Financials MSCI, Inc.

Equities

MSCI

US55354G1004

Professional Information Services

Market Closed - Nyse Other stock markets 04:00:02 2025-12-08 pm EST			5-day change	1st Jan Change
536.90 ^USD	-0.25%		-4.76%	-10.52%

Dec. 05	RBC Cuts Price Target on MSCI to $655 From $675, Keeps Outperform Rating	MT
Dec. 04	MSCI Launches Breakthrough Index Integrating Public Markets and Private Equity	CI

Projected Income Statement: MSCI, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,695	2,044	2,249	2,529	2,856	3,132	3,429	3,715
Change	-	20.54%	10.03%	12.47%	12.94%	9.67%	9.47%	8.33%
EBITDA ¹	971.5	1,197	1,330	1,523	1,716	1,897	2,105	2,303
Change	-	23.19%	11.1%	14.54%	12.71%	10.54%	10.95%	9.42%
EBIT ¹	884.8	1,073	1,208	1,385	1,529	1,706	1,945	2,164
Change	-	21.24%	12.58%	14.65%	10.39%	11.63%	13.99%	11.24%
Interest Paid ¹	-156.3	-159.6	-171.6	-186.7	-185.5	-205.4	-225.3	-227.2
Earnings before Tax (EBT) ¹	686.2	858.1	1,044	1,369	1,356	1,502	1,691	1,909
Change	-	25.05%	21.64%	31.16%	-0.94%	10.77%	12.59%	12.87%
Net income ¹	601.8	726	870.6	1,149	1,109	1,242	1,377	1,541
Change	-	20.63%	19.92%	31.94%	-3.44%	12%	10.89%	11.88%
Announcement Date	1/28/21	1/27/22	1/31/23	1/30/24	1/29/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	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	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	443.7	478.4	498.2	517.1	549.8	559.9	551.8	560.6	576.2	592.2	621.2	625.4	690.1	680	707.9	724.7	743.5	745.8	772.7	793.4	819.6	822.1	847.3	863.8	886.1	896.7	925.5	946.8
Change	-	7.84%	4.13%	3.8%	6.33%	1.84%	-1.45%	1.6%	2.78%	2.78%	4.89%	0.69%	10.34%	-1.47%	4.12%	2.37%	2.59%	0.31%	3.6%	2.69%	3.3%	0.31%	3.07%	1.95%	2.59%	1.2%	3.2%	2.31%
EBITDA ¹	256.1	276.6	294.9	306.6	318.7	318.5	331.1	341	339	344.7	377.3	386.3	414.6	383.6	430	450.7	452.3	425.6	474.4	494.4	501.6	484.3	526	541.9	546.4	544.7	584.8	602.3
Change	-	7.98%	6.64%	3.95%	3.94%	-0.04%	3.96%	2.96%	-0.57%	1.68%	9.45%	2.38%	7.34%	-7.49%	12.09%	4.83%	0.34%	-5.88%	11.45%	4.23%	1.45%	-3.44%	8.6%	3.02%	0.82%	-0.3%	7.36%	3%
EBIT ¹	234.1	254.4	257.5	280.2	280.6	289	300.4	309.5	308.8	314.6	346	353.3	370.7	339.4	382.6	401.3	405.2	377	425.2	447.7	449.6	448	481.7	500.2	504.3	519.6	544	570.3
Change	-	8.67%	1.24%	8.81%	0.13%	2.99%	3.95%	3.05%	-0.25%	1.9%	9.97%	2.13%	4.94%	-8.46%	12.74%	4.89%	0.96%	-6.95%	12.79%	5.28%	0.42%	-0.34%	7.51%	3.86%	0.81%	3.05%	4.69%	4.83%
Charge d'intérêts ¹	-37.33	-37.58	-39.56	-42.14	-40.34	-40.71	-40.16	-44.16	-45.61	-46.21	-46.62	-46.9	-46.95	-46.67	-46.63	-46.69	-45.5	-46.49	-46.18	-53.62	-58.98	-58	-58	-58	-58	-58.37	-58.37	-58.37
Earnings before Tax (EBT) ¹	195.2	216	195.7	200.6	245.8	248.9	260	269.2	265.7	276.4	307.2	317.7	467.9	295.9	340	356.9	363.3	331.1	377.8	396.5	391.4	376.6	412.6	428.8	433.3	434	455	474
Change	-	10.69%	-9.41%	2.53%	22.48%	1.29%	4.45%	3.53%	-1.32%	4.03%	11.14%	3.42%	47.29%	-36.76%	14.9%	4.98%	1.8%	-8.88%	14.13%	4.94%	-1.29%	-3.79%	9.56%	3.93%	1.05%	0.16%	4.84%	4.18%
