INCOME STATEMENT 2014 2015

Total Revenue 34,275,000 35,155,000

Cost of Revenue - -
Gross Profit 34,275,000 35,155,000
Operating Expenses
Research Development - -
Selling General and Administrative 30,684,000 26,660,000
Non Recurring - -
Others - -
Total Operating Expenses - -
EBITDA 8,430,000 12,670,000
EBITDA MARGIN 25% 36%
Operating Income or Loss 3,591,000 8,495,000
Income from Continuing Operations
Total Other Income/Expenses Net - -
Earnings Before Interest and Taxes 7,269,000 11,237,000
Interest Expense 3,678,000 2,742,000
Income Before Tax 3,591,000 8,495,000
Income Tax Expense (90,000) 2,200,000
Minority Interest 1,204,000 1,002,000
Net Income From Continuing Ops 3,681,000 6,295,000
Non-recurring Events
Discontinued Operations (14,000) (16,000)
Extraordinary Items - -
Effect Of Accounting Changes - -
Other Items - -

NET PROFIT 3,467,000 6,127,000

NET PROFIT MARGIN 10% 17%
Preferred Stock And Other Adjustments - -
Net Income Applicable To Common Share 3,152,000 5,671,000

Balance Sheet
Period Ending 42,004 42,369
Current Assets 89,841,000 99,490,000
Cash And Cash Equivalents 46,984,000 54,083,000
Short Term Investments - -
Net Receivables 89,568,000 45,407,000
Inventory - -
Other Current Assets - -
Total Current Assets 226,393,000 198,980,000
Long Term Investments 638,361,000 627,320,000
Property Plant and Equipment 6,108,000 -
Goodwill 6,588,000 6,584,000
Intangible Assets 3,159,000 2,984,000
Accumulated Amortization - -
Other Assets 10,742,000 51,087,000
Deferred Long Term Asset Charges - -
Total Assets 801,510,000 787,465,000
Current Liabilities
Accounts Payable 362,138,000 373,252,000
Short/Current Long Term Debt 97,895,000 38,865,000
Other Current Liabilities 133,544,000 156,034,000
Total Current Liabilities 593,577,000 568,151,000
Long Term Debt 260,153,000 282,223,000
Other Liabilities 56,745,000 47,533,000
Deferred Long Term Liability Charges - -
Minority Interest 1,204,000 1,002,000
Negative Goodwill - -
Total Liabilities 730,610,000 712,283,000
Stockholders' Equity
Misc. Stocks Options Warrants - -
Redeemable Preferred Stock - -
Preferred Stock - -
Common Stock (2,746,000) 20,000
Retained Earnings 44,625,000 49,204,000
Treasury Stock - (4,059,000)
Capital Surplus 24,249,000 24,153,000
Other Stockholder Equity (1,248,000) (1,656,000)
Total Stockholder Equity 70,900,000 75,182,000
Net Tangible Assets 61,153,000 65,614,000

Cash Flow
Period Ending 42,004 42,369
Net Income 3,467,000 6,127,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 1,161,000 1,433,000
Adjustments To Net Income 895,000 2,609,000
Changes In Accounts Receivables - -
Changes In Liabilities (25,256,000) (36,118,000)
Changes In Inventories - -
Changes In Other Operating Activities 20,619,000 29,471,000
Total Cash Flow From Operating Activitie 1,086,000 3,674,000
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures (992,000) (1,373,000)
Investments (35,108,000) (19,518,000)
Other Cash flows from Investing Activitie 989,000 998,000
Total Cash Flows From Investing Activitie (35,324,000) (19,995,000)
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid (904,000) (1,455,000)
Sale Purchase of Stock 1,214,000 (1,316,000)
Net Borrowings 1,567,000 4,435,000
Other Cash Flows from Financing Activitie 21,266,000 22,701,000
Total Cash Flows From Financing Activitie 23,143,000 24,365,000
Effect Of Exchange Rate Changes (1,804,000) (945,000)
Change In Cash and Cash Equivalents (12,899,000) 7,099,000
Dividends Paid per Share
 2016 CAGR YOY(2014-2015) YOY(15-16) Yoy(14-15) ABS YoY(15-16)

