` Comparison: MS, C - Alpha Spread

MS
vs
C

Over the past 12 months, MS has underperformed C, delivering a return of +29% compared to the C's +66% growth.

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MS
C
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Valuation Comparison

MS Intrinsic Value
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C Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Morgan Stanley
BMV:MS
3 320 MXN
Citigroup Inc
NYSE:C
121.65 USD
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
MS, C

Revenue
www.alphaspread.com
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Morgan Stanley
Revenue
Citigroup Inc
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
MS, C

Free Cash Flow
www.alphaspread.com
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Morgan Stanley
BMV:MS
Citigroup Inc
NYSE:C
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

MS
55%
C
LTM 3Y Avg 5Y Avg 10Y Avg
Morgan Stanley
Citigroup Inc
Not applicable for financial companies

Operating Margin

MS
18.1%
C
LTM 3Y Avg 5Y Avg 10Y Avg
Morgan Stanley
Citigroup Inc
Not applicable for financial companies

Net Margin

MS
13.3%
C
15.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Morgan Stanley
Citigroup Inc

FCF Margin

MS
-5.8%
C
LTM 3Y Avg 5Y Avg 10Y Avg
Morgan Stanley
Citigroup Inc
Not applicable for financial companies

ROE

MS
14.6%
C
6.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Morgan Stanley
Citigroup Inc

ROA

MS
1.2%
C
0.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Morgan Stanley
Citigroup Inc

ROIC

MS
1.6%
C
LTM 3Y Avg 5Y Avg 10Y Avg
Morgan Stanley
Citigroup Inc
Not applicable for financial companies

ROCE

MS
3.5%
C
LTM 3Y Avg 5Y Avg 10Y Avg
Morgan Stanley
Citigroup Inc
Not applicable for financial companies

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
MS, C

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Performance Gap
MS, C

Performance Gap Between MS and C
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Performance By Year
MS, C

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