TARGET EQUITY INDEX FAMILY INTELLIGENT INVESTING
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1 TARGET EQUITY INDEX FAMILY INTELLIGENT INVESTING
2 Target Equity Index Family TARGETING PERFORMANCE The search for investment performance is about seeking out the brightest prospects - stocks that have the potential to outshine the rest of the market. Sometimes stock picking only scratches the surface of the equity markets, coming across good performers almost by chance. To sift through the equity market and consistently identify attractive stocks demands a targeted approach. Even when the overall market appears lacklustre, a thorough screening process can uncover hidden gems. THE TARGET EQUITY PHILOSOPHY Why do some stocks outshine others? While many stocks are perceived as undervalued, not all realise their true value. But sometimes there is a catalyst that brings an undervalued stock to the surface an event or potential event that may drive a resurgence in the stock price. Some of the largest moves in stock prices can occur when companies are takeover targets or associated with rumours of potential takeovers. The Target Equity Index Family aims to select undervalued stocks that may be potential takeover targets. SCREENING FOR HIGH POTENTIAL those often used by private equity investors and corporate buyers to identify their targets. For example, private equity investors tend to consider enterprise value rather than market capitalisation, because enterprise value captures not just share capital but also the cost of buying a company s debt. Likewise, corporate buyers tend to focus strongly on cash fl ow, gearing and underlying assets and are less focused on PE ratio. A POLISHED INVESTMENT STRATEGY The Target Equity Index Family has been developed from research published by Morgan Stanley s European Strategy Team. This team has an outstanding reputation and is consistently ranked top in industry surveys 1. Morgan Stanley European Strategy Team and its institutional clients have used a screening process similar to the Target Equity screening process since Continual refi ning of the process has led to the creation of the Target Equity Index Family a rigorous, professional investment strategy in investible index format. THE TARGET EQUITY INDEX FAMILY Traditional value investing uses well-established metrics like price/earnings (PE) ratio and market capitalisation to identify undervalued stocks. The Target Equity Index Family takes a different approach. It screens stocks using similar valuation metrics to World Target Equity Index Europe Target Equity Index US Target Equity Index UK Target Equity Index Japan Target Equity Index USD and EUR EUR USD GBP JPY 1 Ranked No.1 for Pan European Equity Market Strategy in 2007, 2005 and 2004 (Extel Survey).
3 The Target Equity Index Family seeks to identify undervalued companies that could generate attractive returns. The indices originate from a wellestablished Morgan Stanley equity research model and aim to pinpoint companies that could be potential takeover targets. The Target Equity Index Family offers: Access to an investment strategy created by Morgan Stanley research A transparent methodology A choice of global, regional and country indices Independent index calculation by S&P The Target Equity indices are available via a range of investment products. For further details, please visit or contact your private bank, broker or fi nancial adviser about these products (including the key risks associated with them).
4 TRANSPARENT STOCK SELECTION The Target Equity Index Family uses a screening process that is quantitative, rules based and transparent. It ranks and selects stocks using inputs from publicly available company data to create a series of global, regional and country indices. DEFINE SELECTION POOL The selection pool includes companies with securities listed on a regulated exchange in the relevant region. Financial sector stocks are excluded Stocks that do not meet certain liquidity criteria are excluded, ensuring a tradeable index APPLY TARGET EQUITY SCREEN Stocks are ranked on the basis of fi ve valuation metrics. Ratio of free cash flow to enterprise value (EV) Interest cover Dividend yield Ratio of enterprise value (EV) to fixed assets Ratio of share price to book value SELECT TARGET EQUITY STOCKS Each metric uses standard inputs from publicly available company data. The 50 stocks with the best aggregate ranking across all valuation metrics are selected for the index. Investment Considerations The Target Equity screen does not aim to replicate a private equity or corporate screening process exactly. Any actual private equity or corporate screening process may involve numerous other inputs, both qualitative and quantitative. CREATE AND CALCULATE THE INDEX Each index includes a fi xed number of stocks (50) Stocks are equally weighted The index is rebalanced quarterly Index levels are calculated by S&P There is no guarantee that the securities identifi ed by the Target Equity screen are undervalued. Furthermore, there is no guarantee that any such security will rise in value or that the company concerned will become a takeover target.
5 IMPORTANT INFORMATION Approved for issue by Morgan Stanley & Co. International plc (25 Cabot Square, Canary Wharf, London E14 4QA), which is authorised and regulated by the Financial Services Authority. This information is not a termsheet and has been prepared solely for information purposes. It is not an offer or a solicitation to buy or sell a product. This communication is a marketing communication; it is not a product of Morgan Stanley s Research Department and should not be regarded as a research recommendation. Certain assumptions may have been made in the analysis that resulted in any information and returns/results detailed herein. No representation is made that any returns/ results indicated would be achieved or that all assumptions in achieving these returns/results have been considered. Past performance is not necessarily indicative of future results. All prices or values are indicative only, and may vary signifi cantly from executable prices or from prices obtained from elsewhere. Any investment decision should be made only based on the terms of the relevant base prospectus and fi nal terms for the product (if any) (the Offering Documents ), the terms of which will supersede the terms herein. Copies of the Offering Documents will be available at Morgan Stanley & Co. International plc, 25 Cabot Square, Canary Wharf, London E14 4QA. This information is directed at sophisticated prospective investors in order to assist them in determining whether they have an interest in securities related to the indices described herein. An investment in any of products related to the indices described herein may not be suitable for all recipients of this document and therefore, if you have any doubts, you should seek advice from your investment adviser. The material contained herein has not been based on a consideration of any individual client circumstances and as such should not be considered to be a personal recommendation. No public offering of products related to the indices described herein, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force from time to time including, for the avoidance of doubt, the EU Prospectus Directive (2003/71/EC) and any implementing measures and Regulation S of the United States Securities Act 1933 as amended (the Securities Act ). Such products may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefi t of, any U.S. Person (as defi ned in Regulation S under the Securities Act). No representation or warranty is given with respect to the accuracy or completeness of the information herein. The interests of Morgan Stanley may confl ict with the interests of the investors in respect of any matter requiring its consent and Morgan Stanley will not be required to consider the interests of the investors in exercising such rights. Morgan Stanley does not give investment, tax, accounting, legal, regulatory or other advice and nothing in this communication should be viewed as such; prospective investors should consult their own professional advisors. The Target Equity indices are the exclusive property of Morgan Stanley, which has contracted with Standard & Poor s ( S&P ) to maintain and calculate the indices. S&P shall have no liability for any errors or omissions in calculating the indices. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto. Copyright 2008 Morgan Stanley. MORGAN STANLEY & CO INTERNATIONAL PLC 25 CABOT SQUARE CANARY WHARF LONDON E14 4QA TEL: +44 (0) FAX: +44 (0) INFO@MORGANSTANLEYIQ.COM January This brochure has been printed using paper from socially and environmentally sustainable sources.
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