Morgan Stanley · NYSE:MS
Morgan Stanley — CSFB European Overview (August 2004)
19 slides from Morgan Stanley's conference presentation, Aug 4, 2004
Slide 1: Morgan Stanley Europe Update
Morgan Stanley Europe Update August 4, 2004
Slide 2: Table of Contents
Table of Contents • European Overview • European Markets This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public informat
Slide 3: European Overview
European Overview This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public information. The presentation has been prepared
Slide 4: Size Matters
Size Matters Key Statistics U.S. EU-25 Population (000s) 293,028 452,700 Area (Km²) 9,631,418 3,972,866 GDP ($Bn) 10,980 9,613 GDP Growth (%) 3.1 2.2 Inflation (%) 2.1 2.0 Unemployment (%) 6.2 9.0 Source: Eurostat (GDP as of 2003, all others as of 2004) / U.S. figures as of June 2004 This slide is p
Slide 5: European Revenue Trends
European Revenue Trends Morgan Stanley European Revenues vs. MSCI Index Performance(1) $MM Revenue ($MM) MSCI Index 6,000 2,500 5,000 2,000 4,000 1,500 3,000 1,000 2,000 1,000 500 0 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Revenue MSCI Index Source: Morgan Stanley 10-K filings a
Slide 6: Morgan Stanley's Growth in Europe
Morgan Stanley’s Growth in Europe European Revenue ($MM) Growth Phase 4: Phase 3: “Premier” Firm 5,000 Build-up 4,000 3,000 Phase 2: Expansion 2,000 Phase 1: 1,000 Start-up 0 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 Source: Morgan Stanley 10-K filings and Annual Rep
Slide 7: Our European Business
Our European Business Full Line of Financial Services Morgan Stanley Institutional Individual Investment Consumer Securities Investor Management Banking Group Group Equity Equity Fixed Investment Private Institutional Private Research Income Banking Wealth Invest Mgmt Equity Mgmt Global Capital Mark
Slide 8: European Revenues
European Revenues 1997 and 2003 Global and European Revenues 1997 2003 Europe Europe 12% 20% Other Int’l 6% Other Int’l 9% Global Revenues $14.8Bn Global Revenues $20.9Bn European Revenues $1.7Bn European Revenues $4.1Bn Source: Morgan Stanley 1997 Annual Report and 2003 10K Filing This slide is par
Slide 9: European Primary Market Share
European Primary Market Share 1 January 2004 – 30 July 2004 European Announced M&A Transactions (1) EMEA Equity and Equity-Linked Issuance (2) % of Total % of Total 41.5 39.2 10.7 9 8.6 8.3 7.8 29 23.4 6.6 6.2 21.9 5.9 16.8 15.6 y y an ild B S BS M iti L S P M iti L e le M G M D BN G C JP C nl h JP
Slide 10: European Primary Market Share (cont'd)
European Primary Market Share (cont’d) 1 January 2004 – 30 July 2004 Euro-Denominated Debt Issuance (1) European Securitizations % of Total % of Total 8.5 10.1 7.5 8.6 8.5 8.4 8.2 6.1 5.8 7.3 5.7 5.5 7.2 5.3 y an ys BS B M iti y e RO M iti B ys B D le C JP nl la hm JP D C SF U an la a AM rc St rc Le
Slide 11: Historical Market Positioning
Historical Market Positioning 1994–2004YTD Total Number of Years in Top 3 Market Share Position European Primary Debt and Equity Issuance, Announced M&A Deals ≥ $100MM 19 16 7 15 8 11 9 1 6 3 6 5 4 4 8 7 4 2 3 3 5 2 2 2 6 3 4 2 3 3 3 2 2 1 1 1 1 UBS Goldman Morgan Deutsche JPM Merrill Citi BNP CSFB
Slide 12: Fundamental Drivers of Growth
Fundamental Drivers of Growth Historical Trends New Developments Global Demographic and • Rising incomes in developed world • Rapidly rising incomes in Asia (China, India) and Political Trends • Bulk of affluent population moving into expanded EU peak savings years • Strong savings rates in Asia • I
Slide 13: European Markets
European Markets This slide is part of a presentation by Morgan Stanley and is intended to be viewed as part of that presentation. The presentation is based on information generally available to the public and does not contain any material, non-public information. The presentation has been prepared
Slide 14: European M&A Volumes are Improving
European M&A Volumes are Improving 2002–2004YTD European Monthly M&A Volumes (Announced) $Bn 91 75 68 71 67 68 61 52 54 52 48 50 46 44 46 45 44 41 42 39 37 33 30 35 33 31 30 32 26 28 19 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul 2002 2003 2004 Marks & Spencer/Phillip Green ($20.
Slide 15: European Equity New Issue Market by Offering Type
European Equity New Issue Market by Offering Type Equity and Equity-Linked Offerings Since 1998 (1) European New Issue Market by Offering Type Total Yearly New Issue % of Total Volume Volume ($Bn) 163 216 258 165 111 154 96 100 6 300 13 9 11 19 17 4 8 3 35 80 16 13 21 240 19 7 9 30 7 36 60 17 180 29
Slide 16: Growth of Exchanges
Growth of Exchanges Total Value of Share Trading $Bn 9,541 1,020 8,697 634 7,836 7,657 6,829 635 6,929 823 5,975 539 603 4,559 487 4,520 4,001 3,624 4,009 3,399 3,980 203 2,888 2,834 1,842 2,194 103 1,989 2,120 1,905 87 1,413 1,108 1,340 1,988 1,153 1,301 749 506 2,120 360 1,492 1,551 1,423 1,212 1,
Slide 17: European Debt Market
European Debt Market All-International Corporate Bond Issuance – 12 Months Moving Average MM 50,000 Deutsche Telekom (2) 40,000 30,000 EMU (1) 20,000 10,000 0 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Source: BondWare. Data is through 19 March 2004 Notes: (1) EMU market the begi
Slide 18: Institutional Securities Group Initiatives
European Institutional Securities Group Initiatives • Further build-out of global sales and trading platform • Growth in equity and fixed income derivatives • Growth in hedge funds / middle markets businesses • Continued investment in U.K. • Russian expansion This slide is part of a presentation by
Slide 19: Morgan Stanley Europe Update
Morgan Stanley Europe Update August 4, 2004
Morgan Stanley — CSFB European Overview (August 2004) on 6ix