Discounted Cash Flow (DCF) Analysis Unlevered

MSCI Inc (MSCI)

Financial Services

Operating Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	913.36	996.66	1,075.00	1,150.68	1,274.15	1,433.93	1,569.58	1,718.06	1,880.59	2,058.49	2,253.22
Revenue (%)
EBITDA	442.25	499.83	483.32	568.90	662.94	848.60	795.78	871.06	953.46	1,043.65	1,142.38
EBITDA (%)
EBIT	361.78	425.28	405.49	487.54	582.92	762.99	683.71	748.39	819.18	896.68	981.50
EBIT (%)
Depreciation	80.47	74.55	77.83	81.35	80.02	85.61	112.07	122.67	134.27	146.98	160.88
Depreciation (%)

Balance Sheet Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Total Cash	358.40	508.80	777.66	791.78	889.48	904.23	953.05	1,043.20	1,141.89	1,249.92	1,368.16
Total Cash (%)
Account Receivables	169.52	178.70	208.23	221.51	327.58	473.48	350.17	383.30	419.56	459.25	502.69
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	1.19	2.79	2.47	0.58	1.66	3.87	2.83	3.09	3.39	3.71	4.06
Accounts Payable (%)
Capital Expenditure	-43.48	-50.83	-49.13	-42.58	-48.80	-48.90	-66.39	-72.67	-79.55	-87.07	-95.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 259.79
Diluted Shares Outstanding	87.18
Cost of Debt
Tax Rate	19.37
After-tax Cost of Debt	-0.92
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.79
Total Debt	2,575.50
Total Equity	22,648.23
Total Capital	25,223.73
Debt Weighting	10.21
Equity Weighting	89.79
Wacc

Build Up Free Cash

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	913.36	996.66	1,075.00	1,150.68	1,274.15	1,433.93	1,569.58	1,718.06	1,880.59	2,058.49	2,253.22
EBITDA	442.25	499.83	483.32	568.90	662.94	848.60	795.78	871.06	953.46	1,043.65	1,142.38
EBIT	361.78	425.28	405.49	487.54	582.92	762.99	683.71	748.39	819.18	896.68	981.50
Tax Rate	33.66%	27.80%	34.83%	32.41%	34.90%	19.37%	30.49%	30.49%	30.49%	30.49%	30.49%
EBIAT	240.01	307.05	264.27	329.53	379.51	615.20	475.22	520.17	569.38	623.25	682.21
Depreciation	80.47	74.55	77.83	81.35	80.02	85.61	112.07	122.67	134.27	146.98	160.88
Accounts Receivable	-	-9.18	-29.53	-13.28	-106.08	-145.90	123.31	-33.13	-36.26	-39.69	-43.44
Inventories	-	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	1.60	-0.32	-1.90	1.08	2.22	-1.05	0.27	0.29	0.32	0.35
Capital Expenditure	-	7.35	-1.70	-6.55	6.22	0.10	17.50	6.28	6.87	7.53	8.24
UFCF	320.48	381.37	310.55	389.16	360.75	557.22	727.05	616.27	674.56	738.38	808.23
WACC
PV UFCF							655.00	500.18	493.24	486.39	479.64
SUM PV UFCF											2,991.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.00
Free cash flow (t + 1)	840.56
Terminal Value	12,007.98
Present Value of Terminal Value	7,126.15

Intrinsic Value

Enterprise Value	10,117.61
Net Debt	1,671.27
Equity Value	8,446.35
Shares Outstanding	87.18
Equity Value Per Share	96.89

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