<p>Two noteworthy events have taken place since our February update: MSCI has repriced the debt that financed the acquisition of RiskMetrics last year and has issued a quarterly report for Q1-2011. The first quarter of the year showed very good performance in MSCI's main lines of business: Index and ESG and Risk management analytics, but the rest of its activities showed moderate declines (MSCI management prefers the term "stable"). Management remains optimistic about its business environment though, and given that declines took place in secondary segments, consolidated business performance was still very good.</p>
<p> </p>
<p>An updated valuation suggests that the company is close to its fair value, which we estimate at $35.95, or roughly the current market price. We therefore remain Neutral on MSCI's stock, especially given the recent volatility of MSCI's stock price, whereby it has oscillated between $34 and $38 in the past three months.</p>
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@chartis-research.com to find out more.
You are currently unable to copy this content. Please contact info@chartis-research.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@chartis-research.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@chartis-research.com
More on Hedge funds and investment management
