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Morgan Stanley (Morgan Stanley) Cyclically Adjusted Price-to-FCF : (As of Jun. 18, 2024)


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What is Morgan Stanley Cyclically Adjusted Price-to-FCF?

Shiller PE for Stocks: The True Measure of Stock Valuation


Morgan Stanley Cyclically Adjusted Price-to-FCF Historical Data

The historical data trend for Morgan Stanley's Cyclically Adjusted Price-to-FCF 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 Price-to-FCF Chart

Morgan Stanley Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted Price-to-FCF
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.59 13.99 15.71 18.98 908.17

Morgan Stanley Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Cyclically Adjusted Price-to-FCF 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 24.14 40.09 33.32 908.17 30,896.93

Competitive Comparison of Morgan Stanley's Cyclically Adjusted Price-to-FCF

For the Capital Markets subindustry, Morgan Stanley's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF 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 Price-to-FCF Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Morgan Stanley's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where Morgan Stanley's Cyclically Adjusted Price-to-FCF falls into.



Morgan Stanley Cyclically Adjusted Price-to-FCF Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted Price-to-FCF takes the Free Cash Flow per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/FCF calculation. Because it considers this 10-year average, it's often referred to as the CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF.

Morgan Stanley's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2024 is calculated as:

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

Adj_FreeCashFlowPerShare=Free Cash Flow per Share/CPI of Mar. 2024 (Change)*Current CPI (Mar. 2024)
=2.193/131.7762*131.7762
=2.193

Current CPI (Mar. 2024) = 131.7762.

Morgan Stanley Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201406 0.531 100.560 0.696
201409 0.946 100.428 1.241
201412 -3.346 99.070 -4.451
201503 -6.814 99.621 -9.013
201506 2.195 100.684 2.873
201509 0.075 100.392 0.098
201512 1.595 99.792 2.106
201603 2.017 100.470 2.645
201606 6.214 101.688 8.053
201609 -4.651 101.861 -6.017
201612 -1.519 101.863 -1.965
201703 -0.141 102.862 -0.181
201706 -7.990 103.349 -10.188
201709 2.836 104.136 3.589
201712 2.002 104.011 2.536
201803 6.910 105.290 8.648
201806 -7.567 106.317 -9.379
201809 8.171 106.507 10.110
201812 -4.506 105.998 -5.602
201903 9.846 107.251 12.098
201906 6.074 108.070 7.406
201909 7.919 108.329 9.633
201912 -0.314 108.420 -0.382
202003 14.928 108.902 18.064
202006 -11.071 108.767 -13.413
202009 -4.464 109.815 -5.357
202012 -14.397 109.897 -17.263
202103 14.496 111.754 17.093
202106 2.228 114.631 2.561
202109 0.833 115.734 0.948
202112 -0.169 117.630 -0.189
202203 -0.235 121.301 -0.255
202206 8.192 125.017 8.635
202209 -4.956 125.227 -5.215
202212 -8.805 125.222 -9.266
202303 -6.364 127.348 -6.585
202306 -6.370 128.729 -6.521
202309 1.725 129.860 1.750
202312 -11.496 129.419 -11.705
202403 2.193 131.776 2.193

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF 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.


Morgan Stanley  (NYSE:MS) Cyclically Adjusted Price-to-FCF Explanation

Compared with the regular Price-to-Free-Cash-Flow, which works poorly for cyclical businesses, the Cyclically Adjusted Price-to-FCF smoothed out the fluctuations of free cash flow during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted Price-to-FCF should give similar results to regular Price-to-Free-Cash-Flow.


Morgan Stanley Cyclically Adjusted Price-to-FCF Related Terms

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Morgan Stanley (Morgan Stanley) Business Description

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.
Executives
Andrew M Saperstein officer: Head of Wealth Management 1585 BROADWAY, NEW YORK NY 10036
Raja Akram officer: Deputy Chief Financial Officer 1585 BROADWAY, NEW YORK NY 10036
Edward N Pick officer: Head of Inst'l Securities 1585 BROADWAY, NEW YORK NY 10036
James P Gorman other: Business Unit Head C/O MORGAN STANLEY, 1585 BROADWAY, NEW YORK NY 10036
Daniel A Simkowitz officer: Head of Investment Management C/O MORGAN STANLEY, 1585 BROADWAY, NEW YORK NY 10036
Smith Charles Aubrey Iii officer: Chief Risk Officer 1585 BROADWAY, NEW YORK NY 10036
Thomas H Glocer director 2000 GALLOPING HILL ROAD, KENILWORTH NJ 07033
Alistair Darling director C/O MORGAN STANLEY 1585 BROADWAY, NEW YORK X1 10036
Mandell Crawley officer: Chief Human Resources Officer 1585 BROADWAY, NEW YORK NY 10036
Eric F Grossman officer: Chief Legal Officer C/O MORGAN STANLEY, 1585 BROADWAY, NEW YORK NY 10036
Masato Miyachi director C/O MORGAN STANLEY 1585 BROADWAY, NEW YORK NY 10036
Stephen J Luczo director
Keishi Hotsuki officer: Interim Chief Risk Officer C/O MORGAN STANLEY, 1585 BROADWAY, NEW YORK NY 10036
Jonathan Pruzan officer: Chief Financial Officer C/O MORGAN STANLEY 1585 BROADWAY, NEW YORK NY 10036
Erika H James director C/O SVMK INC., ONE CURIOSITY WAY, SAN MATEO CA 94403