Morgan Stanley 2003 Annual Report Download - page 6

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2
Net฀Income฀
(Dollars฀in฀Millions)
6
5
4
3
2
1
0
$3,787
$2,988
$3,521
$5,456
$4,791
20032002200120001999
financial฀results
Return฀on฀Equity฀
(In฀Percent)
32
24
16
8
0
16.5%
14.1%
18.0%
30.9%
32.6%
20032002200120001999
Earnings฀per฀Share฀
(Diluted)
5
4
3
2
1
0
$3.45
$2.69
$3.11
$4.73
$4.10
20032002200120001999
Business฀Drivers
฀ ฀ 1999฀ 2000฀ 2001฀ 2002฀ 2003
S&P฀500฀ 1,389฀ 1,315฀ 1,139฀ 936฀ 1,058
DOW฀ 10,878฀ 10,415฀ 9,852฀ 8,896฀ 9,782
NASDAQ฀VOLUME฀($B)฀ 9,478฀ 19,928฀ 11,609฀ 7,524฀ 6,866
NYSE฀VOLUME฀($B)฀ 8,788฀ 10,945฀ 10,623฀ 10,412฀ 9,510
GLOBAL฀IPO฀VOLUME฀($B)฀ 161฀ 221฀ 83฀ 76฀ 45
GLOBAL฀EQUITY฀UNDERWRITING฀VOLUME฀($B)1฀ 497฀ 645฀ 410฀ 360฀ 356
GLOBAL฀INVESTMENT฀GRADE฀VOLUME฀($B)฀ 1,635฀ 1,638฀ 1,885฀ 1,639฀ 1,924
GLOBAL฀COMPLETED฀M&A฀$฀VOLUME฀($B)2฀ 2,250฀ 3,403฀ 2,280฀ 1,218฀ 1,030
GLOBAL฀ANNOUNCED฀M&A฀$฀VOLUME฀($B)2฀ 3,082฀ 3,240฀ 1,593฀ 1,074฀ 1,183
1฀ ฀Includes฀equity-related฀underwriting
2฀ ฀Completed฀and฀announced฀M&A฀data฀is฀for฀transactions฀of฀$100MM฀or฀more
Sources:฀FIBV,฀Factset฀and฀Thomson฀Financial
S&P฀500฀Index฀and฀MSCI฀World฀Index
1,500
1,300
1,100
900
700
3/99
6/99
9/99
12/99
3/00
6/00
9/00
12/00
3/01
6/01
9/01
12/01
3/02
6/02
9/02
12/02
3/03
6/03
9/03
12/03
Source:฀Factset
S&P฀Index฀(Last฀Five฀Calendar฀Years)
MSCI฀World฀Index฀(Last฀Five฀Calendar฀Years)
Competitive฀Return฀on฀Equity฀Comparison฀—฀2003
20
15
10
5
0
19.8%
C
18.2%
LEH
16.5%
MWD
16.1%
MER
16.0%
JPM
15.0%
GS
C:฀Citigroup LEH:฀Lehman฀Brothers MWD:฀Morgan฀Stanley
MER:฀Merrill฀Lynch JPM:฀JPMorgan฀Chase GS:฀Goldman฀Sachs
Source:฀Company฀Filings