Intrinsic value of MSA Safety - MSA

Previous Close

$100.93

  Intrinsic Value

$61.03

stock screener

  Rating & Target

sell

-40%

Previous close

$100.93

 
Intrinsic value

$61.03

 
Up/down potential

-40%

 
Rating

sell

We calculate the intrinsic value of MSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
Revenue, $m
  1,246
  1,298
  1,354
  1,413
  1,475
  1,541
  1,610
  1,684
  1,762
  1,844
  1,930
  2,021
  2,117
  2,218
  2,324
  2,436
  2,554
  2,678
  2,808
  2,945
  3,089
  3,241
  3,400
  3,567
  3,743
  3,927
  4,122
  4,325
  4,540
  4,765
Variable operating expenses, $m
  1,064
  1,106
  1,151
  1,198
  1,248
  1,301
  1,358
  1,417
  1,479
  1,545
  1,555
  1,628
  1,705
  1,786
  1,872
  1,962
  2,057
  2,157
  2,262
  2,372
  2,488
  2,610
  2,738
  2,873
  3,015
  3,163
  3,320
  3,484
  3,657
  3,838
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,064
  1,106
  1,151
  1,198
  1,248
  1,301
  1,358
  1,417
  1,479
  1,545
  1,555
  1,628
  1,705
  1,786
  1,872
  1,962
  2,057
  2,157
  2,262
  2,372
  2,488
  2,610
  2,738
  2,873
  3,015
  3,163
  3,320
  3,484
  3,657
  3,838
Operating income, $m
  182
  192
  203
  214
  226
  239
  253
  267
  282
  298
  375
  393
  412
  431
  452
  474
  497
  521
  546
  573
  601
  630
  661
  694
  728
  764
  802
  841
  883
  927
EBITDA, $m
  311
  324
  338
  353
  368
  385
  402
  421
  440
  460
  482
  505
  529
  554
  580
  608
  638
  669
  701
  736
  771
  809
  849
  891
  935
  981
  1,029
  1,080
  1,134
  1,190
Interest expense (income), $m
  0
  26
  28
  31
  33
  36
  39
  42
  46
  49
  53
  57
  61
  66
  71
  76
  81
  86
  92
  98
  104
  111
  118
  125
  133
  141
  150
  159
  168
  178
  189
Earnings before tax, $m
  156
  164
  172
  181
  190
  200
  210
  221
  233
  245
  318
  332
  346
  361
  377
  393
  411
  429
  448
  469
  490
  512
  536
  561
  587
  614
  643
  673
  705
  738
Tax expense, $m
  42
  44
  47
  49
  51
  54
  57
  60
  63
  66
  86
  90
  93
  97
  102
  106
  111
  116
  121
  127
  132
  138
  145
  151
  158
  166
  174
  182
  190
  199
Net income, $m
  114
  120
  126
  132
  139
  146
  154
  162
  170
  179
  232
  242
  253
  263
  275
  287
  300
  313
  327
  342
  358
  374
  391
  409
  428
  448
  469
  491
  514
  539

