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MSCI Inc MSCI

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MSCI's Crown Jewel Is the Wide-Moat Index Business

Rajiv Bhatia

Since going public in 2007, MSCI has become a leader in providing data and software to asset managers and asset owners. Its crown jewel is the index segment, which makes up about 60% of overall revenue and 80% of operating profit. Through early leadership in non-US indexes, MSCI boasts about $15 trillion in benchmarked assets. Because index data is critical to stakeholders that benchmark to MSCI, its index subscriptions have strong retention and pricing power.

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Price vs Fair Value

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MSCI is trading at a 625% premium.
Price
$588.31
Fair Value
$193.00
Uncertainty
High
1-Star Price
$515.00
5-Star Price
$733.00
Economic Moat
Gtggs
Capital Allocation
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Bulls Say, Bears Say

Bulls

MSCI has been a big beneficiary of the shift to passive investments, and it will particularly benefit if non-US equity markets, which have underperformed the US market, rebound.

Bears

While MSCI has benefited greatly from the shift to passive investing, its revenue is now more closely linked to the overall assets under management of funds that license their indexes, which are more cyclical in nature.

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Trading Information

Previous Close Price
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Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
41.17
Price/Sales
17.29
Dividend Yield (Trailing)
1.05%
Dividend Yield (Forward)
1.09%
Total Yield
1.77%

Company Profile

MSCI has described its mission as enabling investors to build better portfolios for a better world. MSCI’s largest and most profitable segment is its index segment, where it provides benchmarking to asset managers and asset owners. In addition, it boasts over $1.4 trillion in ETF assets linked to MSCI indexes. The MSCI analytics segment provides portfolio management and risk management analytics software to asset managers and asset owners. MSCI’s all other segment was broken out into ESG and climate and private assets segments in 2021. In ESG and climate, MSCI provides ESG data to the investment industry. In private assets, MSCI provides real restate reporting, market data, benchmarking, and analytics to investors and real estate managers.
Sector
Financial Services
Industry
Financial Data & Stock Exchanges
Stock Style Box
Mid Growth
Total Number of Employees
6,059
Website
https://www.msci.com

Competitors

Valuation

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Metric
MSCI
FDS
SPGI
Price/Earnings (Normalized)
 41.1729.1635.92
Price/Book Value
 —9.134.64
Price/Sales
 17.298.0512.22
Price/Cash Flow
 34.3525.0131.73
Price/Earnings
MSCI
FDS
SPGI

Financial Strength

Metric
MSCI
FDS
SPGI
Quick Ratio
 0.841.130.86
Current Ratio
 0.961.281.03
Interest Coverage
 8.4610.3615.19
Quick Ratio
MSCI
FDS
SPGI

Profitability

Metric
MSCI
FDS
SPGI
Return on Assets (Normalized)
 24.14%15.25%7.48%
Return on Equity (Normalized)
 —35.03%13.01%
Return on Invested Capital (Normalized)
 37.05%18.51%9.44%
Return on Assets
MSCI
FDS
SPGI

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