DDM Analysis: MSCI

Valuation Snapshot

Stable Growth	$325.15 - $750.69	$475.40
Multi-Stage	$238.34 - $259.97	$248.96
Blended Fair Value	$362.18
Current Price	$567.41
Upside	-36.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.96%	37.95%	6.55	5.67	4.80	3.89	3.17	2.87	2.20	1.54	1.24	1.13
YoY Growth	-	-	15.45%	18.26%	23.30%	22.73%	10.55%	30.41%	42.79%	24.46%	9.63%	330.26%
Dividend Yield	-	-	1.16%	1.02%	0.86%	0.77%	0.76%	0.99%	1.09%	1.03%	1.27%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,223.15
(-) Cash Dividends Paid (M)	546.52
(=) Cash Retained (M)	676.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	244.63	152.89	91.74
Cash Retained (M)	676.64	676.64	676.64
(-) Cash Required (M)	-244.63	-152.89	-91.74
(=) Excess Retained (M)	432.01	523.74	584.90
(/) Shares Outstanding (M)	77.74	77.74	77.74
(=) Excess Retained per Share	5.56	6.74	7.52
LTM Dividend per Share	7.03	7.03	7.03
(+) Excess Retained per Share	5.56	6.74	7.52
(=) Adjusted Dividend	12.59	13.77	14.55
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$325.15	$475.40	$750.69
Upside / Downside	-42.70%	-16.22%	32.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,223.15	1,302.66	1,387.33	1,477.50	1,573.54	1,675.82	1,726.10
Payout Ratio	44.68%	53.74%	62.81%	71.87%	80.94%	90.00%	92.50%
Projected Dividends (M)	546.52	700.11	871.36	1,061.92	1,273.57	1,508.24	1,596.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	632.88	638.88	644.88
Year 2 PV (M)	712.05	725.61	739.30
Year 3 PV (M)	784.43	806.95	829.90
Year 4 PV (M)	850.44	883.14	916.78
Year 5 PV (M)	910.43	954.40	1,000.06
PV of Terminal Value (M)	14,638.08	15,345.10	16,079.19
Equity Value (M)	18,528.31	19,354.09	20,210.10
Shares Outstanding (M)	77.74	77.74	77.74
Fair Value	$238.34	$248.96	$259.97
Upside / Downside	-58.00%	-56.12%	-54.18%

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MSCI Inc. (MSCI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener