Company Valuation: Morgan Stanley

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,139 143,693 153,052 202,539 282,150 318,165 - -
Change - -18.42% 6.51% 32.33% 39.31% 12.76% - -
Enterprise Value (EV) 1 366,069 339,995 340,207 407,574 540,993 582,361 582,361 582,361
Change - -7.12% 0.06% 19.8% 32.73% 7.65% 0% 0%
P/E 12.2x 13.8x 18x 15.8x 17.4x 15.6x 14.8x 13.8x
PBR 1.78x 1.56x 1.68x 2.13x 2.76x 2.89x 2.7x 2.52x
PEG - -0.6x -1.1x 0.3x 0.6x 0.6x 2.73x 1.88x
Capitalization / Revenue 2.95x 2.68x 2.83x 3.28x 3.99x 3.85x 3.68x 3.52x
EV / Revenue 6.13x 6.34x 6.28x 6.6x 7.66x 7.05x 6.73x 6.45x
EV / EBITDA - - - - - - - -
EV / EBIT 18.6x 23.7x 27.6x 22.8x 24.3x 21.5x 22x 22.2x
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% 2.12% 2.35% 2.59%
EPS 2 8.03 6.15 5.18 7.95 10.21 12.98 13.68 14.69
Distribution rate 30.5% 49.2% 62.7% 45.6% 37.7% 33.1% 34.9% 35.8%
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 20,968 21,886
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 93.25 125.72 177.53 202.58 202.58 202.58
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.61x7.05x - 2.12% 318B
13.36x10.29x - 2.02% 285B
11.79x - - 1.91% 221B
16.92x6.76x11.25x1.21% 182B
9.8x1.47x - 3.78% 59.13B
15.66x5.38x - 3.74% 30.49B
10.44x7.69x - 3.96% 29.44B
16.97x - - 0.37% 25.83B
6.65x - - 4.56% 24.75B
Average 13.02x 6.44x 11.25x 2.63% 130.67B
Weighted average by Cap. 13.97x 7.61x 11.25x 2.1%

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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