MSCI Inc. Story Intact; Soft 2Q Creates Better Opportunity

研报英文原文证据摘录

MSCI Inc. Story Intact; Soft 2Q Creates Better Opportunity

Global Research

22 July 2026ab

MSCI Inc. Equities

AmericasStory Intact; Soft 2Q Creates Better Opportunity

Diversified Financial

12-month rating Buy

New products supporting strong sales pipeline

MSCI shares underperformed substantially following 2Q results as new sales fell short of 12m price target US$690.00

expectations and asset-based fees fell short on mix shift impacting the ETF fee rate. Prior : US$720.00

Index subscription run rate growth remained in the double digits, which is core to our

Price (21 Jul 2026) US$561.74

bullish thesis. The expanding trading ecosystem around MSCI indices drove a tripling of

Index segment sales to hedge funds in the 2Q and momentum in private assets resulted RIC: MSCI.N BBG: MSCI US

in another quarter of 16%+ growth in PCS subscriptions. New product development,

Trading data and key metrics

enabled by AI, is accelerating and driving sales growth, while the pipeline appears to be

52-wk range US$643.83-511.84

very strong. New product adoption by clients has barely begun and should accelerate in

the coming quarters. All told, we think the story is intact and continued acceleration Market cap. US$43.0b

should drive the shares higher. Shares o/s 76.5m (COM)

Free float 98%

Index segment subscription run rate growth remains in the double digits Avg. daily volume ('000) 191

Overall organic subscription run rate growth remained at just over 8% y/y in the Avg. daily value (m) US$113.2

2Q as growth decelerated for the Analytics and Sustainability segments offset by Common s/h equity (12/26E) US$-2.40b

continued acceleration for the 'two key engines of growth', the Index and Private P/BV (12/26E) NM

Assets segments.