BAP
Credicorp Ltd.
BAP offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MS
Morgan Stanley
MS has a slight edge over BAP overall, supported by stronger modeled upside and lower modeled downside.
BAP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BAP's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAP.
MS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MS's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MS.
BAP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.5x | $258 | -29% |
| Fair | 11x | $303 | -17% |
| Current | 13x | $365 | — |
| Expensive | 18x | $478 | +31% |
Historical ranges are pointers, not guarantees.
BAP has the edge over MS in the historical PE scenario, which offers more potential upside but is not a forecast.
MS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $134 | -29% |
| Fair | 14x | $178 | -5.7% |
| Forward | 14x | $189 | — |
| Current | 15x | $189 | — |
| Expensive | 18x | $223 | +18% |
Historical ranges are pointers, not guarantees.
MS's PE is in its fair range at 15x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
BAP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for BAP, with profitability holding steady.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
MS has the edge over BAP on the outlook, with more favorable profitability expectations.
BAP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $27.11 | +18% |
| Q1 2026 | $26.53 | +25% |
| Q4 2025 | $25.50 | +26% |
| Q3 2025 | $23.81 | +24% |
| Q2 2025 | $23.02 | +27% |
| Q1 2025 | $21.27 | +16% |
| Q4 2024 | $20.28 | +13% |
| Q3 2024 | $19.24 | +2.6% |
BAP's earnings per share have climbed steadily: $27.11 over the past year, up 18% from the year before, and higher year over year for eight quarters in a row.
MS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.39 | +6.3% |
| Q3 2026 | $12.60 | +29% |
| Q2 2026 | $12.37 | +40% |
| Q1 2026 | $11.04 | +29% |
| Q4 2025 | $10.21 | +28% |
| Q3 2025 | $9.76 | +48% |
| Q2 2025 | $8.84 | +45% |
| Q1 2025 | $8.53 | +55% |
| Q4 2024 | $7.95 | +53% |
MS has the edge over BAP on earnings, with stronger typical year-over-year growth.
BAP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.4B | +9.3% |
| Q1 2026 | $2.3B | +12% |
| Q4 2025 | $2.4B | +26% |
| Q3 2025 | $1.6B | -23% |
| Q2 2025 | $2.2B | +8.9% |
| Q1 2025 | $2B | +5.6% |
| Q4 2024 | $1.9B | +2.3% |
| Q3 2024 | $2B | +5.4% |
BAP's revenue has picked up after two years of holding roughly level: $2.4B last quarter, up 9.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 35% | +0.2 points |
| Q1 2026 | 38% | +1.3 points |
| Q4 2025 | 28% | +1.6 points |
| Q3 2025 | 51% | +20 points |
| Q2 2025 | 35% | +6.8 points |
| Q1 2025 | 36% | +4.8 points |
| Q4 2024 | 27% | +6.6 points |
| Q3 2024 | 31% | +4.3 points |
BAP has the edge over MS on profitability, with a higher operating margin.
MS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.3B | +12% |
| Q2 2026 | $21.3B | +27% |
| Q1 2026 | $20.6B | +16% |
| Q4 2025 | $17.9B | +10% |
| Q3 2025 | $18.2B | +18% |
| Q2 2025 | $16.8B | +12% |
| Q1 2025 | $17.7B | +17% |
| Q4 2024 | $16.2B | +26% |
MS has the edge over BAP on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | -1.2 points |
| Q2 2026 | 34% | +6.9 points |
| Q1 2026 | 34% | +2.8 points |
| Q4 2025 | 32% | +2 points |
| Q3 2025 | 33% | +5.6 points |
| Q2 2025 | 28% | +0.4 points |
| Q1 2025 | 31% | +2.2 points |
| Q4 2024 | 30% | +14 points |
MS's operating margin was 32% last quarter, down 1.2 points from the same quarter a year ago.
BAP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $1.3B | -25% |
| Q1 2026 | -$276.5M | -211% |
| Q4 2025 | -$186.3M | +$1.1B |
| Q3 2025 | $652.6M | +$652.6M |
| Q2 2025 | $1.8B | +$1.8B |
| Q1 2025 | $249.8M | +$249.8M |
| Q4 2024 | -$1.3B | -333% |
| Q3 2024 | $0 | -100% |
BAP has the edge over MS on cash generation, producing positive trailing cash flow while its opponent burns cash.
