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Intrinsic Value of MSA Safety Incorporporated (MSA)

Previous Close$155.05
Intrinsic Value
Upside potential
Previous Close
$155.05

VALUATION INPUT DATA

This valuation is based on fiscal year data as of 2022-12-31 and quarterly data as of 2023-06-30.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2022(a)2023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047

INCOME STATEMENT

Revenue growth rate, %9.1NaN
Revenue, $1528NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m1289NaN
Operating income, $m239NaN
EBITDA, $m295NaN
Interest expense (income), $mNaN
Earnings before tax, $m238NaN
Tax expense, $m59NaN
Net income, $m180NaN

BALANCE SHEET

Cash and short-term investments, $m173NaN
Total assets, $m2377NaN
Adjusted assets (=assets-cash), $m2204NaN
Average production assets, $m1131NaN
Working capital, $m534NaN
Total debt, $m581NaN
Total liabilities, $m1453NaN
Total equity, $m924NaN
Debt-to-equity ratio0.629NaN
Adjusted equity ratio0.348NaN

CASH FLOW

Net income, $m180NaN
Depreciation, amort., depletion, $m56NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m157NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-44NaN
Free cash flow, $m201NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m534
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN

Company description

MSA Safety Incorporated develops, manufactures, and supplies safety products and software that protect people and facility infrastructures in the oil, gas, petrochemical, fire service, construction, industrial manufacturing applications, heating, ventilation, air conditioning and refrigeration, utilities, military, and mining industries in North America, Latin America, and internationally. The company's core product offerings include permanently installed fixed gas and flame detection instruments, such as permanently installed gas detection monitoring systems, and flame detectors and open-path infrared gas detectors, as well as replacement components and related services to detect the presence or absence of various gases in the air. Its core product offerings also comprise breathing apparatus products, such as self-contained breathing apparatus; hand-held portable gas detection instruments; industrial head protection products; firefighter helmets and protective apparel; and fall protection equipment, including confined space equipment, harnesses, lanyards, and self-retracting lifelines, as well as engineered systems. In addition, the company offers air-purifying respirators, eye and face protection products, ballistic helmets, and gas masks. It serves distributors and end-users through indirect and direct sales channels. The company offers its product under the V-Gard, Cairns, and Gallet brand names. MSA Safety Incorporated was founded in 1914 and is based in Cranberry Township, Pennsylvania.
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