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Author 2 Presentation
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Author 2 Presentation

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  • 1. Europe Update 23 October 2003 Morgan Stanley
  • 2. Table of Contents Morgan Stanley Section 1 European Overview Section 2 European Markets
  • 3. Morgan Stanley Section 1 European Overview
  • 4. European Overview Size Matters Morgan Stanley <ul><li>Notes </li></ul><ul><li>EU-15 and EU-25 on a purchasing-power parity basis. Assuming an FX Rate of 1.1 USD/EUR </li></ul><ul><li>EU-15 and EU-25: CAGR 1999-2001, U.S.: 2002 estimate; EU-25 weighted against nominal GDP </li></ul>1 Sources EU Commission (GDP as of 2001, all others as of 2002)/U.S. figures as of September 2002
  • 5. European Overview Our European Presence Morgan Stanley 2 <ul><ul><li>U.K. (1977) </li></ul></ul><ul><ul><li>France (1990) </li></ul></ul><ul><ul><li>Germany (1987) </li></ul></ul><ul><ul><li>Ireland (2003) </li></ul></ul><ul><ul><li>Italy (1989) </li></ul></ul><ul><ul><li>Luxembourg (1989) </li></ul></ul><ul><ul><li>Netherlands (1997) </li></ul></ul><ul><ul><li>Portugal (2000) </li></ul></ul><ul><ul><li>Russia (1994) </li></ul></ul><ul><ul><li>Spain (‘93/’99) </li></ul></ul><ul><ul><li>Sweden (1999) </li></ul></ul><ul><ul><li>Switzerland (1986) </li></ul></ul><ul><ul><li>Israel (2001) </li></ul></ul><ul><ul><li>South Africa (1994) </li></ul></ul>
  • 6. European Overview Our European Business Full Line of Financial Services Morgan Stanley 3 Morgan Stanley Private Wealth Mgmt Banking Team Mergers, Acquisitions & Restructuring Real Estate Group Global Capital Markets Equity Capital Debt Capital Markets Markets Securitised Product Group Institutional Securities Joint Ventures Investment Banking Division Institutional Securities Individual Investor Group Investment Management Consumer Banking Group Equity Research Institutional Invest Mgmt Private Equity Equity Fixed Income Investment Banking
  • 7. European Overview European Market Conditions Morgan Stanley <ul><li>Note </li></ul><ul><li>As of 22 October 2003 </li></ul>4 Source Thomson Financial Securities Data Equity Underwriting 2001 vs. 2000 2002 vs. 2001 2003 vs. 2002 YTD (1) Debt Underwriting 2001 vs. 2000 2002 vs. 2001 2003 vs. 2002 YTD (1) Announced M&A Volume 2001 vs. 2000 2002 vs. 2001 2003 vs. 2002 YTD (1) Completed M&A Volume 2001 vs. 2000 2002 vs. 2001 2003 vs. 2002 YTD (1) 52% 33% 46% 20% 8% 25% 12% 56% 15% 52% 14% 8% Market Conditions % Change in US$ Volume
  • 8. European Overview European Revenues 1997 and 2002 Morgan Stanley 5 Europe 18% Europe 12% 1997 2002 Global Revenues $14.8Bn European Revenues $1.7Bn Global Revenues $19.1Bn European Revenues $3.3Bn Source Morgan Stanley 1997 Annual Report and 2002 10K Filing Global and European Revenues
  • 9. Morgan Stanley Section 2 European Markets
  • 10. European Markets European M&A Volumes Are Improving 2002-2003 Morgan Stanley 6 Source Thomson Financial Securities Data 2002 2003 (1) # Deals 60 38 95 64 86 64 81 58 68 76 78 93 62 54 67 70 67 74 73 57 61 47 <ul><li>Note </li></ul><ul><li>October 2003 includes month through October 20 th 2003 </li></ul>European Monthly M&A Volumes (Announced) $Bn
  • 11. Morgan Stanley European Markets European Equity New Issue Market By Offering Type Equity and Equity-Linked Offerings Since 1996 (1) 7 Source EquityWare <ul><li>Notes </li></ul><ul><li>Includes rights issues and domestic tranches </li></ul><ul><li>YTD through September 12, 2003 </li></ul>European New Issue Market By Offering Type % of Total Volume Total Yearly New Issue Volume ($Bn)
  • 12. European Markets Growth of Exchanges Morgan Stanley 8 Source World Federation of Exchanges Total Value of Share Trading US$Bn
  • 13. European Markets European Debt Market Morgan Stanley 9 Source BondWare <ul><li>Notes </li></ul><ul><li>EMU market the beginning of a more active primary corporate bond market in Europe </li></ul><ul><li>The DT multi-tranche bond offering in the summer of 2000 was the first of many jumbo deals pushing new issuance volumes to record highs </li></ul><ul><li>Since 2002 the market has been characterised by de-leveraging through debt reduction and general balance-sheet repair </li></ul>DT EMU All-International Corporate Bond Issuance—12 Months Moving Average € MM
  • 14. European Markets European Asset Management Morgan Stanley Source UBS Warburg, Oliver, Wyman & Company Sept 02 research report Source UBS Warburg, Oliver, Wyman & Company Sept 02 research report Source UBS Warburg, Cerulli, Oliver, Wyman & Company Sept 02 research report, Japan Investment Trust Association 10 Breakdown of Global AUM by Client Type, 2001 % Breakdown of Global AUM, 2001 $ Trillion Asset Ownership by Source, 2001 $ Trillion
  • 15. European Markets European Asset Management Morgan Stanley <ul><li>Notes </li></ul><ul><li>Mutual fund figures are used as the best available approximation of industry growth rates </li></ul><ul><li>Figures for Europe are from Sector Analysis 2002 and refer to growth in the demand for third party funds. All other figures are taken from Cerulli 2002. Japan figures refer to the growth in onshore and cross-border fund assets, U.S. figures refer to the growth in U.S. mutual fund assets, and Asia ex-Japan figures refer to the growth in Asian mutual fund assets </li></ul>11 Source Cerulli 2002 Source Charterhouse Securities 2002 Projected Global Fund Growth (2001-2006E) (1)(2) % Total Pension Assets vs. Total Populations Worldwide, 2001 $Bn $MM
  • 16. European Markets European Credit Cards Business Remaining Focused in a Competitive Market Morgan Stanley 12

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