34,631,000 1% 3% -1% 880,000 -524,000

-
34,631,000 1% 3% -1% 880,000 -524,000

-
25,783,000 -8% -13% -3% -4,024,000 -877,000
-
-
-
13,902,000 28% 50% 10% 4,240,000 1,232,000
40% 28% 150% 10% 4,240,000 1,232,000
8,848,000 137% 4% 4,904,000 353,000

-
12,166,000 29% 55% 8% 3,968,000 929,000
3,318,000 -5% -25% 21% -936,000 576,000
8,848,000 57% 137% 4% 4,904,000 353,000
2,726,000 -2544% 24% 2,290,000 526,000
1,127,000 -3% -17% 12% -202,000 125,000
6,122,000 29% 71% -3% 2,614,000 -173,000

1,000 14% -106% -2,000 17,000

-
-
-
0
5,979,000 31% 77% -2% 2,660,000 -148,000
17% 31% 72% -1% 7% 0%
- \
5,508,000 32% 80% -3% 2,519,000 -163,000

42,735 CAGS YoY(14-15) YoY(15-16) YoY(14-15) YoY(15-16)

136,552,000 23% 11% 37% 9,649,000 37,062,000
43,381,000 -4% 15% -20% 7,099,000 -10,702,000
-
46,460,000 -28% -49% 2% -44,161,000 1,053,000
-
-
226,393,000 0% -12% 14% -27,413,000 27,413,000
663,685,000 2% -2% 6% -11,041,000 36,365,000
-
 6,577,000 0% 0% 0% -4,000 -7,000
2,721,000 -7% -6% -9% -175,000 -263,000
-
52,125,000 120% 376% 2% 40,345,000 1,038,000
-
814,949,000 1% -2% 3% -14,045,000 27,484,000

381,026,000 3% 3% 2% 11,114,000 7,774,000

55,569,000 -25% -60% 43% -59,030,000 16,704,000
155,863,000 8% 17% 0% 22,490,000 -171,000
592,458,000 -25,426,000 24,307,000
292,969,000 6% 8% 4% 22,070,000 10,746,000
42,858,000 -13% -16% -10% -9,212,000 -4,675,000
-
1,127,000 -3% -17% 12% -202,000 125,000
-
738,899,000 1% -3% 4% -18,327,000 26,616,000

-
-
-
20,000 -101% 0% 2,766,000 0
53,679,000 10% 10% 9% 4,579,000 4,475,000
(5,797,000) 43% -1,738,000
23,271,000 -2% 0% -4% -96,000 -882,000
(2,643,000) 46% 33% 60% -408,000 -987,000
76,050,000 4% 6% 1% 4,282,000 868,000
66,752,000 4% 7% 2% 4,461,000 1,138,000

42,735 1% 1% 1% 365 366

5,979,000 31% 77% -2% 2,660,000 -148,000

1,736,000 22% 23% 21% 272,000 303,000

2,757,000 76% 192% 6% 1,714,000 148,000
-
16,226,000 43% -145% -10,862,000 52,344,000
-
(24,395,000) 43% -183% 8,852,000 -53,866,000
2,447,000 50% 238% -33% 2,588,000 -1,227,000

(1,276,000) 13% 38% -7% -381,000 97,000

(18,432,000) -28% -44% -6% 15,590,000 1,086,000
- 1% 9,000
(19,508,000) -26% -43% -2% 15,329,000 487,000

(1,746,000) 39% 61% 20% -551,000 -291,000

 (4,149,000) -208% 215% -2,530,000 -2,833,000
13,363,000 192% 183% 201% 2,868,000 8,928,000
(44,000) 7% -100% 1,435,000 -22,745,000
7,424,000 -43% 5% -70% 1,222,000 -16,941,000
(1,065,000) -23% -48% 13% 859,000 -120,000
(10,702,000) -9% -155% -251% 19,998,000 -17,801,000
.
RATIO ANALYSIS UNIT 2014 2015

