DDM Analysis: MSCI

Valuation Snapshot

Stable Growth	$2,655.89 - $3,129.09	$2,932.42
Multi-Stage	$1,806.30 - $1,982.01	$1,892.51
Blended Fair Value	$2,412.47
Current Price	$567.41
Upside	325.17%
Decision	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	2.36%	2.36%	2.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,655.89	$2,932.42	$3,129.09
Upside / Downside	368.07%	416.81%	451.47%

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	2.36%	2.36%	2.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	677.57	683.99	690.42
Year 2 PV (M)	816.16	831.71	847.40
Year 3 PV (M)	962.63	990.26	1,018.42
Year 4 PV (M)	1,117.32	1,160.29	1,204.48
Year 5 PV (M)	1,280.61	1,342.46	1,406.68
PV of Terminal Value (M)	135,566.39	142,114.30	148,912.81
Equity Value (M)	140,420.68	147,123.01	154,080.21
Shares Outstanding (M)	77.74	77.74	77.74
Fair Value	$1,806.30	$1,892.51	$1,982.01
Upside / Downside	218.34%	233.54%	249.31%

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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