Stock DWD MORGAN STANLEY
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Financials Morgan Stanley Bulgaria S.E.

Equities

DWD

US6174464486

Investment Banking & Brokerage Services

Real-time Estimate Tradegate
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 03:05:15 2024-07-03 pm EDT 		5-day change 1st Jan Change
92.94 EUR +0.85% Intraday chart for Morgan Stanley +1.05% +9.39%
05:21pm Citigroup, JPMorgan, Wells Fargo Tagged 'Most Preferred' as Q2 Earnings Loom, Morgan Stanley Says MT
01:47pm Stocks to watch as Biden and Trump vie for presidency RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 82,743 123,984 176,139 143,693 153,052 162,841 - -
Enterprise Value (EV) 1 348,481 309,590 366,069 339,995 340,207 347,460 330,540 330,540
P/E ratio 9.85 x 10.6 x 12.2 x 13.8 x 18 x 14.5 x 13.1 x 12 x
Yield 2.64% 2.04% 2.5% 3.56% 3.49% 3.53% 3.74% 3.91%
Capitalization / Revenue 2 x 2.57 x 2.95 x 2.68 x 2.83 x 2.82 x 2.68 x 2.57 x
EV / Revenue 8.41 x 6.42 x 6.13 x 6.34 x 6.28 x 6.02 x 5.44 x 5.21 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - -9.21 x 72 x 55.5 x 52.2 x
FCF Yield - - - - -10.9% 1.39% 1.8% 1.92%
Price to Book 1.12 x 1.34 x 1.78 x 1.56 x 1.68 x 1.75 x 1.69 x 1.6 x
Nbr of stocks (in thousands) 1,618,598 1,809,198 1,794,412 1,690,109 1,641,312 1,625,163 - -
Reference price 2 51.12 68.53 98.16 85.02 93.25 99.65 99.65 99.65
Announcement Date 1/16/20 1/20/21 1/19/22 1/17/23 1/16/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 41,419 48,198 59,755 53,668 54,143 57,756 60,731 63,396
EBITDA - - - - - - - -
EBIT 1 11,473 14,418 19,672 14,369 12,345 14,888 15,996 16,903
Operating Margin 27.7% 29.91% 32.92% 26.77% 22.8% 25.78% 26.34% 26.66%
Earnings before Tax (EBT) 1 11,301 14,418 19,668 14,089 11,813 14,882 16,115 17,443
Net income 1 8,512 10,500 14,566 10,540 8,530 11,025 11,936 12,736
Net margin 20.55% 21.79% 24.38% 19.64% 15.75% 19.09% 19.65% 20.09%
EPS 2 5.190 6.460 8.030 6.150 5.180 6.873 7.608 8.303
Free Cash Flow 1 - - - - -36,948 4,828 5,953 6,331
FCF margin - - - - -68.24% 8.36% 9.8% 9.99%
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - 43.79% 49.87% 49.71%
Dividend per Share 2 1.350 1.400 2.450 3.025 3.250 3.518 3.727 3.894
Announcement Date 1/16/20 1/20/21 1/19/22 1/17/23 1/16/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 14,524 14,801 13,132 12,986 12,749 14,517 13,457 13,273 12,896 15,136 14,335 14,266 14,358 15,739 15,306
EBITDA - - - - - - - - - - - - - - -
EBIT 1 4,889 4,645 3,740 3,546 2,881 3,994 - - 2,099 4,389 3,742 3,811 3,420 4,656 4,312
Operating Margin 33.66% 31.38% 28.48% 27.31% 22.6% 27.51% - - 16.28% 29% 26.11% 26.71% 23.82% 29.58% 28.17%
Earnings before Tax (EBT) 1 4,884 4,588 3,319 3,388 2,794 3,760 2,812 3,145 2,096 4,395 3,693 3,582 3,393 4,387 4,096
Net income 1 3,592 3,542 2,391 2,494 2,113 2,836 2,049 2,262 1,383 3,266 2,695 2,616 2,517 3,258 3,019
Net margin 24.73% 23.93% 18.21% 19.21% 16.57% 19.54% 15.23% 17.04% 10.72% 21.58% 18.8% 18.34% 17.53% 20.7% 19.72%
EPS 2 2.010 2.020 1.390 1.470 1.260 1.700 1.240 1.380 0.8500 2.020 1.666 1.641 1.550 2.086 1.917
Dividend per Share 2 0.7000 0.7000 0.7750 0.7750 0.7750 0.7750 0.7750 0.8500 0.8500 0.8500 0.8539 0.9130 0.9130 0.9198 0.9198
Announcement Date 1/19/22 4/14/22 7/14/22 10/14/22 1/17/23 4/19/23 7/18/23 10/18/23 1/16/24 4/16/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 265,738 185,606 189,930 196,302 187,155 184,619 167,699 167,699
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - - - -36,948 4,828 5,953 6,331
ROE (net income / shareholders' equity) 11.7% 13.1% 15% 11.2% 9.4% 11.9% 12.9% 13.6%
ROA (Net income/ Total Assets) 0.97% 1.04% 1.3% 0.92% 0.72% 0.92% 0.99% 0.98%
Assets 1 874,479 1,005,641 1,124,788 1,145,080 1,187,030 1,193,956 1,211,815 1,295,936
Book Value Per Share 2 45.80 51.10 55.10 54.60 55.50 56.80 58.90 62.40
Cash Flow per Share - -15.50 - - - - - -
Capex 1 - - - - 3,412 261 407 433
Capex / Sales - - - - 6.3% 0.45% 0.67% 0.68%
Announcement Date 1/16/20 1/20/21 1/19/22 1/17/23 1/16/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Morgan Stanley

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
24
Last Close Price
100.2 USD
Average target price
99.68 USD
Spread / Average Target
-0.52%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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