Morgan Stanley

Analyst Listings

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
Keefe Bruyette & Woods Brian Kleinhanzl
Oppenheimer Chris Kotowski
Credit Suisse Christian Bolu
Atlantic Equities Christopher Wheeler
Drexel Hamilton David Hilder
JMP Securities Devin Ryan
Guggenheim Securities Eric Wasserstrom
RBC Capital Markets Fiona Swaffield
Evercore ISI Glenn Schorr
BMO Capital Markets James Fotheringham
Buckingham Research James Mitchell
Sandler O’Neill & Partners Jeffery J. Harte
Wells Fargo Securities Matthew H. Burnell
Deutsche Bank Research Matthew O’Connor
Nomura Research Steven Chubak

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Primary Input Data

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Derived Input Data

Derived Input Label



Equational Form
Net Income NI  6,139  5,975 NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid
Cash Flow From Equity CFE  2,059  4,982 CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI
Total Equity TE 76,184 77,177 TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt
Return on Equity ROE 8.06% 7.74% ROE\,=\,\frac { NI}{TE}
Net Investment NetInv  4,080 993 NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}
Investment Rate IR  66.46%  16.62% IR\,=\,\frac {NetInv}{NI}
Cost of Equity
COE 0.91%  -0.89% COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta
Enterprise value
EVMarket  9,780  75,605 EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash
Long-Run Growth
g = IR x ROIC
 5.36%  1.29% Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP  2.50%  2.50%

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value


multiple g solution

Two-stage valuation

model g solution

12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016


\frac {Price}{Book\,\,Value} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}


\frac {Price}{Cash\,\,Earnings} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}\,(\frac{NI}{CE})


\frac {Price}{Book\,\, Value} \,= \,\frac{ROE\, -\, g}{ROIC\,(COE\,-\,g)}\,\,x\,\,ROE\,\,=\,\,\frac{ROE\,\,-\,\,g}{COE\,\,-\,\,g}

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