MSCI – Market expectations are for Uniform ROA to expand to new highs, but management may have concerns about growth opportunities, ESG offerings, and other initiatives

February 18, 2022

  • MSCI Inc. (MSCI) currently trades well above corporate and historical averages relative to Uniform earnings, with a 43.9x Uniform P/E (Fwd. V/E’).
  • At these levels, markets are pricing in expectations for Uniform ROA to reach new highs of 123%, accompanied by 3% Uniform asset growth.
  • However, analysts expect Uniform ROA to slightly fade to 61% in 2023, accompanied by 12% Uniform asset growth.
  • If sustained going forward, these levels would imply a stock price closer to $464, representing approximately 13% equity downside for the firm.
  • Moreover, the firm’s most recent earnings call suggests management may have concerns about growth opportunities, ESG offerings, and other initiatives.

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