Intrinsic value of MTS Systems - MTSC

Previous Close

$54.25

  Intrinsic Value

$38.95

stock screener

  Rating & Target

sell

-28%

Previous close

$54.25

 
Intrinsic value

$38.95

 
Up/down potential

-28%

 
Rating

sell

We calculate the intrinsic value of MTSC 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 1.0

 

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, %
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
Revenue, $m
  955
  1,142
  1,349
  1,576
  1,822
  2,087
  2,372
  2,674
  2,994
  3,332
  3,686
  4,058
  4,447
  4,852
  5,275
  5,714
  6,172
  6,647
  7,141
  7,654
  8,188
  8,742
  9,319
  9,918
  10,543
  11,192
  11,869
  12,574
  13,310
  14,077
Variable operating expenses, $m
  851
  1,005
  1,176
  1,364
  1,567
  1,786
  2,021
  2,270
  2,535
  2,813
  3,044
  3,351
  3,672
  4,006
  4,355
  4,718
  5,096
  5,488
  5,896
  6,320
  6,760
  7,218
  7,694
  8,189
  8,705
  9,241
  9,800
  10,382
  10,990
  11,623
Fixed operating expenses, $m
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  34
  35
  36
  37
  38
  38
Total operating expenses, $m
  871
  1,026
  1,197
  1,386
  1,589
  1,809
  2,044
  2,294
  2,559
  2,838
  3,069
  3,377
  3,699
  4,033
  4,383
  4,746
  5,125
  5,518
  5,926
  6,351
  6,792
  7,250
  7,727
  8,223
  8,739
  9,276
  9,836
  10,419
  11,028
  11,661
Operating income, $m
  84
  116
  151
  190
  233
  279
  328
  380
  435
  493
  617
  681
  749
  819
  892
  968
  1,047
  1,129
  1,215
  1,303
  1,396
  1,492
  1,591
  1,695
  1,803
  1,916
  2,033
  2,155
  2,282
  2,415
EBITDA, $m
  235
  284
  339
  399
  464
  535
  610
  690
  775
  865
  959
  1,058
  1,161
  1,269
  1,381
  1,498
  1,620
  1,746
  1,877
  2,014
  2,155
  2,303
  2,456
  2,616
  2,782
  2,954
  3,134
  3,322
  3,518
  3,722
Interest expense (income), $m
  30
  31
  42
  54
  67
  82
  98
  115
  133
  153
  174
  195
  218
  243
  268
  294
  321
  350
  379
  410
  442
  475
  510
  546
  583
  622
  663
  705
  748
  794
  842
Earnings before tax, $m
  53
  74
  98
  123
  151
  181
  213
  246
  282
  320
  422
  463
  506
  551
  598
  646
  697
  750
  804
  861
  920
  982
  1,045
  1,112
  1,181
  1,253
  1,328
  1,407
  1,488
  1,574
Tax expense, $m
  14
  20
  26
  33
  41
  49
  57
  67
  76
  86
  114
  125
  137
  149
  161
  175
  188
  202
  217
  232
  248
  265
  282
  300
  319
  338
  359
  380
  402
  425
Net income, $m
  39
  54
  71
  90
  110
  132
  155
  180
  206
  233
  308
  338
  369
  402
  436
  472
  509
  547
  587
  629
  672
  717
  763
  812
  862
  915
  970
  1,027
  1,086
  1,149

