DDM Analysis: MSA

Valuation Snapshot

Stable Growth	$112.71 - $215.84	$154.10
Multi-Stage	$117.38 - $128.50	$122.84
Blended Fair Value	$138.47
Current Price	$172.07
Upside	-19.53%
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	$112.71	$154.10	$215.84
Upside / Downside	-34.50%	-10.44%	25.44%

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)	3,847.41	4,037.43	4,234.88
Equity Value (M)	4,628.07	4,843.22	5,066.51
Shares Outstanding (M)	39.43	39.43	39.43
Fair Value	$117.38	$122.84	$128.50
Upside / Downside	-31.78%	-28.61%	-25.32%

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300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
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LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
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300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
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7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
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MSA Safety Incorporated (MSA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener