Financials Morgan Stanley

Equities

MS

US6174464486

Investment Banking & Brokerage Services

Market Closed - Nyse 04:00:02 2024-02-23 pm EST 5-day change 1st Jan Change
86.55 USD +0.82% Intraday chart for Morgan Stanley +0.06% -7.18%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 68,357 82,743 123,984 176,139 143,693 141,532 141,532 -
Enterprise Value (EV) 1 298,611 348,481 309,590 366,069 339,995 153,052 292,312 292,312
P/E ratio 8.38 x 9.85 x 10.6 x 12.2 x 13.8 x 18 x 13.4 x 11.8 x
Yield 2.9% 2.64% 2.04% 2.5% 3.56% 3.77% 4.04% 4.24%
Capitalization / Revenue 1.7 x 2 x 2.57 x 2.95 x 2.68 x 2.83 x 2.5 x 2.37 x
EV / Revenue 7.45 x 8.41 x 6.42 x 6.13 x 6.34 x 2.83 x 5.16 x 4.9 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - 64.5 x - -
FCF Yield - - - - - 1.55% - -
Price to Book 0.94 x 1.12 x 1.34 x 1.78 x 1.56 x 1.68 x 1.52 x 1.48 x
Nbr of stocks (in thousands) 1,724,014 1,618,598 1,809,198 1,794,412 1,690,109 1,635,268 1,635,268 -
Reference price 2 39.65 51.12 68.53 98.16 85.02 86.55 86.55 86.55
Announcement Date 1/17/19 1/16/20 1/20/21 1/19/22 1/17/23 1/16/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 40,107 41,419 48,198 59,755 53,668 54,143 56,609 59,609
EBITDA - - - - - - - -
EBIT 1 11,237 11,473 14,418 19,672 14,369 12,345 14,803 16,075
Operating Margin 28.02% 27.7% 29.91% 32.92% 26.77% 22.8% 26.15% 26.97%
Earnings before Tax (EBT) 1 11,237 11,301 14,418 19,668 14,089 11,813 14,004 15,497
Net income 1 8,222 8,512 10,500 14,566 10,540 8,530 10,332 11,411
Net margin 20.5% 20.55% 21.79% 24.38% 19.64% 15.75% 18.25% 19.14%
EPS 2 4.730 5.190 6.460 8.030 6.150 5.180 6.463 7.313
Free Cash Flow 1 - - - - - 4,449 - -
FCF margin - - - - - 8.24% - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - 49.06% - -
Dividend per Share 2 1.150 1.350 1.400 2.450 3.025 3.267 3.497 3.670
Announcement Date 1/17/19 1/16/20 1/20/21 1/19/22 1/17/23 1/16/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 14,759 14,753 14,524 14,801 13,132 12,986 12,749 14,517 13,457 13,273 12,896 14,422 14,069 14,092 14,149
EBITDA - - - - - - - - - - - - - - -
EBIT 1 4,639 4,898 4,889 4,645 3,740 3,546 2,881 3,994 - - 2,099 3,930 3,625 3,761 3,495
Operating Margin 31.43% 33.2% 33.66% 31.38% 28.48% 27.31% 22.6% 27.51% - - 16.28% 27.25% 25.77% 26.69% 24.7%
Earnings before Tax (EBT) 1 4,566 4,874 4,884 4,588 3,319 3,388 2,794 3,760 2,812 3,145 2,096 3,752 3,495 3,492 3,308
Net income 1 3,408 3,584 3,592 3,542 2,391 2,494 2,113 2,836 2,049 2,262 1,383 2,753 2,547 2,544 2,455
Net margin 23.09% 24.29% 24.73% 23.93% 18.21% 19.21% 16.57% 19.54% 15.23% 17.04% 10.72% 19.09% 18.1% 18.05% 17.35%
EPS 2 1.850 1.980 2.010 2.020 1.390 1.470 1.260 1.700 1.240 1.380 0.8500 1.706 1.581 1.600 1.546
Dividend per Share 2 0.3500 0.7000 0.7000 0.7000 0.7750 0.7750 0.7750 0.7750 0.7750 0.8500 0.8491 0.8488 0.8527 0.8979 0.8974
Announcement Date 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 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 230,254 265,738 185,606 189,930 196,302 145,207 150,779 150,779
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - - - - 4,449 - -
ROE (net income / shareholders' equity) 11.5% 11.7% 13.1% 15% 11.2% 9.4% 11.2% 12.5%
ROA (Net income/ Total Assets) 0.96% 0.97% 1.04% 1.3% 0.92% 0.8% 0.86% 0.94%
Assets 1 852,639 874,479 1,005,641 1,124,788 1,145,080 1,128,887 1,196,208 1,209,097
Book Value Per Share 2 42.20 45.80 51.10 55.10 54.60 55.50 56.90 58.50
Cash Flow per Share - - -15.50 - - - - -
Capex 1 - - - - - 252 - -
Capex / Sales - - - - - 0.47% - -
Announcement Date 1/17/19 1/16/20 1/20/21 1/19/22 1/17/23 1/16/24 - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
24
Last Close Price
86.55 USD
Average target price
95.04 USD
Spread / Average Target
+9.81%
Consensus
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