Ratio
Liquidity
Current ratio time 0.13325819565 0.085193900917
Quick ratio time
Cash ratio time 0.07915401035 0.095191243173
Net Working Capital time -503,736,000 -468,661,000
NWC to Total Assets time 0.00448029345 0.010787781044
Long-term solvency (financial leverage)
Total debt ratio time 0.91154196454 0.904526550386
Debt-equity ratio time 3.66929478138 3.753863956798
Equity multiplier time 11.3047954866 10.47411614482
Long-term debt ratio time 1.37463078525 1.363126144097
Times interest earned ratio (TIE) time 1.97634584013 4.098103574034
Cash coverage ratio time 2.29200652529 4.62071480671
time
Turnover ratios
Inventory turnover time
Day's sales in inventory time
Receivables turnover time 0.38267015005 0.774219833946
NWC turnover time 9.54469507101 4.138316656857
Fixed asset turnover time -767,235,000 -752,310,000
Total asset turnover time -767,235,000 -752,310,000
time
time
Profitability ratios
Profit margin time 0.10115244347 0.174285307922
Return on assets (ROA) time 0.00432558546 0.007780663268
Return on equity (ROE) time 0.04889985896 0.081495570748
Dupont Identity time 0.04889985896 0.081495570748
Net Income/Sales (NPM) time 0.10115244347 0.174285307922
Sales/Assets (ATO) time 0.38150732962 0.353352095688
Assets/Equity (EM) time 1.26715091678 1.323322071773

Market Value Ratios

Price per share

Earnings per share (EPS)

Price-earnings ratio (P/E)
PEG ratio
Price-sales ratio
Market-to-book ratio
Tobin's Q ratio
Dividend ratios
Dividends per share (DPS)
Dividend pay out (d)
Retention
Dividend yield

Additional Data
Cash Flow mn USD
Working Capital mn USD
Free Cash Flow mn USD
Invested Capital mn USD
Price per share th USD
Basic Weighted Shares Outstanding
Diluted Weighted Shares Outstanding
Share Data
Shares Outstanding Common Class Only
Preferred Shares
Total Ordinary Shares, mn
Total Common Shares Outstanding, mn
Treasury Shares
Book value
Per Share Data
Basic EPS from Continuing Ops.
Basic EPS from Discontinued Ops.
Basic EPS from Total Operations
Basic EPS from Extraordinary Inc.
Basic EPS from Cum Effect of Accounting Chg
Basic EPS from Other Gains (Losses)
Basic EPS Total
Basic Normalized Net Income/Share
Diluted EPS from Continuing Ops.
Diluted EPS from Discontinued Ops.
Diluted EPS from Total Operations
Diluted EPS from Extraordinary Inc.
Diluted EPS from Cum Effect of Accounting Chg
Diluted EPS from Other Gains (Losses)
Diluted EPS Total
Diluted Normalized Net Income/Share
 2016 CAGR YoY(14-15) YoY(15-16)

Formula

0.14250292848 =(Current assets-Other assets)/Current liabilities

=(CA-Inv)/Cur. Liabs
0.07322206806 = Cash/Cur. Liabs
-455,906,000 = Current asset - current liabilities
0.01085712112 = NWC/Total Assets

0.90668127699 = (Total assets-Total equity)/total assets

3.85232084155 = Total debt/Total equity
10.7159631821 = Total assets/Total equity
1.35059169552 = Long term debt/(Longterm debt-Total equity)
3.66666666667 = EBIT/interest
4.18987341772 = (EBIT+Depreciation)/Interest payments

= COGS/ Avg year Inventory

= 365days/Inventory turnover
0.74539388721 = Sales/Accounts receivables
3.91399186257 = Sales/NWC
-780,318,000 = Sales/Net fixed assets
-780,318,000 = Sales/Total assets

0.17264878288 = Net Income/Sales

0.00733665542 = Net income/Total assets
0.07861932939 = Net income/Total equity
0.07861932939 = Net income/Sales X Sales/Assets X Assets/Equity
0.17264878288 = Net Income/Sales
0.25361034624 = Sales/Assets
1.79555555556 = Assets/Equity