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
  1,443
  1,725
  2,038
  2,380
  2,752
  3,153
  3,582
  4,039
  4,523
  5,033
  5,569
  6,130
  6,717
  7,330
  7,968
  8,632
  9,323
  10,041
  10,787
  11,562
  12,368
  13,206
  14,077
  14,983
  15,925
  16,907
  17,929
  18,994
  20,105
  21,264
Adjusted assets (=assets-cash), $m
  1,443
  1,725
  2,038
  2,380
  2,752
  3,153
  3,582
  4,039
  4,523
  5,033
  5,569
  6,130
  6,717
  7,330
  7,968
  8,632
  9,323
  10,041
  10,787
  11,562
  12,368
  13,206
  14,077
  14,983
  15,925
  16,907
  17,929
  18,994
  20,105
  21,264
Revenue / Adjusted assets
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
Average production assets, $m
  886
  1,060
  1,252
  1,462
  1,691
  1,937
  2,201
  2,481
  2,778
  3,092
  3,421
  3,766
  4,127
  4,503
  4,895
  5,303
  5,727
  6,168
  6,627
  7,103
  7,598
  8,113
  8,648
  9,204
  9,783
  10,386
  11,014
  11,669
  12,351
  13,063
Working capital, $m
  97
  116
  138
  161
  186
  213
  242
  273
  305
  340
  376
  414
  454
  495
  538
  583
  629
  678
  728
  781
  835
  892
  951
  1,012
  1,075
  1,142
  1,211
  1,283
  1,358
  1,436
Total debt, $m
  620
  801
  1,001
  1,220
  1,458
  1,715
  1,990
  2,282
  2,591
  2,918
  3,261
  3,620
  3,996
  4,388
  4,796
  5,221
  5,663
  6,123
  6,600
  7,097
  7,612
  8,149
  8,706
  9,286
  9,889
  10,517
  11,172
  11,853
  12,564
  13,306
Total liabilities, $m
  923
  1,104
  1,304
  1,523
  1,762
  2,018
  2,293
  2,585
  2,895
  3,221
  3,564
  3,923
  4,299
  4,691
  5,099
  5,524
  5,966
  6,426
  6,904
  7,400
  7,916
  8,452
  9,009
  9,589
  10,192
  10,820
  11,475
  12,156
  12,867
  13,609
Total equity, $m
  519
  621
  734
  857
  991
  1,135
  1,290
  1,454
  1,628
  1,812
  2,005
  2,207
  2,418
  2,639
  2,868
  3,107
  3,356
  3,615
  3,883
  4,162
  4,452
  4,754
  5,068
  5,394
  5,733
  6,086
  6,454
  6,838
  7,238
  7,655
Total liabilities and equity, $m
  1,442
  1,725
  2,038
  2,380
  2,753
  3,153
  3,583
  4,039
  4,523
  5,033
  5,569
  6,130
  6,717
  7,330
  7,967
  8,631
  9,322
  10,041
  10,787
  11,562
  12,368
  13,206
  14,077
  14,983
  15,925
  16,906
  17,929
  18,994
  20,105
  21,264
Debt-to-equity ratio
  1.190
  1.290
  1.360
  1.420
  1.470
  1.510
  1.540
  1.570
  1.590
  1.610
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.690
  1.700
  1.700
  1.710
  1.710
  1.720
  1.720
  1.720
  1.730
  1.730
  1.730
  1.740
  1.740
Adjusted equity ratio
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  39
  54
  71
  90
  110
  132
  155
  180
  206
  233
  308
  338
  369
  402
  436
  472
  509
  547
  587
  629
  672
  717
  763
  812
  862
  915
  970
  1,027
  1,086
  1,149
Depreciation, amort., depletion, $m
  151
  168
  188
  209
  232
  256
  283
  311
  340
  372
  342
  377
  413
  450
  489
  530
  573
  617
  663
  710
  760
  811
  865
  920
  978
  1,039
  1,101
  1,167
  1,235
  1,306
Funds from operations, $m
  190
  223
  259
  299
  342
  388
  438
  491
  546
  605
  650
  715
  782
  852
  926
  1,002
  1,082
  1,164
