MSCI: Buy the Toll Booth — A High-Quality Passive-Investing Play at a Better Price
MSCI runs a near-unique 'toll booth' business selling indices, analytics and ESG data to asset managers. Recent weakness has pulled the stock back toward $600; we view this as a buy for patient investors. The company generates steady recurring revenue, strong free cash flow and benefits from secular passive flows and ESG demand. Trade plan: enter $…