NI/shares outstanding. Divided by 1000 for per 1 share amo

= Price per share/Earnings per share
= Price-earnings ratio/earnings growth rate
= Price per share/Sales per share
= Market value per share/Book value per share
= Market value of assets/Replacement cost of assets
= Dividends/Net Income = DivPershare/EPS
= 1- Dividend Pay out
= DPS/Price per share
 COMMENT

A ratio above 1 indicates that a company’s liabilities are smaller than its assets and suggests that the company wou
Current liabilities The Morgan Stanley short-term liquidity went down after the year of 2015 and it became more difficult for the com
The ratios are below , therefore there are more current liabilities than cash and cash equivalents. In this situation, t
Positive working capital means that the business is able to pay off its short-term liabilities.

Debt ratio of less than 1 (or 100%) indicates that a company has more assets than debt. Used in conjunction with o
The company has ratios below 1, which means that assets are primarily financed through equity.
The higher the equity multiplier, the higher is the financial leverage, which indicates that the company relies more
bt-Total equity) Companies with higher ratios are thought to be more risky because they have more liabilities and less equity. Disne
The higher the numbers, the stronger the company’s' financial position and ability to pay its interest. Generally, com
Interest cover of lower than 1.5 times may suggest that fluctuations in profitability could potentially make the orga

The higher the working capital turnover, the better. This means that the company is generating a lot of sales compa
A higher fixed-asset turnover ratio shows that the company has been more effective in using the investment in fixe
A higher number is preferable (2015), means that Disney company is using its assets efficiently to make money. A lo

There is an increase in Profit Margin Ratio in 2014-2016. The higher profit margin the more profitable company, the
During 2014-2016 The Disney company became better at converting its investment into profit

ets X Assets/Equity

by 1000 for per 1 share amount

growth rate

value per share

ement cost of assets
 ests that the company would be able to pay off its obligations.
me more difficult for the company to extinguish its current liabilities with the use of its quick assets.
uivalents. In this situation, there is insufficient cash on hand to pay off short-term debt.

Used in conjunction with other measures of financial health, the debt ratio can help investors determine a company's risk level.

t the company relies more on debt to finance its assets.

ilities and less equity. Disney Company has a stable long-term debt ratio, so the risk is also stable.
y its interest. Generally, companies would aim to maintain an interest coverage of at least 2 times.
d potentially make the organization vulnerable to delays in interest payments. Morgan Stanley numbers show us the company’s ability to r

nerating a lot of sales compared to the money it uses to fund the sales.
using the investment in fixed assets to generate revenues.
ciently to make money. A lower number (2014) may motivate a company to try other methods to help maximize the efficiency of its asset

ore profitable company, therefore the better control over its costs it has.
mpany's risk level.

us the company’s ability to repay all payments promptly, with any delays.

ze the efficiency of its assets.

 P&L item
REVENUE(USD m)

Total Revenue
Total Revenue

CA G
CARG1 %
R1
%
35,155,000
35,155,000

34,631,000
34,631,000

34,275,000
34,275,000

2014 2015 2016

2014 2015 2016

Company has unstable financial position, every year it's revenue changes rapidly. 
In this 3 cosequent years the morgan Stanley company has a Compound Annual Growth Rate 
plus 1%, which means that it's revenue grew by 1% during last three fiscal years. 
This summarizes the company's performance and allows the investors to analyze 
the companys ability in further development and performance. 
Company's growth perspectives are not attractive and we would not consider buying shares of such a compan
Ratio analysis results and financial management in fiscal year is getting better year-by-year.

EBITDA (USD m)

EBITDA

R 28%
CA G

13,902,000
12,670,000

8,430,000

2014 2015 2016

 8,430,000

2014 2015 2016

EBITDA- Morgan Stanley company has a Compound Annual Growth Rate plus 28%,
which means that it's Earnings before Interest, Taxation, Depreciation and Amortization
grew by 28% in average from year to year.

