Financials Morgan Stanley

Equities

MS

US6174464486

Investment Banking & Brokerage Services

Market Closed - Nyse Other stock markets 21:00:47 20/06/2025 BST			5-day change	1st Jan Change
132.71 ^USD	+0.14%		+2.49%	+5.56%

11:18pm	Billionaire Brad Jacobs' QXO offers $5 billion for GMS, threatens to go hostile	RE
06-20	Musk's xAI extends deadline and ups yield on bonds following lukewarm demand, source says	RE

Projected Income Statement: Morgan Stanley

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	48,198	59,755	53,668	54,143	61,761	65,596	68,463	70,981
Change	-	23.98%	-10.19%	0.89%	14.07%	6.21%	4.37%	3.68%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	14,418	19,672	14,369	12,345	17,860	19,005	19,817	20,871
Change	-	36.44%	-26.96%	-14.09%	44.67%	6.41%	4.27%	5.32%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	14,418	19,668	14,089	11,813	17,596	18,884	19,943	21,126
Change	-	36.41%	-28.37%	-16.15%	48.95%	7.32%	5.61%	5.93%
Net income ¹	10,500	14,566	10,540	8,530	12,800	13,778	14,631	15,495
Change	-	38.72%	-27.64%	-19.07%	50.06%	7.64%	6.19%	5.9%
Announcement Date	20/01/21	19/01/22	17/01/23	16/01/24	16/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	13,414	11,657	13,640	15,719	14,759	14,753	14,524	14,801	13,132	12,986	12,749	14,517	13,457	13,273	12,896	15,136	15,019	15,383	16,223	17,739	16,073	15,878	16,229	17,650	17,163	16,937	17,288	18,918
Change	-	-13.1%	17.01%	15.24%	-6.11%	-0.04%	-1.55%	1.91%	-11.28%	-1.11%	-1.83%	13.87%	-7.3%	-1.37%	-2.84%	17.37%	-0.77%	2.42%	5.46%	9.34%	-9.39%	-1.21%	2.21%	8.75%	-2.76%	-1.32%	2.08%	9.43%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,355	3,487	4,430	5,246	4,639	4,898	4,889	4,645	3,740	3,546	2,881	3,994	-	-	2,099	4,389	4,150	4,300	5,021	5,679	4,713	4,535	4,591	5,777	5,440	4,878	4,717	-
Change	-	-19.93%	27.04%	18.42%	-11.57%	5.58%	-0.18%	-4.99%	-19.48%	-5.19%	-18.75%	38.63%	-	-	-	109.1%	-5.45%	3.61%	16.77%	13.1%	-17.01%	-3.78%	1.24%	25.83%	-5.83%	-10.33%	-3.3%	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	4,355	3,487	4,430	5,344	4,566	4,874	4,884	4,588	3,319	3,388	2,794	3,760	2,812	3,145	2,096	4,395	4,074	4,221	4,906	5,544	4,501	4,392	4,548	5,334	4,967	4,693	4,781	5,762
Change	-	-19.93%	27.04%	20.63%	-14.56%	6.75%	0.21%	-6.06%	-27.66%	2.08%	-17.53%	34.57%	-25.21%	11.84%	-33.35%	109.69%	-7.3%	3.61%	16.23%	13%	-18.81%	-2.44%	3.56%	17.28%	-6.88%	-5.52%	1.89%	20.51%
Net income ¹	3,047	2,597	3,266	3,982	3,408	3,584	3,592	3,542	2,391	2,494	2,113	2,836	2,049	2,262	1,383	3,266	2,942	3,028	3,564	4,157	3,247	3,149	3,264	3,958	3,640	3,464	3,586	4,244
Change	-	-14.77%	25.76%	21.92%	-14.41%	5.16%	0.22%	-1.39%	-32.5%	4.31%	-15.28%	34.22%	-27.75%	10.4%	-38.86%	136.15%	-9.92%	2.92%	17.7%	16.64%	-21.88%	-3.03%	3.65%	21.27%	-8.05%	-4.82%	3.5%	18.36%
Announcement Date	16/07/20	15/10/20	20/01/21	16/04/21	15/07/21	14/10/21	19/01/22	14/04/22	14/07/22	14/10/22	17/01/23	19/04/23	18/07/23	18/10/23	16/01/24	16/04/24	16/07/24	16/10/24	16/01/25	11/04/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Morgan Stanley

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	185,606	189,930	196,302	187,155	205,035	196,037	196,037	196,037
Change	-	2.33%	3.35%	-4.66%	9.55%	-4.39%	0%	0%
Announcement Date	20/01/21	19/01/22	17/01/23	16/01/24	16/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Morgan Stanley

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	1,826	1,444	2,308	3,078	3,412	3,462
Change	-	-20.92%	59.83%	33.36%	10.85%	1.47%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	27/02/20	26/02/21	24/02/22	24/02/23	22/02/24	21/02/25

¹USD in Million

Estimates

Forecast Financial Ratios: Morgan Stanley

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	29.91%	32.92%	26.77%	22.8%	28.92%	28.97%	28.95%	29.4%
EBT Margin (%)	29.91%	32.91%	26.25%	21.82%	28.49%	28.79%	29.13%	29.76%
Net margin (%)	21.79%	24.38%	19.64%	15.75%	20.73%	21%	21.37%	21.83%
FCF margin (%)	-	-	-	-68.24%	-	-	-	-
FCF / Net Income (%)	-	-	-	-433.15%	-	-	-	-
Profitability
ROA	1.04%	1.3%	0.92%	0.72%	1.06%	1.11%	1.15%	1.16%
ROE	13.1%	15%	11.2%	9.4%	14%	14.28%	14.83%	15.39%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-5.07x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	6.3%	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-9.23%	-	-	-	-
Items per share
Cash flow per share ¹	-15.54	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	1.4	2.45	3.025	3.25	3.625	3.845	4.121	4.522
Change	-	75%	23.47%	7.44%	11.54%	6.07%	7.18%	9.73%
Book Value Per Share ¹	51.13	55.12	54.55	55.5	58.98	62.49	65.65	68.76
Change	-	7.8%	-1.03%	1.74%	6.27%	5.95%	5.05%	4.74%
EPS ¹	6.46	8.03	6.15	5.18	7.95	8.672	9.349	10.3
Change	-	24.3%	-23.41%	-15.77%	53.47%	9.08%	7.81%	10.14%
Nbr of stocks (in thousands)	1,809,198	1,794,412	1,690,109	1,641,312	1,611,036	1,604,319	1,604,319	1,604,319
Announcement Date	20/01/21	19/01/22	17/01/23	16/01/24	16/01/25	-	-	-