Financials Morgan Stanley

Equities

MS

US6174464486

Investment Banking & Brokerage Services

Market Closed - Nyse Other stock markets 01:30:59 14/03/2026 am IST			5-day change	1st Jan Change
154.87 ^USD	+0.32%		-3.37%	-12.76%

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Projected Income Statement: Morgan Stanley

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	59,755	53,668	54,143	61,761	70,645	76,398	80,316	83,072
Change	-	-10.19%	0.89%	14.07%	14.38%	8.14%	5.13%	3.43%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	19,672	14,369	12,345	17,860	22,303	24,413	25,147	24,375
Change	-	-26.96%	-14.09%	44.67%	24.88%	9.46%	3.01%	-3.07%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	19,668	14,089	11,813	17,596	21,954	24,084	25,336	26,423
Change	-	-28.37%	-16.15%	48.95%	24.77%	9.7%	5.2%	4.29%
Net income ¹	14,566	10,540	8,530	12,800	16,249	17,929	18,865	19,523
Change	-	-27.64%	-19.07%	50.06%	26.95%	10.34%	5.22%	3.49%
Announcement Date	19/01/22	17/01/23	16/01/24	16/01/25	15/01/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	15,719	14,759	14,753	14,524	14,801	13,132	12,986	12,749	14,517	13,457	13,273	12,896	15,136	15,019	15,383	16,223	17,739	16,792	18,224	17,890	19,234	18,858	19,214	19,171	20,260	20,159	20,089	20,174
Change	-	-6.11%	-0.04%	-1.55%	1.91%	-11.28%	-1.11%	-1.83%	13.87%	-7.3%	-1.37%	-2.84%	17.37%	-0.77%	2.42%	5.46%	9.34%	-5.34%	8.53%	-1.83%	7.51%	-1.96%	1.89%	-0.22%	5.68%	-0.5%	-0.34%	0.42%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,246	4,639	4,898	4,889	4,645	3,740	3,546	2,881	3,994	-	-	2,099	4,389	4,150	4,300	5,021	5,679	4,818	6,028	5,778	6,437	5,828	6,241	5,794	6,826	6,318	6,504	6,207
Change	-	-11.57%	5.58%	-0.18%	-4.99%	-19.48%	-5.19%	-18.75%	38.63%	-	-	-	109.1%	-5.45%	3.61%	16.77%	13.1%	-15.16%	25.11%	-4.15%	11.41%	-9.46%	7.09%	-7.17%	17.82%	-7.44%	2.94%	-4.57%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	5,344	4,566	4,874	4,884	4,588	3,319	3,388	2,794	3,760	2,812	3,145	2,096	4,395	4,074	4,221	4,906	5,544	4,622	6,028	5,760	6,178	5,791	6,081	6,013	6,559	6,186	6,442	6,310
Change	-	-14.56%	6.75%	0.21%	-6.06%	-27.66%	2.08%	-17.53%	34.57%	-25.21%	11.84%	-33.35%	109.69%	-7.3%	3.61%	16.23%	13%	-16.63%	30.42%	-4.45%	7.26%	-6.28%	5.02%	-1.13%	9.09%	-5.68%	4.13%	-2.05%
Net income ¹	3,982	3,408	3,584	3,592	3,542	2,391	2,494	2,113	2,836	2,049	2,262	1,383	3,266	2,942	3,028	3,564	4,157	3,392	4,450	4,250	4,621	4,306	4,522	4,439	4,954	4,585	4,749	4,627
Change	-	-14.41%	5.16%	0.22%	-1.39%	-32.5%	4.31%	-15.28%	34.22%	-27.75%	10.4%	-38.86%	136.15%	-9.92%	2.92%	17.7%	16.64%	-18.4%	31.19%	-4.49%	8.72%	-6.81%	5.01%	-1.82%	11.59%	-7.44%	3.56%	-2.57%
Announcement Date	16/04/21	15/07/21	14/10/21	19/01/22	14/04/22	14/07/22	14/10/22	17/01/23	19/04/23	18/07/23	18/10/23	16/01/24	16/04/24	16/07/24	16/10/24	16/01/25	11/04/25	16/07/25	15/10/25	15/01/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Morgan Stanley

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	1,89,930	1,96,302	1,87,155	2,05,035	-	2,41,702	2,41,702	2,41,702
Change	-	3.35%	-4.66%	9.55%	-	-	0%	0%
Announcement Date	19/01/22	17/01/23	16/01/24	16/01/25	15/01/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Morgan Stanley

Fiscal Period: December	2020	2021	2022	2023	2024	2025
CAPEX ¹	1,444	2,308	3,078	3,412	3,462	2,898
Change	-	59.83%	33.36%	10.85%	1.47%	-16.29%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	26/02/21	24/02/22	24/02/23	22/02/24	21/02/25	19/02/26

¹USD in Million

Estimates

Forecast Financial Ratios: Morgan Stanley

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	32.92%	26.77%	22.8%	28.92%	31.57%	31.96%	31.31%	29.34%
EBT Margin (%)	32.91%	26.25%	21.82%	28.49%	31.08%	31.52%	31.55%	31.81%
Net margin (%)	24.38%	19.64%	15.75%	20.73%	23%	23.47%	23.49%	23.5%
FCF margin (%)	-	-	-68.24%	-	-	-	-	-
FCF / Net Income (%)	-	-	-433.15%	-	-	-	-	-
Profitability
ROA	1.3%	0.92%	0.72%	1.06%	1.23%	1.27%	1.26%	1.2%
ROE	15%	11.2%	9.4%	14%	16.6%	17.23%	17.27%	17.27%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-5.07x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	6.3%	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-9.23%	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	2.45	3.025	3.25	3.625	3.85	4.209	4.639	5.186
Change	-	23.47%	7.44%	11.54%	6.21%	9.32%	10.23%	11.78%
Book Value Per Share ¹	55.12	54.55	55.5	58.98	64.37	68.88	73.57	77.9
Change	-	-1.03%	1.74%	6.27%	9.14%	7.01%	6.81%	5.89%
EPS ¹	8.03	6.15	5.18	7.95	10.21	11.34	12.27	13.1
Change	-	-23.41%	-15.77%	53.47%	28.43%	11.11%	8.16%	6.8%
Nbr of stocks (in thousands)	17,94,412	16,90,109	16,41,312	16,11,036	15,89,309	15,87,860	15,87,860	15,87,860
Announcement Date	19/01/22	17/01/23	16/01/24	16/01/25	15/01/26	-	-	-