Company Valuation: Morgan Stanley

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 176,139 143,693 153,052 202,539 282,150 295,282 - -
Change - -18.42% 6.51% 32.33% 39.31% 4.65% - -
Enterprise Value (EV) 1 366,069 339,995 340,207 407,574 540,993 559,478 559,478 559,478
Change - -7.12% 0.06% 19.8% 32.73% 3.42% 0% 0%
P/E 12.2x 13.8x 18x 15.8x 17.4x 14.6x 13.8x 12.9x
PBR 1.78x 1.56x 1.68x 2.13x 2.76x 2.69x 2.51x 2.35x
PEG - -0.6x -1.1x 0.3x 0.6x 0.6x 2.31x 1.88x
Capitalization / Revenue 2.95x 2.68x 2.83x 3.28x 3.99x 3.59x 3.42x 3.29x
EV / Revenue 6.13x 6.34x 6.28x 6.6x 7.66x 6.8x 6.47x 6.23x
EV / EBITDA - - - - - - - -
EV / EBIT 18.6x 23.7x 27.6x 22.8x 24.3x 20.7x 21.1x 21.3x
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% 2.29% 2.54% 2.79%
EPS 2 8.03 6.15 5.18 7.95 10.21 12.88 13.64 14.58
Distribution rate 30.5% 49.2% 62.7% 45.6% 37.7% 33.4% 35% 36%
Net sales 1 59,755 53,668 54,143 61,761 70,645 82,327 86,413 89,840
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 20,244 20,899 21,642
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 93.25 125.72 177.53 188.01 188.01 188.01
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.($)
14.6x6.8x - 2.29% 295B
13.04x10.19x - 2.13% 271B
11.34x - - 1.98% 213B
15.82x6.34x10.55x1.29% 170B
12.3x8.56x13.86x2.74% 58.7B
9.57x1.37x - 3.85% 57.65B
18.37x10.3x11.58x0.68% 41.93B
8.97x4.07x - 3.69% 41.93B
31.43x4.12x5.28x0.4% 38.88B
Average 15.05x 6.47x 10.32x 2.12% 132.11B
Weighted average by Cap. 13.96x 7.37x 10.65x 2.08%

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