Analyst Note| Rajiv Bhatia, CFA |
Wide-moat-rated MSCI posted a decent start to 2022, though operating results were a bit below consensus expectations. MSCI generated revenue of $560 million during the quarter, which compares with the FactSet consensus of $562 million. On this revenue, MSCI generated $319 million of adjusted EBITDA, 1% below the FactSet consensus, and this resulted in an adjusted EBITDA margin of 56.9%. Overall, there was little in its first-quarter financial results that would alter our long-term view of the firm, and we will maintain our fair value estimate of $375.