MS.xlsx

	C	D	F	J	K	L	M	N	O	P	Q	R	S	T	X
1
2				2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026

3		Revenues
4
5			Investment Banking	4.9	6	6.5	6.2	7.7	11	5.6	5	6.7	7.6
6			Trading	10.2	11	11.6	11.3	14	12.8	13.9	15.3	16.8	20
7			Investments	0	0.8	0.4	1.5	1	1.4	0	0.5	0.8	1.3
8			Commissions and Fees	4.1	4.1	4.2	3.9	4.9	5.5	4.9	4.5	5.1	5.5
9			Asset Management	10.7	11.8	12.9	13.1	14.3	20	19.6	19.6	22.5	25
10			Other	0.8	0.8	0.7	0.9	0.7	1	0.3	1	1.3	1.5
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12			Total Non interest revenue	30.7	34.5	36.3	36.9	42.6	51.7	44.3	45.9	53.2	60.9
13
14			Interest Income	7	9	13.9	17.1	10.2	9.4	21.6	45.8	54.1	60
15			Interest Expense	3.3	5.7	10.1	12.4	3.8	1.4	12.3	37.6	45.5	50
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17			Net Interest	3.7	3.3	3.8	4.7	6.4	8	9.3	8.2	8.6	10
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19		Total Revenues		34.4	37.8	40.1	41.6	49	59.7	53.6	54.1	61.8	70.9
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21		Provision for Credit Losses					0.2	0.8	0	0.3	0.5	0.3	0.3
22
23		Expenses
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25			Comp and benefits	15.9	17.2	17.6	18.8	20.9	24.6	23	24.6	26.2	29
26			brokerage / clearing / exchange fees	1.9	2.1	2.4	2.5	2.9	3.3	3.4	3.5	4.1	4.7
27			info processing and comms	1.8	1.8	2	2.2	2.5	3.1	3.5	3.8	4.1	4.5
28			professional services	2.1	2.2	2.3	2.1	2.2	2.9	3.1	3.1	2.9	2.9
29			Occupancy	1.3	1.3	1.4	1.4	1.6	1.7	1.7	1.9	1.9	1.9
30			marketing and bd	0.6	0.6	0.7	0.7	0.4	0.6	0.9	0.9	1	1.2
31			other	2.2	2.4	2.5	2.3	3.1	3.7	3.6	4.1	3.7	4.2
32
33		Total expenses		25.8	27.6	28.9	30	33.6	39.9	39.2	41.9	43.9	48.4
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35		EBT		8.6	10.2	11.2	11.4	14.6	19.8	14.1	11.7	17.6	22.2
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37		Taxes		2.7	4.2	2.4	2.1	3.2	4.5	2.9	2.6	4.1	5
38
39		Net income		5.9	6	8.8	9.3	11.4	15.3	11.2	9.1	13.5	17.2		Ignoring payments to noncontrolling shareholders
40
41		Pref divs		0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.6	0.6	0.6
42
43		Net income to Common		5.4	5.5	8.3	8.8	10.9	14.8	10.7	8.5	12.9	16.6
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47
48	Balance sheet metrics
49
50		Loans		94	104	116		162	201		227	247	289
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52		Total Assets		815	852	854		1116	1188		1193	1215	1420
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54		Deposits		156	159	188		311	348		352	376	416
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56		Borrowings		166	193	190		217	233		264	289	342
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58		Common equity		69	69	71		93	98		90	95	102
59
60		Tangible common		59	59	63		76	72		67	72	79
61
62		Common shares out		1.9	1.8	1.7	1.6	1.6	1.8	1.7	1.65	1.6	1.6	1.6
63
64		Average Price per share		30.08	45.98	50.36	45.18	50.04	91.31	87.89	87.42	102.39	162.9	182
65
66		Market cap		57	83	86	72	80	164	149	144	164	261	291
67
68		NI yield to market cap		9%	7%	10%	12%	14%	9%	7%	6%	8%	6%
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