{
  "docId": "019dd923-622c-750b-8b99-781d6376c0a8",
  "docSlug": "9250edf61831",
  "documentTitle": "MSCI Inc. (MSCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 120,
  "pageCount": 123,
  "prevPage": 119,
  "nextPage": 121,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses two bar charts to contrast valuation multiples with growth rates, with MSCI highlighted in red.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-781d6376c0a8/120",
  "deckHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8#slide-120",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.175
      },
      "kind": "callout",
      "text": "MSCI's revenue valuation premium is difficult to reconcile in relation to its projected growth. The market expects 12% growth in 2024 and may be extrapolating that MSCI can continue its recent actions of punitive price increases. However, we challenge this assumption given evidence that MSCI is losing customers, competition is increasing, and our customer poll indicates clients are most sensitive to price.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1619da0f-f50c-4b87-8cfa-48de4adf645d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "MSCI's revenue valuation premium is difficult to reconcile in relation to its projected growth.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be29-9bb7c1139bba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.5,
        "y": 0.395
      },
      "kind": "chart",
      "text": "2024E Revenue Growth",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6273f89f-cec8-478f-a627-a295fc2a4683",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.05,
        "y": 0.395
      },
      "kind": "chart",
      "text": "2024E EV / Revenue",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbf7ea42-07ac-455b-b40f-4a2c63d27cb9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / Revenue: 17.0x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be29-9c934bfe6170",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company financials, Bloomberg and Spruce Point estimates. MSCI is adjusted for cash paid for Burgiss (completed Oct 2023)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d71edcb3-9a61-462e-9d3a-86a809ae6c8f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "MSCI's Revenue Valuation Relative To Projected Growth",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee061706-a6ef-4dbb-bb9d-c66633a3a032",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "38a49496-ae3a-4eb1-88a2-197a9f2befce",
      "evidence": "Comparing MSCI against a peer group on valuation and growth metrics.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 123,
      "from": 8,
      "beatId": "d662b123-aabd-40a9-9b1e-07f3af79864c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Most slides aim to reveal contradictions or issues with MSCI's reporting, strategy, or performance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 123,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "96af0651-6de6-4b30-ba3b-77cee8001437",
      "evidence": "The loop is implicit, as the document builds a case for selling MSCI shares.",
      "position": 0,
      "objective": "Highlight the cost of inaction for investors not selling MSCI shares",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}