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,755
  1,829
  1,907
  1,989
  2,077
  2,170
  2,268
  2,372
  2,481
  2,597
  2,718
  2,847
  2,982
  3,124
  3,274
  3,431
  3,597
  3,772
  3,955
  4,148
  4,351
  4,564
  4,788
  5,024
  5,271
  5,532
  5,805
  6,092
  6,394
  6,711
Adjusted assets (=assets-cash), $m
  1,755
  1,829
  1,907
  1,989
  2,077
  2,170
  2,268
  2,372
  2,481
  2,597
  2,718
  2,847
  2,982
  3,124
  3,274
  3,431
  3,597
  3,772
  3,955
  4,148
  4,351
  4,564
  4,788
  5,024
  5,271
  5,532
  5,805
  6,092
  6,394
  6,711
Revenue / Adjusted assets
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
Average production assets, $m
  688
  717
  747
  780
  814
  850
  889
  930
  972
  1,018
  1,065
  1,116
  1,169
  1,224
  1,283
  1,345
  1,410
  1,478
  1,550
  1,626
  1,705
  1,789
  1,877
  1,969
  2,066
  2,168
  2,275
  2,388
  2,506
  2,630
Working capital, $m
  70
  73
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  136
  143
  150
  157
  165
  173
  181
  190
  200
  210
  220
  231
  242
  254
  267
Total debt, $m
  519
  567
  617
  670
  726
  786
  849
  915
  986
  1,060
  1,138
  1,220
  1,307
  1,398
  1,494
  1,596
  1,702
  1,814
  1,932
  2,056
  2,186
  2,323
  2,467
  2,618
  2,777
  2,944
  3,119
  3,304
  3,498
  3,701
Total liabilities, $m
  1,127
  1,174
  1,224
  1,277
  1,334
  1,393
  1,456
  1,523
  1,593
  1,667
  1,745
  1,827
  1,914
  2,006
  2,102
  2,203
  2,309
  2,421
  2,539
  2,663
  2,793
  2,930
  3,074
  3,225
  3,384
  3,551
  3,727
  3,911
  4,105
  4,308
Total equity, $m
  628
  655
  683
  712
  744
  777
  812
  849
  888
  930
  973
  1,019
  1,067
  1,118
  1,172
  1,228
  1,288
  1,350
  1,416
  1,485
  1,558
  1,634
  1,714
  1,799
  1,887
  1,980
  2,078
  2,181
  2,289
  2,403
Total liabilities and equity, $m
  1,755
  1,829
  1,907
  1,989
  2,078
  2,170
  2,268
  2,372
  2,481
  2,597
  2,718
  2,846
  2,981
  3,124
  3,274
  3,431
  3,597
  3,771
  3,955
  4,148
  4,351
  4,564
  4,788
  5,024
  5,271
  5,531
  5,805
  6,092
  6,394
  6,711
Debt-to-equity ratio
  0.830
  0.870
  0.900
  0.940
  0.980
  1.010
  1.050
  1.080
  1.110
  1.140
  1.170
  1.200
  1.220
  1.250
  1.280
  1.300
  1.320
  1.340
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.470
  1.490
  1.500
  1.510
  1.530
  1.540
Adjusted equity ratio
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  114
  120
  126
  132
  139
  146
  154
  162
  170
  179
  232
  242
  253
  263
  275
  287
  300
  313
  327
  342
  358
  374
  391
  409
  428
  448
  469
  491
  514
  539
Depreciation, amort., depletion, $m
  129
  132
  135
  138
  142
  146
  149
  153
  158
  162
  107
  112
  117
  122
  128
  134
  141
  148
  155
  163
  171
  179
  188
  197
  207
  217
  228
  239
  251
  263
Funds from operations, $m
  243
  252
  261
  271
  281
  292
  303
  315
  328
  341
  339
  354
  369
  386
  403
  422
  441
  461
  482
  505
  528
  553
  579
  606
  635
  665
  697
  730
  765
  802
Change in working capital, $m
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
Cash from operations, $m
  241
  249
  258
  267
  277
  288
  299
  311
  323
  336
  334
  349
  364
  380
  397
  415
  434
  454
  475
  497
  520
  544
  570
  597
  625
  655
  686
  719
  753
  789
Maintenance CAPEX, $m
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
New CAPEX, $m
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
Cash from investing activities, $m
  -93
  -98
  -103
  -107
  -112
  -117
  -123
  -130
  -136
  -142
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -220
  -231
  -243
  -255
  -267
  -280
  -294
  -309
  -324
  -341
  -357
  -375
Free cash flow, $m
  147
  151
  156
  160
  165
  170
  176
  181
  187
  194
  185
  192
  200
  208
  216
  225
  235
  245
  255
  266
  278
  290
  303
  317
  331
  346
  362
  379
  396
  414
Issuance/(repayment) of debt, $m
  45
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
  167
  176
  184
  194
  204
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  45
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
  167
  176
  184
  194
  204
Total cash flow (excl. dividends), $m
  192
  199
  206
  213
  221
  230
  239
  248
  258
  268
  263
  274
  286
  299
  312
  326
  341
  357
  373
  390
  408
  427
  447
  468
  490
  513
  537
  563
  590
  618
Retained Cash Flow (-), $m
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -113
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
Cash available for distribution, $m
  167
  172
  178
  184
  190
  196
  203
  211
  219
  227
  219
  228
  238
  248
  259
  270
  282
  294
  307
  321
  336
  351
  367
  384
  401
  420
  440
  460
  482
  504
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  160
  158
  155
  151
  147
  143
  137
  132
  126
  119
  104
  97
  90
  83
  76
  69
  61
  54
  47
  41
  35
  29
  24
  20
  16
  12
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

