Company Valuation: Morgan Stanley

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,139 143,693 153,052 202,539 282,150 336,415 - -
Change - -18.42% 6.51% 32.33% 39.31% 19.23% - -
Enterprise Value (EV) 1 366,069 339,995 340,207 407,574 540,993 600,611 600,611 600,611
Change - -7.12% 0.06% 19.8% 32.73% 11.02% 0% 0%
P/E 12.2x 13.8x 18x 15.8x 17.4x 16.5x 15.7x 14.7x
PBR 1.78x 1.56x 1.68x 2.13x 2.76x 3.06x 2.85x 2.67x
PEG - -0.6x -1.1x 0.3x 0.6x 0.6x 3.04x 2.1x
Capitalization / Revenue 2.95x 2.68x 2.83x 3.28x 3.99x 4.07x 3.89x 3.73x
EV / Revenue 6.13x 6.34x 6.28x 6.6x 7.66x 7.27x 6.94x 6.65x
EV / EBITDA - - - - - - - -
EV / EBIT 18.6x 23.7x 27.6x 22.8x 24.3x 22.2x 22.7x 22.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 2.45 3.025 3.25 3.625 3.85 4.301 4.773 5.251
Rate of return 2.5% 3.56% 3.49% 2.88% 2.17% 2.01% 2.23% 2.45%
EPS 2 8.03 6.15 5.18 7.95 10.21 12.98 13.65 14.6
Distribution rate 30.5% 49.2% 62.7% 45.6% 37.7% 33.1% 35% 36%
Net sales 1 59,755 53,668 54,143 61,761 70,645 82,656 86,502 90,276
EBITDA - - - - - - - -
EBIT 1 19,672 14,369 12,345 17,860 22,303 27,075 26,499 26,250
Net income 1 14,566 10,540 8,530 12,800 16,249 20,339 20,881 21,670
Net Debt 1 189,930 196,302 187,155 205,035 258,843 264,196 264,196 264,196
Reference price 2 98.16 85.02 93.25 125.72 177.53 214.20 214.20 214.20
Nbr of stocks (in thousands) 1,794,412 1,690,109 1,641,312 1,611,036 1,589,309 1,570,566 - -
Announcement Date 1/19/22 1/17/23 1/16/24 1/16/25 1/15/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.5x7.27x - 2.01% 336B
14.69x10.71x - 1.83% 315B
11.77x - - 1.91% 221B
18.06x7.2x11.96x1.13% 194B
9.92x0.51x - 3.69% 60.68B
10.88x8.4x - 3.8% 28.22B
18.42x - - 0.34% 28.45B
15.9x4.98x - 3.47% 27.87B
6.68x - - 4.53% 25.8B
8.69x5.6x - 3.46% 23.69B
Average 13.15x 6.38x 11.96x 2.62% 126.08B
Weighted average by Cap. 14.70x 7.86x 11.96x 2.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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