Shares of Morgan Stanley have returned 15% this year, following a 28% return during 2012. The shares trade for 0.8 times their reported Dec. 31 tangible book value of $26.81, and for 8.7 times the consensus 2014 earnings estimate of $2.53, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $2.10. The renewed uncertainty in the market on Monday underlines investors' concern over Morgan Stanley's risk to "peripheral" European countries, including Greece, Ireland, Italy, Spain, and Portugal. This exposure totaled $6.3 billion as of Dec. 31, with Italy representing $3.2 billion in credit risk. The company saw a sharp improvement during 2012, with earnings from continuing operations (excluding debit valuation adjustments) of $3.055 billion, or $1.59 a share, compared to a net loss of $136 million, or eight cents a share, in 2011. Adjusted net revenue rose to $30.514 billion in 2012 from $28.555 billion in 2011. The 2011 bottom line was lowered by several "strategic actions," including the conversion of preferred shares in Mitsubishi UFJ Financial Group to common shares, and a settlement with MBIA ( MBIA). Each of these items cost the firm $1.7 billion.