NET INCOME (USDm)

NET PROFIT
CA G
R 31%

6,127,000 5,979,000

3,467,000

2014 2015 2016

Net Income shows how profitable the company is over a period of time after
taking taxes and deductions into account.
Morgan Stanley year to year tendency of increasing net income equals to 31%,
which shows the stable growth progression of the company's profits.

BALANCE SH

CURRENT ASSET(USD
CURRENT ASSET(USD
m) m)

Current Assets
23%
CA G R 136,552,000

99,490,000
89,841,000
 Current Assets
23%
CA G R 136,552,000

99,490,000
89,841,000

2014 2015 2016

Current Assets represent the value of all assets that can reasonably expect
to be converted into cash within one year. Current assets include cash and
cash equivalents, accounts receivable, inventory, marketable securities,
prepaid expenses and other liquid assets that can be readily converted to cash.
This graph shows the increasing of such Assets by 23% yearly - from 2014 to 2016
which is also a progress for a company.

TOTAL LIABILITIES(USD m

Total Liabilities

1%
CA G R

738,899,000

730,610,000

712,283,000

2014 2015 2016

Total liabilities refer to the aggregate of all debts an individual or company is liable for.

At the graph we can see, that with all revenues of the company, its liabilities also grew its
Total Liabilities of grew by 1% in 2 years, which means that
the Company has an increase of its liabilities along with the increasing of its profits.
 P&L items:
GROSS PROFIT MARGIN (%)

Gross Profit

CAG R 1 %

35,155,000

34,631,000

34,275,000

2014 2015 2016

Gross Profit Margin is to revealing the proportion of money left over from reven
after accounting for the cost of goods sold (COGS)
In 2014 the percentage of the gross profit was 44%, but in 2 years, in 2016
Gross Profit Margin increased by 1%, which is a progress for a Company.

g shares of such a company.  

EBITDA MARGIN(%)

EBITDA MARGIN
28%
CAG R
40%
36%

25%

2014 2015 2016

 2014 2015 2016

EBITDA Margin- This company has a Compound Annual Growth Rate plus 28%,
means that it's earnings grew by 28% during 2014, 2015 and 2016 years.
This shows us the tendency of receiving earnings by the company
expressed in percentage.

NET PROFIT MARGIN(%)

NET PROFIT MARGIN

GR
CA
31%

17% 17%

10%

2014 2015 2016

Morgan Stanley Net Profit Margin means its net profit expressed as a percenta
due to the rounding and the change of units, the tendency of Company's net pr
changed, but in the graph, we can see that company is quite stable in its
health and general performance.

LANCE SHEET items:

TOTAL TOTAL
ASSET (USD m)
ASSET(USD m)

Total Assets

R 1%
CA G

814,949,000

801,510,000
 Total Assets

R 1%
CA G

814,949,000

801,510,000

787,465,000

2014 2015 \\ 2016

The final amount of all gross investments, cash and equivalents, receivables,
and other assets  declined in 2015 and inceased in 2016 , which gives a good pl
forecasts.

TOTAL SHAREHOLDER EQUITY(USD m)

Total Stockholder Equity

CAGR 1%
CAGR 4%

76,050,000
75,182,000

70,900,000

2014 2015 2016

Total Shareholder's Equity is one of the most common financial metrics employed by 

analysts to determine the financial health of a company. Shareholders' equity
represents the net value of a company, or the amount that would be returned to
shareholders if all the company's assets were liquidated and all its debts repaid.
The figure of an actual value is positive, which means the company has more than
enough asset value to cover its liabilities.
As the Morgan Stanley Shareholder's equity grew by 1% within last 3 years,
we can conclude, that investing in this company is a safe decision.
00

money left over from revenues

but in 2 years, in 2016

ess for a Company.

6
6

ual Growth Rate plus 28%, which

015 and 2016 years.
he company

fit expressed as a percentage

dency of Company's net profit growth
is quite stable in its
 quivalents, receivables,
016 , which gives a good platform for further

00

metrics employed by 
holders' equity
ld be returned to
its debts repaid.
any has more than

ast 3 years,