Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

MSA Safety Incorporated (MSA)

Company Dividend Discount ModelIndustry: Security & Protection ServicesSector: Industrials

Valuation Snapshot

Stable Growth$144.60 - $336.36$211.98
Multi-Stage$151.03 - $165.52$158.14
Blended Fair Value$185.06
Current Price$172.07
Upside7.55%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.38%5.61%2.001.861.811.741.691.611.451.331.241.20
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)55.9934.9921.00
Cash Retained (M)198.22198.22198.22
(-) Cash Required (M)-55.99-34.99-21.00
(=) Excess Retained (M)142.23163.23177.23
(/) Shares Outstanding (M)39.4339.4339.43
(=) Excess Retained per Share3.614.144.49
LTM Dividend per Share2.072.072.07
(+) Excess Retained per Share3.614.144.49
(=) Adjusted Dividend5.686.216.57
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate3.22%4.22%5.22%
Fair Value$144.60$211.98$336.36
Upside / Downside-15.96%23.19%95.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)279.94291.75304.06316.89330.27344.20354.53
Payout Ratio29.19%41.35%53.51%65.68%77.84%90.00%92.50%
Projected Dividends (M)81.72120.65162.72208.12257.07309.78327.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate3.22%4.22%5.22%
Year 1 PV (M)111.39112.47113.54
Year 2 PV (M)138.70141.40144.12
Year 3 PV (M)163.78168.59173.49
Year 4 PV (M)186.78194.12201.68
Year 5 PV (M)207.80218.06228.73
PV of Terminal Value (M)5,146.525,400.695,664.81
Equity Value (M)5,954.966,235.336,526.38
Shares Outstanding (M)39.4339.4339.43
Fair Value$151.03$158.14$165.52
Upside / Downside-12.23%-8.09%-3.80%

High-Yield Dividend Screener

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