Net income ¹	156.2	196.8	165.4	169.9	193.9	228.4	210.6	216.6	215	238.7	246.8	259.7	403.4	256	266.8	280.9	305.5	288.6	303.6	325.4	322.6	316.8	335.1	351.2	354.6	356	373	389
Change	-	25.99%	-15.95%	2.69%	14.12%	17.83%	-7.81%	2.85%	-0.75%	11.05%	3.39%	5.2%	55.35%	-36.55%	4.22%	5.3%	8.76%	-5.54%	5.21%	7.16%	-0.86%	-1.81%	5.79%	4.8%	0.98%	0.39%	4.78%	4.29%
Announcement Date	1/28/21	4/27/21	7/27/21	10/26/21	1/27/22	4/26/22	7/26/22	10/25/22	1/31/23	4/25/23	7/25/23	10/31/23	1/30/24	4/23/24	7/23/24	10/29/24	1/29/25	4/22/25	7/22/25	10/28/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: MSCI, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,066	2,740	3,518	4,046	4,101	5,099	5,067	4,829
Change	-	32.62%	28.39%	15.01%	1.36%	24.32%	-0.63%	-4.7%
Announcement Date	1/28/21	1/27/22	1/31/23	1/30/24	1/29/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: MSCI, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	50.98	52.79	72.9	90.85	115.1	122.4	128.7	135.1
Change	-	3.57%	38.07%	24.63%	26.71%	6.29%	5.15%	4.97%
Free Cash Flow (FCF) ¹	760.1	883.3	1,022	1,145	1,387	1,439	1,581	1,714
Change	-	16.2%	15.76%	12%	21.07%	3.82%	9.83%	8.4%
Announcement Date	1/28/21	1/27/22	1/31/23	1/30/24	1/29/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: MSCI, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	57.3%	58.56%	59.13%	60.22%	60.1%	60.58%	61.4%	62.01%
EBIT Margin (%)	52.19%	52.49%	53.71%	54.75%	53.52%	54.48%	56.72%	58.25%
EBT Margin (%)	40.48%	41.99%	46.42%	54.14%	47.48%	47.96%	49.33%	51.39%
Net margin (%)	35.5%	35.53%	38.72%	45.42%	38.83%	39.66%	40.17%	41.49%
FCF margin (%)	44.84%	43.22%	45.47%	45.28%	48.55%	45.96%	46.11%	46.14%
FCF / Net Income (%)	126.31%	121.67%	117.45%	99.7%	125.01%	115.88%	114.78%	111.21%
Profitability
ROA	15.74%	17.11%	17.71%	20.53%	21.9%	21.65%	23.24%	24.72%
ROE	-	-	-	-	-	-	-	-
Financial Health
Leverage (Debt/EBITDA)	2.13x	2.29x	2.65x	2.66x	2.39x	2.69x	2.41x	2.1x
Debt / Free cash flow	2.72x	3.1x	3.44x	3.53x	2.96x	3.54x	3.2x	2.82x
Capital Intensity
CAPEX / Current Assets (%)	3.01%	2.58%	3.24%	3.59%	4.03%	3.91%	3.75%	3.64%
CAPEX / EBITDA (%)	5.25%	4.41%	5.48%	5.97%	6.71%	6.45%	6.11%	5.86%
CAPEX / FCF (%)	6.71%	5.98%	7.13%	7.93%	8.3%	8.5%	8.14%	7.88%
Items per share
Cash flow per share ¹	8.983	10.49	13.73	15.48	19.02	20.6	22.16	23.47
Change	-	16.78%	30.85%	12.78%	22.85%	8.32%	7.57%	5.92%
Dividend per Share ¹	2.92	3.64	4.58	5.52	6.4	7.192	8.223	9.053
Change	-	24.66%	25.82%	20.52%	15.94%	12.38%	14.33%	10.09%
Book Value Per Share ¹	-5.368	-1.983	-12.61	-9.353	-12.09	-27.14	-28.88	-26.7
Change	-	63.06%	-535.71%	25.8%	-29.27%	-124.43%	-6.45%	7.57%
EPS ¹	7.12	8.7	10.72	14.39	14.05	16.11	18.45	21
Change	-	22.19%	23.22%	34.24%	-2.36%	14.66%	14.53%	13.82%
Nbr of stocks (in thousands)	82,895	82,447	79,958	79,091	78,371	75,140	75,140	75,140
Announcement Date	1/28/21	1/27/22	1/31/23	1/30/24	1/29/25	-	-	-