  1,250
  1,339
  1,432
  1,528
  1,628
  1,732
  1,841
  1,953
  2,071
  2,194
  2,322
  2,455
Change in working capital, $m
  17
  19
  21
  23
  25
  27
  29
  31
  33
  34
  36
  38
  40
  41
  43
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  78
Cash from operations, $m
  173
  204
  238
  276
  317
  361
  409
  460
  514
  571
  614
  677
  742
  811
  883
  957
  1,035
  1,116
  1,199
  1,287
  1,377
  1,471
  1,569
  1,671
  1,777
  1,887
  2,002
  2,122
  2,247
  2,377
Maintenance CAPEX, $m
  -73
  -89
  -106
  -125
  -146
  -169
  -194
  -220
  -248
  -278
  -309
  -342
  -377
  -413
  -450
  -489
  -530
  -573
  -617
  -663
  -710
  -760
  -811
  -865
  -920
  -978
  -1,039
  -1,101
  -1,167
  -1,235
New CAPEX, $m
  -155
  -174
  -192
  -210
  -229
  -246
  -264
  -281
  -297
  -313
  -329
  -345
  -361
  -376
  -392
  -408
  -424
  -441
  -458
  -476
  -495
  -515
  -535
  -557
  -579
  -603
  -628
  -654
  -682
  -712
Cash from investing activities, $m
  -228
  -263
  -298
  -335
  -375
  -415
  -458
  -501
  -545
  -591
  -638
  -687
  -738
  -789
  -842
  -897
  -954
  -1,014
  -1,075
  -1,139
  -1,205
  -1,275
  -1,346
  -1,422
  -1,499
  -1,581
  -1,667
  -1,755
  -1,849
  -1,947
Free cash flow, $m
  -56
  -59
  -60
  -60
  -58
  -54
  -48
  -41
  -32
  -20
  -25
  -10
  5
  22
  40
  60
  80
  102
  124
  148
  172
  197
  223
  250
  277
  306
  335
  366
  397
  430
Issuance/(repayment) of debt, $m
  163
  181
  200
  219
  238
  257
  275
  292
  310
  326
  343
  359
  376
  392
  408
  425
  442
  460
  478
  496
  516
  536
  557
  580
  603
  628
  654
  682
  711
  742
Issuance/(repurchase) of shares, $m
  52
  48
  41
  33
  24
  12
  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  
  215
  229
  241
  252
  262
  269
  275
  292
  310
  326
  343
  359
  376
  392
  408
  425
  442
  460
  478
  496
  516
  536
  557
  580
  603
  628
  654
  682
  711
  742
Total cash flow (excl. dividends), $m
  159
  170
  181
  193
  204
  215
  226
  251
  278
  306
  318
  349
  381
  414
  449
  485
  522
  561
  602
  644
  687
  733
  780
  829
  881
  934
  990
  1,048
  1,108
  1,171
Retained Cash Flow (-), $m
  -90
  -102
  -113
  -123
  -134
  -144
  -154
  -164
  -174
  -184
  -193
  -202
  -211
  -220
  -230
  -239
  -249
  -258
  -269
  -279
  -290
  -302
  -314
  -326
  -339
  -353
  -368
  -384
  -400
  -417
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
  6
  7
  8
  9
  11
  13
  15
  17
  19
  21
  23
  26
  28
  31
  34
  37
  40
  43
  47
  50
  54
  57
  61
  65
  69
  74
  78
  83
  88
  93
Cash available for distribution, $m
  68
  68
  69
  69
  70
  70
  72
  87
  104
  122
  125
  147
  170
  194
  219
  246
  274
  303
  333
  365
  397
  431
  467
  503
  541
  581
  622
  664
  708
  754
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  64
  59
  55
  51
  47
  43
  39
  42
  44
  46
  40
  40
  39
  37
  34
  31
  27
  23
  19
  16
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  95.2
  91.7
  89.3
  87.6
  86.6
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2

