DDM Analysis: MSA

Valuation Snapshot

Stable Growth	$112.72 - $215.87	$154.12
Multi-Stage	$117.39 - $128.51	$122.85
Blended Fair Value	$138.48
Current Price	$172.07
Upside	-19.52%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.38%	5.61%	2.00	1.86	1.81	1.74	1.69	1.61	1.45	1.33	1.24	1.20
YoY Growth	-	-	7.18%	2.79%	4.25%	2.95%	4.81%	10.96%	8.97%	7.06%	3.58%	3.94%
Dividend Yield	-	-	1.36%	0.98%	1.36%	1.31%	1.13%	1.59%	1.39%	1.60%	1.76%	2.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	279.94
(-) Cash Dividends Paid (M)	81.72
(=) Cash Retained (M)	198.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.99	34.99	21.00
Cash Retained (M)	198.22	198.22	198.22
(-) Cash Required (M)	-55.99	-34.99	-21.00
(=) Excess Retained (M)	142.23	163.23	177.23
(/) Shares Outstanding (M)	39.43	39.43	39.43
(=) Excess Retained per Share	3.61	4.14	4.49
LTM Dividend per Share	2.07	2.07	2.07
(+) Excess Retained per Share	3.61	4.14	4.49
(=) Adjusted Dividend	5.68	6.21	6.57
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	3.22%	4.22%	5.22%
Fair Value	$112.72	$154.12	$215.87
Upside / Downside	-34.49%	-10.43%	25.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	279.94	291.75	304.06	316.89	330.27	344.20	354.53
Payout Ratio	29.19%	41.35%	53.51%	65.68%	77.84%	90.00%	92.50%
Projected Dividends (M)	81.72	120.65	162.72	208.12	257.07	309.78	327.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	3.22%	4.22%	5.22%
Year 1 PV (M)	110.21	111.28	112.34
Year 2 PV (M)	135.78	138.42	141.09
Year 3 PV (M)	158.64	163.30	168.04
Year 4 PV (M)	179.00	186.04	193.28
Year 5 PV (M)	197.04	206.77	216.88
PV of Terminal Value (M)	3,847.76	4,037.79	4,235.26
Equity Value (M)	4,628.43	4,843.60	5,066.90
Shares Outstanding (M)	39.43	39.43	39.43
Fair Value	$117.39	$122.85	$128.51
Upside / Downside	-31.78%	-28.61%	-25.32%

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112610.KS	CS Wind Corporation	2.43%	$982.89	21.73%
300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
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Financial Statements

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Sector

MSA Safety Incorporated (MSA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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