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Chesapeake Utilities Corp

CPK

Natural Gas Transmisison & Distribution

Mkt Cap

$1.874B

PE

21.49

Debt

$1.385B

Cash

$4.904M

EV

$3.254B

FCF

$14.86M

Market Cap

$1.874B

P/E Ratio

21.49

Debt

$1.385B

Cash

$4.904M

EV

$3.254B

FCF

$14.86M
Charts data: {"Earnings":[{"time":"2014-12-30","value":36092000},{"time":"2015-12-30","value":41140000},{"time":"2016-12-30","value":44675000},{"time":"2017-12-30","value":58124000},{"time":"2018-12-30","value":56580000},{"time":"2019-12-30","value":65153000},{"time":"2020-12-30","value":71498000},{"time":"2021-12-30","value":83466000},{"time":"2022-12-30","value":89796000},{"time":"2023-12-30","value":87212000}],"Sales":[{"time":"2014-12-30","value":498834000},{"time":"2015-12-30","value":459244000},{"time":"2016-12-30","value":498860000},{"time":"2017-12-30","value":617583000},{"time":"2018-12-30","value":717489000},{"time":"2019-12-30","value":479604000},{"time":"2020-12-30","value":488198000},{"time":"2021-12-30","value":569968000},{"time":"2022-12-30","value":680704000},{"time":"2023-12-30","value":670604000}],"Net Margins":[{"time":"2014-12-30","value":0.07235272655833404},{"time":"2015-12-30","value":0.08958200869254689},{"time":"2016-12-30","value":0.08955418353846771},{"time":"2017-12-30","value":0.09411528490907295},{"time":"2018-12-30","value":0.07885835183535915},{"time":"2019-12-30","value":0.13584749084661513},{"time":"2020-12-30","value":0.14645287362914228},{"time":"2021-12-30","value":0.14643980012913005},{"time":"2022-12-30","value":0.13191636893569011},{"time":"2023-12-30","value":0.1300499251421107}],"Assets":[{"time":"2014-12-30","value":904469000},{"time":"2015-12-30","value":1068586000},{"time":"2016-12-30","value":1229219000},{"time":"2017-12-30","value":1417434000},{"time":"2018-12-30","value":1693671000},{"time":"2019-12-30","value":1783198000},{"time":"2020-12-30","value":1932487000},{"time":"2021-12-30","value":2114869000},{"time":"2022-12-30","value":2215037000},{"time":"2023-12-30","value":3304704000}],"Stockholders Equity":[{"time":"2014-12-30","value":300322000},{"time":"2015-12-30","value":358138000},{"time":"2016-12-30","value":446086000},{"time":"2017-12-30","value":486294000},{"time":"2018-12-30","value":518439000},{"time":"2019-12-30","value":561577000},{"time":"2020-12-30","value":697085000},{"time":"2021-12-30","value":774130000},{"time":"2022-12-30","value":832801000},{"time":"2023-12-30","value":1246104000}],"ROE":[{"time":"2014-12-30","value":0.12017767596113504},{"time":"2015-12-30","value":0.11487192087966092},{"time":"2016-12-30","value":0.10014885022170612},{"time":"2017-12-30","value":0.11952440293320502},{"time":"2018-12-30","value":0.10913530810760765},{"time":"2019-12-30","value":0.11601792808466159},{"time":"2020-12-30","value":0.10256711878752232},{"time":"2021-12-30","value":0.10781910015113741},{"time":"2022-12-30","value":0.10782407802103984},{"time":"2023-12-30","value":0.06998773778111618}],"ROA":[{"time":"2014-12-30","value":0.07686167242879524},{"time":"2015-12-30","value":0.0730413836602763},{"time":"2016-12-30","value":0.06841417192542582},{"time":"2017-12-30","value":0.06056225545598596},{"time":"2018-12-30","value":0.055866812385640424},{"time":"2019-12-30","value":0.05960471018922184},{"time":"2020-12-30","value":0.05999781628543944},{"time":"2021-12-30","value":0.06280909124867781},{"time":"2022-12-30","value":0.06680881628613879},{"time":"2023-12-30","value":0.04606796856844062}]}

Chesapeake Utilities Corporation operates as an energy delivery company. The company operates through two segments, Regulated Energy and Unregulated Energy. The Regulated Energy segment natural gas distribution operations in central and southern Delaware, Maryland's eastern shore, and Florida; regulated natural gas transmission in the Delmarva Peninsula, Ohio, and Florida; and regulated electric distribution in northeast and northwest Florida. The Unregulated Energy segment engages in the propane operations in the Mid-Atlantic region, North Carolina, South Carolina, and Florida; unregulated natural gas transmission/supply operation in central and eastern Ohio; generation of electricity and steam; provision of compressed natural gas, liquefied natural gas, and renewable natural gas transportation and pipeline solutions primarily to utilities and pipelines in the eastern United States; and project development activities. This segment is also involved in the provision of other unregulated services, such as energy-related merchandise sale and heating, ventilation and air conditioning, and plumbing and electrical services. The company was founded in 1859 and is headquartered in Dover, Delaware.

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Growth

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Discount

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Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$14.86M$19.32M$24.58M$30.59M$37.22M$44.25M$51.38M$58.23M$64.38M$69.39M$72.86M$728.6M
DCF$16.8M$18.59M$20.12M$21.28M$22M$22.21M$21.89M$21.05M$19.72M$18.01M$180.1M
Value$381.8M

In the chart Earnings are multiplied by this value.

Earnings Growth 11%
Earnings Stability 92%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin9%9%9.4%7.9%14%15%15%13%13%13%
ROA7.3%6.8%6.1%5.6%6%6%6.3%6.7%4.6%4.6%
ROE11%10%12%11%12%10%11%11%7%7%

What is the average Net Margin?

The average Net Margin over the past 5 years is +12.83%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +0.7%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +5.85%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -0.07%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +10.22%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -0.61%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF-8.41-5.40-7.02-5.06-8.98-105.94-21.7026.2493.2193.21
Debt Equity0.930.800.941.201.311.001.020.961.111.11
MIN
Graham Stability--100%100%100%100%100%100%100%100%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 93.21.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 19.46.

What is the Graham’s Stability?

Graham’s Stability measure stands at 1.00.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201612-201812-202012-2022Trend
Revenue4.3%-1.3%11%-1.5%0.5%
Net Income10%9%6.8%-2.9%-1.4%
Stockholders Equity16%19%21%50%1.5%
FCF----51%-

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is -1.34%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +0.5%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +9.04%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -1.41%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +19.17%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +1.54%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -.