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  "documentTitle": "MSCI Inc. (MSCI)",
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      "text": "Claimed customer relationships of 20 years for accounting purposes despite firm history only 21 years.",
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      "text": "EV / EBITDA: 67.6x",
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      "text": "Revenue base is almost entirely recurring subscriptions with attractive retention rates — Deal presentation. A portion of RCA's client agreements do not have automatic renewal clauses at the end of the subscription period. Due to the historically high retention rate and expectation that a substantial portion of the client agreements will be renewed, the associated revenue is recorded as recurring subscription revenue — SEC filings.",
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      "text": "Source: MSCI and Spruce Point analysis. (1) Does not include any estimated tax benefits from Burgiss",
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      "kind": "title",
      "text": "Spruce Point Believes MSCI's Acquisitions Are Expensive Blunders Plagued With Issues",
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