MS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$46B | -$42.7B |
| Q2 2026 | -$2.7B | -123% |
| Q1 2026 | -$7.1B | +$16.9B |
| Q4 2025 | -$2.4B | -120% |
| Q3 2025 | -$3.3B | +$14B |
| Q2 2025 | $11.8B | +368% |
| Q1 2025 | -$24B | -650% |
| Q4 2024 | $11.8B | +$29.6B |
MS's free cash flow was −$58.3B over the past year, against −$3.7B the year before. Free cash flow isn't a meaningful measure for financial services companies like MS.
BAP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -48.7K shares |
| 1 year | -0.6% | -486K shares |
| 3 years | -0.4% | -326K shares |
| 5 years | -0.4% | -319K shares |
| Available history | -0.3% | -223K shares |
BAP has 79M diluted shares, down 0.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $10.5M |
| Q1 2026 | $8.1M |
| Q4 2025 | $1.5M |
| Q3 2025 | $1.1M |
| Q2 2025 | — |
| Q1 2025 | $35M |
| Q4 2024 | — |
| Q3 2024 | — |
BAP has spent almost nothing on buybacks in the past year.
MS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -1.5% | -24M shares |
| 3 years | -4.7% | -77M shares |
| 5 years | -14% | -246M shares |
| Available history | -4.5% | -74M shares |
MS has the edge over BAP on shareholder dilution, with a more favorable share count trend.
BAP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -0.8x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -1.0x | Net Cash |
| Q4 2024 | -1.2x | Net Cash |
| Q3 2024 | -0.9x | Net Cash |
BAP has the edge over MS on leverage, with a lower net debt burden relative to earnings.
MS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 7.3x | High |
| Q1 2026 | 8.2x | High |
| Q4 2025 | 8.6x | High |
| Q3 2025 | 8.4x | High |
| Q2 2025 | 8.7x | High |
| Q1 2025 | 8.7x | High |
| Q4 2024 | 7.9x | High |
MS's net debt is about 7.8 years of its operating earnings (EBITDA), down from 8.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MS.
BAP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.2 | Neutral |
| Stochastic | 20.6 | Neutral |
BAP's weekly RSI is 50 (neutral) and its Stochastic is 21 (neutral).
MS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 18.7 | Oversold |
MS's weekly RSI is 45 (neutral) and its Stochastic is 19 (oversold).
BAP PE vs Financial Services Sector
| Metric | BAP | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 3.4% above |
| PE % | 70 | 63 | 7 pts above |
BAP has the edge over MS on valuation relative to its sector.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS is trading at 15x earnings, a 15% premium to the Financial Services sector's median of 13x.
BAP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $370.4 | 1.4% below |
| 20 week MA | $379.9 | 3.8% below |
| 50 week MA | $349.4 | 4.6% above |
| 100 week MA | $284.1 | 29% above |
| 200 week MA | $218.9 | 67% above |
BAP has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 67% above its 200-week average.
MS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $186.5 | 1.5% above |
| 20 week MA | $203.3 | 6.9% below |
| 50 week MA | $191.9 | 1.4% below |
| 100 week MA | $164.9 | 15% above |
| 200 week MA | $129.3 | 46% above |
MS's trend is mixed: it's above three of its five weekly moving averages, and 46% above its 200-week average.
BAP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $215.3 | $165.0 | -23% |
| 2021 | $165.0 | $119.9 | -27% |
| 2022 | $119.9 | $134.7 | +12% |
| 2023 | $134.7 | $149.9 | +11% |
| 2024 | $149.9 | $181.1 | +21% |
| 2025 | $181.1 | $291.5 | +61% |
| 2026 YTD | $291.5 | $365.4 | +25% |
BAP has the edge over MS on returns for 2026, with the stronger performance.
MS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.1 | $68.1 | +33% |
| 2021 | $68.1 | $99.3 | +46% |
| 2022 | $99.3 | $86.1 | -13% |
| 2023 | $86.1 | $93.3 | +8.3% |
| 2024 | $93.3 | $126.8 | +36% |
| 2025 | $126.8 | $181.9 | +43% |
| 2026 YTD | $181.9 | $189.2 | +4% |
MS has finished higher in five of the last six years. It's up 4% so far in 2026.