412	1,690,109	1,641,312	1,611,036	1,611,036	1,611,036
Announcement Date	1/16/20	1/20/21	1/19/22	1/17/23	1/16/24	-	-	-