MSA Safety (NYSE:MSA) - Share price, News & Analysis

MSA fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	3/6
Past Performance	1/6
Financial Health	3/6
Dividends	3/6

MSA Stock Overview

Rewards

Earnings are forecast to grow 61.03% per year

Risk Analysis

Has a high level of debt

Large one-off items impacting financial results

Profit margins (1.4%) are lower than last year (8.9%)

MSA Safety Competitors

Comcast

NasdaqGS:CMCS.A

US$195.8b

Raytheon Technologies

NYSE:RTX

US$138.8b

Honeywell International

NasdaqGS:HON

US$129.6b

Siemens

XTRA:SIE

€91.7b

Price History & Performance

Summary of all time highs, changes and price drops for MSA Safety
Historical stock prices
Current Share Price	US$123.85
52 Week High	US$172.31
52 Week Low	US$115.10
Beta	0.94
1 Month Change	-2.06%
3 Month Change	-7.33%
1 Year Change	-25.85%
3 Year Change	23.75%
5 Year Change	52.71%
Change since IPO	1,945.23%

Recent News & Updates

May 06

MSA Safety (NYSE:MSA) Is Paying Out A Larger Dividend Than Last Year

MSA Safety Incorporated ( NYSE:MSA ) will increase its dividend on the 10th of June to US$0.46, which is 4.5% higher...

May 02

MSA Safety (NYSE:MSA) Will Want To Turn Around Its Return Trends

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...

Shareholder Returns

	MSA	US Commercial Services	US Market
7D	3.6%	2.1%	1.0%
1Y	-25.9%	-4.7%	-15.1%

Return vs Industry: MSA underperformed the US Commercial Services industry which returned -4.7% over the past year.

Return vs Market: MSA underperformed the US Market which returned -13.2% over the past year.

Price Volatility

Is MSA's price volatile compared to industry and market?
MSA volatility
MSA Average Weekly Movement	4.6%
Commercial Services Industry Average Movement	7.4%
Market Average Movement	7.8%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	2.9%

Stable Share Price: MSA is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: MSA's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1914	4,800	Nish Vartanian	https://www.msasafety.com

MSA Safety Incorporated develops, manufactures, and supplies safety products that protect people and facility infrastructures in the oil, gas, petrochemical, fire service, construction, industrial manufacturing applications, 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.

MSA Safety Fundamentals Summary

How do MSA Safety's earnings and revenue compare to its market cap?
MSA fundamental statistics
Market Cap	US$4.87b
Earnings (TTM)	US$20.38m
Revenue (TTM)	US$1.42b

239.1x

P/E Ratio

3.4x

P/S Ratio

Is MSA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MSA income statement (TTM)
Revenue	US$1.42b
Cost of Revenue	US$799.10m
Gross Profit	US$623.35m
Other Expenses	US$602.97m
Earnings	US$20.38m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.52
Gross Margin	43.82%
Net Profit Margin	1.43%
Debt/Equity Ratio	69.6%

How did MSA perform over the long term?

See historical performance and comparison

Dividends

1.4%

Current Dividend Yield

339%

Payout Ratio

Valuation

Is MSA Safety undervalued compared to its fair value and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

239.08x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: MSA ($123.85) is trading above our estimate of fair value ($47.97)

Significantly Below Fair Value: MSA is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: MSA is poor value based on its Price-To-Earnings Ratio (239.1x) compared to the US Commercial Services industry average (21.8x).

PE vs Market: MSA is poor value based on its Price-To-Earnings Ratio (239.1x) compared to the US market (14.9x).

Price to Earnings Growth Ratio

PEG Ratio: MSA is poor value based on its PEG Ratio (3.9x)

Price to Book Ratio

PB vs Industry: MSA is overvalued based on its Price-To-Book Ratio (5.7x) compared to the US Commercial Services industry average (1.7x).

Future Growth

How is MSA Safety forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

61.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MSA's forecast earnings growth (61% per year) is above the savings rate (1.9%).

Earnings vs Market: MSA's earnings (61% per year) are forecast to grow faster than the US market (12.1% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MSA's revenue (6.8% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: MSA's revenue (6.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if MSA's Return on Equity is forecast to be high in 3 years time

Past Performance

How has MSA Safety performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

3.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MSA has a large one-off loss of $221.1M impacting its March 31 2022 financial results.

Growing Profit Margin: MSA's current net profit margins (1.4%) are lower than last year (8.9%).

Past Earnings Growth Analysis

Earnings Trend: MSA's earnings have grown by 3.4% per year over the past 5 years.

Accelerating Growth: MSA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MSA had negative earnings growth (-82.5%) over the past year, making it difficult to compare to the Commercial Services industry average (30.2%).

Return on Equity

High ROE: MSA's Return on Equity (2.4%) is considered low.

Financial Health

How is MSA Safety's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: MSA's short term assets ($826.2M) exceed its short term liabilities ($333.9M).

Long Term Liabilities: MSA's short term assets ($826.2M) do not cover its long term liabilities ($1.2B).

Debt to Equity History and Analysis

Debt Level: MSA's net debt to equity ratio (47.9%) is considered high.

Reducing Debt: MSA's debt to equity ratio has increased from 51% to 69.6% over the past 5 years.

Debt Coverage: MSA's debt is well covered by operating cash flow (29.7%).

Interest Coverage: MSA's interest payments on its debt are well covered by EBIT (28x coverage).

Balance Sheet

Dividend

What is MSA Safety current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.42%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MSA's dividend (1.42%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.57%).

High Dividend: MSA's dividend (1.42%) is low compared to the top 25% of dividend payers in the US market (4.06%).

Stability and Growth of Payments

Stable Dividend: MSA's dividends per share have been stable in the past 10 years.

Growing Dividend: MSA's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (338.8%), MSA's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (51%), MSA's dividend payments are covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.7yrs

Average management tenure

CEO

Nish Vartanian (61 yo)

4.92yrs

Tenure

US$6,794,020

Compensation

Mr. Nishan J. Vartanian, also known as Nish, has been the President at MSA Safety Incorporated since June 4, 2017 and its Chief Executive Officer since May 15, 2018 also serves as its Chairman since May, 2...

CEO Compensation Analysis

Compensation vs Market: Nish's total compensation ($USD6.79M) is about average for companies of similar size in the US market ($USD8.23M).

Compensation vs Earnings: Nish's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: MSA's management team is considered experienced (4.7 years average tenure).

Board Members

Experienced Board: MSA's board of directors are considered experienced (6.6 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/25 00:00
End of Day Share Price	2022/05/25 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31