DDM Analysis: MSA

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
Upside	7.55%
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	7.27%	7.27%	7.27%
Growth Rate	3.22%	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)

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	7.27%	7.27%	7.27%
Growth Rate	3.22%	4.22%	5.22%
Year 1 PV (M)	111.39	112.47	113.54
Year 2 PV (M)	138.70	141.40	144.12
Year 3 PV (M)	163.78	168.59	173.49
Year 4 PV (M)	186.78	194.12	201.68
Year 5 PV (M)	207.80	218.06	228.73
PV of Terminal Value (M)	5,146.52	5,400.69	5,664.81
Equity Value (M)	5,954.96	6,235.33	6,526.38
Shares Outstanding (M)	39.43	39.43	39.43
Fair Value	$151.03	$158.14	$165.52
Upside / Downside	-12.23%	-8.09%	-3.80%

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5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
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9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
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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