Financials MSCI, Inc.

Equities

MSCI

US55354G1004

Professional Information Services

Market Closed - Nyse Other stock markets 04:00:01 2025-01-24 pm EST			5-day change	1st Jan Change
620.72 ^USD	+0.77%		+1.42%	+3.45%

Jan. 22	Wells Fargo Adjusts Price Target on MSCI to $623 From $600, Maintains Equalweight Rating	MT
Jan. 21	JPMorgan Adjusts Price Target on MSCI to $700 From $680, Keeps Overweight Rating	MT

Projected Income Statement: MSCI, Inc.

income-statement-evolution-chart MSCI-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,558	1,695	2,044	2,249	2,529	2,860	3,123	3,413
Change	-	8.83%	20.54%	10.03%	12.47%	13.08%	9.21%	9.28%
EBITDA ¹	850.5	971.5	1,197	1,330	1,523	1,711	1,889	2,082
Change	-	14.23%	23.19%	11.1%	14.54%	12.33%	10.4%	10.22%
EBIT ¹	755.7	884.8	1,073	1,208	1,385	1,527	1,710	1,899
Change	-	17.08%	21.24%	12.58%	14.65%	10.3%	11.95%	11.09%
Interest Paid ¹	-148	-156.3	-159.6	-171.6	-186.7	-185.9	-180.9	-177.7
Earnings before Tax (EBT) ¹	603.3	686.2	858.1	1,044	1,369	1,353	1,538	1,731
Change	-	13.74%	25.05%	21.64%	31.16%	-1.15%	13.67%	12.53%
Net income ¹	563.6	601.8	726	870.6	1,149	1,094	1,237	1,391
Change	-	6.77%	20.63%	19.92%	31.94%	-4.72%	13%	12.44%
Announcement Date	1/30/20	1/28/21	1/27/22	1/31/23	1/30/24	-	-	-

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	406.6	416.8	409.6	425.3	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	746.7	749.6	772.7	789.4	812	815.8	841.9	861.8
Change	-	2.5%	-1.72%	3.84%	4.31%	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%	3.04%	0.38%	3.09%	2.16%	2.87%	0.47%	3.2%	2.36%
EBITDA ¹	220.2	229.2	236.7	249.4	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	446.8	435.2	470.7	489.3	489.7	481.9	517.4	536.4
Change	-	4.1%	3.26%	5.39%	2.68%	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%	-0.86%	-2.6%	8.15%	3.95%	0.09%	-1.6%	7.37%	3.66%
EBIT ¹	199.4	207.9	215.2	227.6	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	398.8	388	421.9	439	441.8	432.1	465.9	484.4
Change	-	4.24%	3.51%	5.78%	2.84%	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%	-0.64%	-2.7%	8.73%	4.06%	0.63%	-2.18%	7.81%	3.97%
Charge d'intérêts ¹	-40.29	-40.23	-41.23	-37.54	-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	-46.08	-45.8	-45.16	-44.74	-44.12	-43.5	-43.5	-43.5
Earnings before Tax (EBT) ¹	146.5	162.8	139.2	189	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	354.7	343.7	378.2	396.6	398.6	388.5	422.7	442
Change	-	11.13%	-14.54%	35.84%	3.24%	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%	-0.63%	-3.09%	10.03%	4.88%	0.5%	-2.54%	8.82%	4.55%
Net income ¹	122.8	148.1	115.1	182.4	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	285.2	283.1	302.4	318.2	320	322.1	335.7	352
Change	-	20.64%	-22.28%	58.4%	-14.34%	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%	1.53%	-0.72%	6.79%	5.24%	0.54%	0.68%	4.22%	4.86%
Announcement Date	1/30/20	4/28/20	7/28/20	10/27/20	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	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: MSCI, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,730	2,066	2,740	3,518	4,046	3,964	3,881	3,831
Change	-	19.42%	32.62%	28.39%	15.01%	-2.03%	-2.09%	-1.29%
Announcement Date	1/30/20	1/28/21	1/27/22	1/31/23	1/30/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: MSCI, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	53.77	50.98	52.79	72.9	90.85	109	110.2	115.1
Change	-	-5.2%	3.57%	38.07%	24.63%	20.03%	1.07%	4.39%
Free Cash Flow (FCF) ¹	655.8	760.1	883.3	1,022	1,145	1,340	1,429	1,591
Change	-	15.92%	16.2%	15.76%	12%	17%	6.66%	11.33%
Announcement Date	1/30/20	1/28/21	1/27/22	1/31/23	1/30/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: MSCI, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	54.6%	57.3%	58.56%	59.13%	60.22%	59.82%	60.47%	61%
EBIT Margin (%)	48.51%	52.19%	52.49%	53.71%	54.75%	53.4%	54.74%	55.65%
EBT Margin (%)	38.73%	40.48%	41.99%	46.42%	54.14%	47.33%	49.26%	50.73%
Net margin (%)	36.18%	35.5%	35.53%	38.72%	45.42%	38.27%	39.6%	40.75%
FCF margin (%)	42.09%	44.84%	43.22%	45.47%	45.28%	46.86%	45.76%	46.62%
FCF / Net Income (%)	116.34%	126.31%	121.67%	117.45%	99.7%	122.43%	115.56%	114.42%
Profitability
ROA	14.85%	15.74%	17.11%	17.71%	20.53%	20.21%	22.33%	24.14%
ROE	-	-	-	-	-	-177.09%	-316.34%	-1,669.07%
Financial Health
Leverage (Debt/EBITDA)	2.03x	2.13x	2.29x	2.65x	2.66x	2.32x	2.06x	1.84x
Debt / Free cash flow	2.64x	2.72x	3.1x	3.44x	3.53x	2.96x	2.72x	2.41x
Capital Intensity
CAPEX / Current Assets (%)	3.45%	3.01%	2.58%	3.24%	3.59%	3.81%	3.53%	3.37%
CAPEX / EBITDA (%)	6.32%	5.25%	4.41%	5.48%	5.97%	6.37%	5.84%	5.53%
CAPEX / FCF (%)	8.2%	6.71%	5.98%	7.13%	7.93%	8.14%	7.71%	7.23%
Items per share
Cash flow per share ¹	-	8.983	10.49	13.73	15.48	17.78	19.29	21.55
Change	-	-	16.78%	30.85%	12.78%	14.83%	8.5%	11.72%
Dividend per Share ¹	2.52	2.92	3.64	4.58	5.52	6.374	7.196	8.041
Change	-	15.87%	24.66%	25.82%	20.52%	15.47%	12.9%	11.74%
Book Value Per Share ¹	-0.9047	-5.368	-1.983	-12.61	-9.353	-9.039	-9.745	-13.04
Change	-	493.32%	-63.06%	535.71%	-25.8%	-3.36%	7.81%	33.77%
EPS ¹	6.59	7.12	8.7	10.72	14.39	13.84	15.87	18.1
Change	-	8.04%	22.19%	23.22%	34.24%	-3.85%	14.67%	14.1%
Nbr of stocks (in thousands)	84,707	82,895	82,447	79,958	79,091	78,371	78,371	78,371
Announcement Date	1/30/20	1/28/21	1/27/22	1/31/23	1/30/24	-	-	-