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  "documentTitle": "MSCI Inc. (MSCI)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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  "notes": "The chart uses a red bar to emphasize the 'Pro Forma' leverage level.",
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      "text": "MSCI's leverage ratio keeps rising and is at a decade high which significantly increases the risk to equity holders. At the current time, we believe it is a recipe for disaster that leverage is rising while client Retention Rate falls and competitive risks increase.",
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      "text": "MSCI's Net Debt / EBITDA",
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      "text": "Net Debt / EBITDA: 3.0x",
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      "text": "Source: Company financials, Bloomberg and Spruce Point analysis. Pro Forma EBITDA assumes $13.5 million Burgiss contribution.",
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      "text": "We Believe That MSCI's Leverage Is Rising At The Wrong Time",
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      "arcName": "Overcoming the Monster",
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