Company Valuation: Morgan Stanley

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,139 143,693 153,052 202,539 282,150 324,448 - -
Change - -18.42% 6.51% 32.33% 39.31% 14.99% - -
Enterprise Value (EV) 1 366,069 339,995 340,207 407,574 540,993 588,644 588,644 588,644
Change - -7.12% 0.06% 19.8% 32.73% 8.81% 0% 0%
P/E 12.2x 13.8x 18x 15.8x 17.4x 15.9x 15.1x 14x
PBR 1.78x 1.56x 1.68x 2.13x 2.76x 2.95x 2.75x 2.57x
PEG - -0.6x -1.1x 0.3x 0.6x 0.6x 2.76x 1.85x
Capitalization / Revenue 2.95x 2.68x 2.83x 3.28x 3.99x 3.93x 3.75x 3.59x
EV / Revenue 6.13x 6.34x 6.28x 6.6x 7.66x 7.12x 6.81x 6.52x
EV / EBITDA - - - - - - - -
EV / EBIT 18.6x 23.7x 27.6x 22.8x 24.3x 21.7x 22.2x 22.4x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 2.45 3.025 3.25 3.625 3.85 4.298 4.769 5.251
Rate of return 2.5% 3.56% 3.49% 2.88% 2.17% 2.08% 2.31% 2.54%
EPS 2 8.03 6.15 5.18 7.95 10.21 12.98 13.69 14.73
Distribution rate 30.5% 49.2% 62.7% 45.6% 37.7% 33.1% 34.8% 35.7%
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 20,346 20,972 21,896
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 93.25 125.72 177.53 206.58 206.58 206.58
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.51x7.27x - 2% 337B
14.54x10.67x - 1.85% 312B
12.42x - - 1.81% 233B
17.24x6.89x11.45x1.18% 185B
9.94x1.54x - 3.72% 59.97B
11.8x8.06x - 3.58% 31.68B
15.66x5.38x - 3.74% 30.69B
18.3x - - 0.34% 27.86B
6.66x - - 4.55% 24.86B
Average 13.68x 6.63x 11.45x 2.53% 137.96B
Weighted average by Cap. 14.74x 7.91x 11.45x 1.99%

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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