Morningstar

Morningstar, Inc.

Equity Bottom-Up

Wide-moat rated MSCI posted a reasonable first quarter, as it continues to extract value from subscriptions to its indexes and analytics. MSCI announced that Linda Huber, Moody’s former CFO, will become its acting CFO on May 6. Adjusted earnings per share grew 18.3% year over year and was flat sequentially. We will maintain our fair value estimate of $135 per share
MSCI continues to effectively monetize its valuable intellectual property. Subscription revenue grew 8.3% year over year, largely…

<p>MSCI is the unquestioned leader in providing global benchmarks to institutional investors. The company's recognized brand and high switching costs represent a steep challenge for rivals that is unlikely to be surmounted in the near to distant future. The company calculates over 215,500 benchmarks and 12,00 custom benchmarks for clients each day, making MSCI's indexes a requirement for pension consultants. The firm's index segment currently accounts for three fourths of operating profits, with…</p>

<p>Wide-moat MSCI announced on March 6 the resignation of CFO Kathleen Winters and the appointment of Andrew Wiechmann, who had previously led investor relations, as interim CFO. Winters was CFO just short of three years. Though we will not be changing our fair value estimate of $119 per share, we are surprised by the departure, which MSCI described as “amicable and not a result of any disagreement or dispute with the Company or its management on matters relating to the Company’s strategy…</p>

United States

MSCI Inc. provides investment decision support tools to investment institutions worldwide. The Company produces indices and risk and return portfolio analytics for use in managing investment portfolios.

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