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Morgan Stanley (MEX:MS) Cyclically Adjusted Book per Share : MXN844.99 (As of Mar. 2024)


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What is Morgan Stanley Cyclically Adjusted Book per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

Morgan Stanley's adjusted book value per share for the three months ended in Mar. 2024 was MXN922.810. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is MXN844.99 for the trailing ten years ended in Mar. 2024.

During the past 12 months, Morgan Stanley's average Cyclically Adjusted Book Growth Rate was 6.20% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 9.10% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 8.00% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 4.80% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of Morgan Stanley was 15.10% per year. The lowest was 0.40% per year. And the median was 4.50% per year.

As of today (2024-07-22), Morgan Stanley's current stock price is MXN1867.65. Morgan Stanley's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2024 was MXN844.99. Morgan Stanley's Cyclically Adjusted PB Ratio of today is 2.21.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Morgan Stanley was 2.49. The lowest was 0.69. And the median was 1.31.


Morgan Stanley Cyclically Adjusted Book per Share Historical Data

The historical data trend for Morgan Stanley's Cyclically Adjusted Book per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Morgan Stanley Cyclically Adjusted Book per Share Chart

Morgan Stanley Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted Book per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only 715.32 788.49 940.20 934.63 860.03

Morgan Stanley Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Cyclically Adjusted Book per Share Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 876.16 902.40 860.03 844.99 -

Competitive Comparison of Morgan Stanley's Cyclically Adjusted Book per Share

For the Capital Markets subindustry, Morgan Stanley's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Morgan Stanley's Cyclically Adjusted PB Ratio Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Morgan Stanley's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Morgan Stanley's Cyclically Adjusted PB Ratio falls into.



Morgan Stanley Cyclically Adjusted Book per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?

Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.

We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Morgan Stanley's adjusted Book Value per Share data for the three months ended in Mar. 2024 was:

Adj_Book= Book Value per Share /CPI of Mar. 2024 (Change)*Current CPI (Mar. 2024)
=922.81/131.7762*131.7762
=922.810

Current CPI (Mar. 2024) = 131.7762.

Morgan Stanley Quarterly Data

Book Value per Share CPI Adj_Book
201406 433.978 100.560 568.698
201409 458.662 100.428 601.833
201412 490.512 99.070 652.448
201503 515.338 99.621 681.676
201506 541.695 100.684 708.976
201509 590.859 100.392 775.575
201512 605.956 99.792 800.167
201603 608.261 100.470 797.790
201606 671.221 101.688 869.826
201609 717.470 101.861 928.181
201612 762.698 101.863 986.676
201703 705.643 102.862 903.995
201706 690.838 103.349 880.859
201709 705.486 104.136 892.742
201712 756.445 104.011 958.373
201803 711.924 105.290 891.016
201806 792.752 106.317 982.590
201809 760.679 106.507 941.156
201812 828.518 105.998 1,030.011
201903 830.731 107.251 1,020.700
201906 847.697 108.070 1,033.652
201909 898.123 108.329 1,092.513
201912 864.086 108.420 1,050.229
202003 1,151.043 108.902 1,392.819
202006 1,144.139 108.767 1,386.173
202009 1,119.285 109.815 1,343.125
202012 1,017.134 109.897 1,219.636
202103 1,077.420 111.754 1,270.449
202106 1,075.619 114.631 1,236.494
202109 1,121.914 115.734 1,277.422
202112 1,130.797 117.630 1,266.792
202203 1,078.810 121.301 1,171.973
202206 1,095.709 125.017 1,154.952
202209 1,095.499 125.227 1,152.797
202212 1,063.737 125.222 1,119.415
202303 993.814 127.348 1,028.373
202306 947.109 128.729 969.531
202309 959.495 129.860 973.657
202312 942.060 129.419 959.215
202403 922.810 131.776 922.810

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.


Morgan Stanley  (MEX:MS) Cyclically Adjusted Book per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.

For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Morgan Stanley's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio=Share Price/Cyclically Adjusted Book per Share
=1867.65/844.99
=2.21

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Morgan Stanley was 2.49. The lowest was 0.69. And the median was 1.31.


Be Aware

Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.


Morgan Stanley Cyclically Adjusted Book per Share Related Terms

Thank you for viewing the detailed overview of Morgan Stanley's Cyclically Adjusted Book per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


Morgan Stanley (MEX:MS) Business Description

Industry
Address
1585 Broadway, New York, NY, USA, 10036
Morgan Stanley is a global investment bank whose history, through its legacy firms, can be traced back to 1924. The company has institutional securities, wealth management, and investment management segments. The company had over $4 trillion of client assets as well as over 80,000 employees at the end of 2022. Approximately 50% of the company's net revenue is from its institutional securities business, with the remainder coming from wealth and investment management. The company derives about 30% of its total revenue outside the Americas.