Morgan Stanley 2004 Annual Report Download - page 5

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Business฀Drivers
Fiscal฀Year฀ 2000฀ 2001฀ 2002฀ 2003฀ 2004
S&P฀500฀($)฀ 1,315฀ 1,139฀ 936฀ 1,058฀ 1,174
DOW฀($)฀ 10,414฀ 9,852฀ 8,896฀ 9,782฀ 10,428
MSCI฀WORLD฀INDEX฀($)฀ 1,203฀ 998฀ 833฀ 976฀ 1,127
NASDAQ฀($B)฀ 19,928฀ 11,609฀ 7,524฀ 6,866฀ 8,532
NYSE฀($B)฀ 10,945฀ 10,623฀ 10,412฀ 9,510฀ 11,410
Calendar฀Year฀ 2000฀ 2001฀ 2002฀ 2003฀ 2004
GLOBAL฀EQUITY฀&฀EQUITY-RELATED฀$฀VOLUME฀($B)฀ 575฀ 427฀ 319฀ 389฀ 507
GLOBAL฀IPO฀VOLUME฀($B)฀ 205฀ 92฀ 64฀ 57฀ 136
GLOBAL฀DEBT฀VOLUME฀($B)฀ 2,983฀ 3,974฀ 3,940฀ 4,973฀ 5,193
GLOBAL฀COMPLETED฀M&A฀$฀VOLUME฀($B)1฀ 3,528฀ 2,061฀ 1,229฀ 1,080฀ 1,388
1฀ Completed฀M&A฀data฀for฀transactions฀of฀$100MM฀or฀more
Sources:฀FIBV,฀FactSet฀and฀Thomson฀Financial
Net฀Income
(Dollars฀in฀Millions)
Return฀on฀Equity
(In฀Percent)
Earnings฀per฀Share
(Diluted)
S&P฀500฀Index฀and฀MSCI฀World฀Index
5
4
3
2
1
0
$5,456
2000
$3,521
2001
$2,988
2002
$3,787
2003
$4,486
2004
5
4
3
2
1
0
$4.73
2000
$3.11
2001
$2.69
2002
$3.45
2003
$4.06
2004
32
24
16
8
0
30.9%
2000
18.0%
2001
14.1%
2002
16.5%
2003
16.8%
2004
Competitive฀Return฀on฀Equity฀
Comparison฀—฀Five-Year฀Average
(In฀Percent)
20
15
10
5
0
19.3%
MWD
18.0%
BSC
18.0%
LEH
17.2%
GS
11.3%
MER
MWD: Morgan Stanley
LEH: Lehman Brothers
MER: Merrill Lynch
BSC: Bear Stearns
GS: Goldman Sachs
Source: Company Filings
financial฀results
3