MSA Safety Incorporated develops, manufactures, and supplies safety products that protect people and facility infrastructures in North America, Europe, and internationally. Its safety products include electronics, mechanical systems, and advanced materials to protect users against hazardous or life threatening situations. The company offers fixed gas and flame detection instruments, including multi-point permanently installed gas detection systems, and flame detectors and open-path infrared gas detectors used in oil, gas, and petrochemical facilities, as well as in general industrial production facilities to detect the presence or absence of various gases in the air. Its breathing apparatus products comprise self-contained breathing apparatus, face masks, and respirators used by first responders and petrochemical plant workers, as well as anyone entering an environment deemed dangerous to life and health. The company’s portable gas detection instruments used to detect the presence or absence of various gases in the air by oil, gas, and petrochemical workers; general industry workers; miners; and first responders or anyone working in a confined space environment. It also provides head protection products for oil, gas, and petrochemical workers; steel and construction workers; miners; and industrial workers. In addition, the company provides fall protection equipment, including confined space equipment, harnesses, fall arrest equipment, lanyards, and lifelines for workers in the construction industry; oil, gas, and petrochemical market; utilities industry, and general industrial applications; and anyone working at height. Further, it offers fire and rescue helmets used by firefighters; and respirators, eye and face protection products, thermal imaging cameras, ballistic helmets, and gas masks. MSA Safety Incorporated was founded in 1914 and is based in Cranberry Township, Pennsylvania.

FINANCIAL RATIOS  of  MSA Safety (MSA)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

MSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSA stock intrinsic value calculation we used $1197 million for the last fiscal year's total revenue generated by MSA Safety. The default revenue input number comes from 2017 income statement of MSA Safety. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MSA stock valuation model: a) initial revenue growth rate of 4.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MSA is calculated based on our internal credit rating of MSA Safety, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of MSA Safety.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MSA stock the variable cost ratio is equal to 85.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for MSA Safety.

Corporate tax rate of 27% is the nominal tax rate for MSA Safety. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MSA stock is equal to 1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MSA are equal to 55.2%.

Life of production assets of 10 years is the average useful life of capital assets used in MSA Safety operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MSA is equal to 5.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $603 million for MSA Safety - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 38 million for MSA Safety is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of MSA Safety at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ MSA Declares Third Quarter Dividend   [Aug-03-18 08:15AM  PR Newswire]
▶ MSA Safety: 2Q Earnings Snapshot   [Jul-25-18 06:41PM  Associated Press]
▶ MSA Announces Second Quarter Results   [06:18PM  PR Newswire]
▶ MSA Schedules Second Quarter Earnings Webcast   [Jul-18-18 11:35AM  PR Newswire]
▶ MSA Safety names new president, CEO   [May-16-18 08:21AM  American City Business Journals]
▶ MSA Increases Quarterly Dividend by 9 Percent   [May-07-18 04:30PM  PR Newswire]
▶ Top Ranked Momentum Stocks to Buy for May 4th   [May-04-18 11:55AM  Zacks]
▶ MSA Safety: 1Q Earnings Snapshot   [Apr-23-18 04:59PM  Associated Press]
▶ MSA Schedules First Quarter Earnings Webcast   [Apr-16-18 04:45PM  PR Newswire]
▶ Top Ranked Momentum Stocks to Buy for April 2nd   [Apr-02-18 07:20AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for March 1st   [Mar-01-18 09:25AM  Zacks]
▶ MSA Safety reports 4Q loss   [Feb-20-18 07:21PM  Associated Press]
▶ MSA Schedules Fourth Quarter Earnings Webcast   [Feb-08-18 11:21AM  PR Newswire]
▶ MSA Declares First Quarter Dividend   [Jan-09-18 10:24AM  PR Newswire]
▶ Stocks With Rising Relative Strength: MSA Safety   [Nov-06-17 03:00AM  Investor's Business Daily]
▶ MSA adds Toyota vice president to board   [Nov-02-17 08:30AM  American City Business Journals]
▶ Sandra Phillips Rogers Elected to MSA Board of Directors   [Nov-01-17 03:17PM  PR Newswire]
▶ IBD Rating Upgrades: MSA Safety Flashes Improved Relative Price Strength   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to MSA Safety, Inc. : October 26, 2017   [Oct-26-17 10:39AM  Capital Cube]
▶ MSA Declares Fourth Quarter Dividend   [Oct-25-17 03:55PM  PR Newswire]
▶ MSA Safety tops Street 3Q forecasts   [Oct-19-17 05:53PM  Associated Press]
▶ MSA Announces Third Quarter Results   [05:44PM  PR Newswire]
▶ MSA Schedules Third Quarter Earnings Webcast   [Oct-13-17 12:23PM  PR Newswire]
▶ MSA Safety Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ MSA Safety Earns RS Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ MSA Safety Takes Fall Protection to New Heights   [Sep-22-17 01:40PM  PR Newswire]
▶ ETFs with exposure to MSA Safety, Inc. : August 24, 2017   [Aug-24-17 03:42PM  Capital Cube]
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