MTS Systems Corporation is a supplier of test systems and position sensors. The Company operates through two segments: Test and Sensors. The Test segment provides testing solutions, including hardware, software and services to ground vehicles, materials and structures markets. The Sensors segment provides position sensors for a range of industrial and mobile hydraulic applications. The Sensors segment products are used by industrial machinery and mobile equipment manufacturers to automate the operation of their products for safety and end-user productivity. The Sensors segment manufactures products utilizing magnetostriction technology. Its technology, Temposonics, offers non-contact position sensing. Its Temposonics sensors provide position feedback for motion control systems. It also provides various service offerings, including calibration, maintenance, training and consulting. The Company has its manufacturing facilities in North America, Europe and Asia.

FINANCIAL RATIOS  of  MTS Systems (MTSC)

Valuation Ratios
P/E Ratio 38.5
Price to Sales 1.2
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 17.8
Growth Rates
Sales Growth Rate 21.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate -2.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 97.7%
Total Debt to Equity 106.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 10.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 38.3%
Gross Margin - 3 Yr. Avg. 37.6%
EBITDA Margin 11.3%
EBITDA Margin - 3 Yr. Avg. 11.6%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 3.2%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate -8.7%
Eff/ Tax Rate - 3 Yr. Avg. 11.9%
Payout Ratio 80%

MTSC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTSC stock intrinsic value calculation we used $788 million for the last fiscal year's total revenue generated by MTS Systems. The default revenue input number comes from 2017 income statement of MTS Systems. 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 MTSC stock valuation model: a) initial revenue growth rate of 21.2% 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 6.7%, whose default value for MTSC is calculated based on our internal credit rating of MTS Systems, 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 MTS Systems.
    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 MTSC stock the variable cost ratio is equal to 90.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $20 million in the base year in the intrinsic value calculation for MTSC 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 6.7% for MTS Systems.

Corporate tax rate of 27% is the nominal tax rate for MTS Systems. 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 MTSC stock is equal to 0.7%.

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 MTSC are equal to 92.8%.

Life of production assets of 10 years is the average useful life of capital assets used in MTS Systems 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 MTSC is equal to 10.2%. 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 - $429 million for MTS Systems - 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 19 million for MTS Systems 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 MTS Systems at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Best Rated NasdaqGM Tech Dividend Stocks   [Jun-06-18 05:02PM  Simply Wall St.]
▶ MTS Receives Energy Efficiency Award From Xcel Energy   [May-21-18 04:05PM  PR Newswire]
▶ MTS: Fiscal 2Q Earnings Snapshot   [May-07-18 04:49PM  Associated Press]
▶ Earnings Preview For MTS Systems   [07:47AM  Benzinga]
▶ MTS Accelerates Growth With New Actuator Technologies   [Apr-27-18 09:00AM  PR Newswire]
▶ MTS Announces Declaration of Quarterly Cash Dividend   [Feb-12-18 04:05PM  PR Newswire]
▶ Top Tech Dividend Yielding Stocks To Profit From   [Feb-08-18 04:02PM  Simply Wall St.]
▶ MTS tops Street 1Q forecasts   [Feb-05-18 05:10PM  Associated Press]
▶ Top Rated NasdaqGS Tech Dividend Stocks   [Jan-06-18 04:02PM  Simply Wall St.]
▶ MTS Systems Corporation to Host Earnings Call   [Nov-28-17 08:00AM  ACCESSWIRE]
▶ MTS beats Street 4Q forecasts   [Nov-27-17 04:25PM  Associated Press]
▶ When Should You Buy MTS Systems Corporation (MTSC)?   [Nov-26-17 08:01PM  Simply Wall St.]
▶ MTS Announces Declaration of Quarterly Cash Dividend   [Nov-14-17 04:05PM  PR Newswire]
▶ MTS Systems to Present at Intellisight 2017 Conference   [Aug-09-17 04:05PM  PR Newswire]
▶ MTS beats 3Q profit forecasts   [Aug-07-17 11:59PM  Associated Press]
▶ MTS Announces Declaration of Quarterly Cash Dividend   [Jul-31-17 04:05PM  PR Newswire]
▶ ETFs with exposure to MTS Systems Corp. : July 24, 2017   [Jul-24-17 05:27PM  Capital Cube]
▶ ETFs with exposure to MTS Systems Corp. : July 14, 2017   [Jul-14-17 03:43PM  Capital Cube]
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