Middlesex Water Co

Utilities
Water Supply
www.middlesexwater.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $1.08B
PE 26
Debt $711.17M
Cash $6.34M
EV $1.78B
FCF -$16.45M

Earnings

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Sales & Net Margins

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Earnings	$41.19M
EBIT	$50.92M
ROE	9%
ROA	4%
FCF	-$16.45M
Equity	$441.94M
Growth Stability	80%
PE	26.22
PEG	105.52
PB	2.44
P/FCF	-65.63
P/S	5.89
Price/Cash	0.01
Debt/Equity	1.61
Debt/FCF	-43.22
Net Margins	24%
Op. Margins	28%
Earnings CAGR	8%
Sales Growth YoY	18%
Sales Growth QoQ	12%
Sales CAGR	4%
Equity CAGR	0%
Earnings Stability	0.71
Earnings Growth YoY	43%
Earnings Growth QoQ	36%

Earnings CAGR 5Y	0%
Sales CAGR 5Y	6%
Equity CAGR 5Y	5%
Earnings CAGR 3Y	8%
Sales CAGR 3Y	8%
Equity CAGR 3Y	6%
Market Cap	$1.08B
Revenue	$183.37M
Dividend Yield	2%
Payout Ratio	56%
Assets	$1.23B
Total Debt	$711.17M
Cash	$6.34M
Shares Outstanding	17.82M
EV	1.78B
Earnings Score	87%
Moat Score	77%
Safety Score	65%
Final Score	76%
Working Capital	-27.77M
Current Ratio	0.65
Shares Growth 3y	1%
Equity Growth QoQ	2%
Equity Growth YoY	5%

Assets & ROA

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Stockholders Equity & ROE

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Middlesex Water Co owns and operates regulated water utility and wastewater systems in the U.S. The firm primarily operates in the eastern states of New Jersey, Delaware, and Pennsylvania. The company has two operating segments, Regulated and Non-Regulated. The regulated business includes collecting and distributing water to residential, commercial, industrial, and fire protection consumers. The non-regulated business includes contract services for the operation of private water and wastewater systems. The majority of the company's revenue is derived from the Regulated segment and from residential customers.

SEC Filings

Direct access to Middlesex Water Co (MSEX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Middlesex Water Co compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Middlesex Water Co compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 8%

Stability 71%

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Middlesex Water Co Discounted Cash Flow

Fully customizable DCF calculator online for Middlesex Water Co.

Years

Calculation mode

= -$165M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$16M	-$16M	-$16M	-$16M	-$16M	-$16M	-$16M	-$16M	-$16M	-$16M	-$16M	-$165M
DCF		-$15M	-$14M	-$12M	-$11M	-$10M	-$9.3M	-$8.4M	-$7.7M	-$7M	-$6.3M	-$63M
Value	-$165M

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.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	16%	16%	17%	17%	23%	25%	27%	25%	26%	19%	24%
ROA	-	6%	7%	6%	5%	4%	4%	3%	4%	3%	4%
ROE	-	-	-	-	-	-	11%	10%	11%	7%	9%

Good Net Margins (24.49%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

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.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-6.99	-12.07	-10.9	-43.22
Debt over Equity	-	-	-	-	-	-	0.82	0.88	0.9	0.96	1.61
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	80%	80%

Good Debt/FCF ratio (-43.22)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Bad Debt/Equity ratio (1.61)

The company is overleveraged and has a bad balance between equity and debt.

Neutral Graham’s Stability (80%)

The company has a stability in its earnings that is not too good nor too bad.

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.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	8%	5%	-2%	6%	-3%	5%	1%	13%	2%	6%
Earnings YoY growth	-	9%	14%	0%	43%	4%	13%	-5%	16%	-26%	0%
Equity YoY growth	-	-	-	-	-	-	-	6%	9%	6%	5%
FCF YoY growth	-	-	-	-	-	-	-	-11%	-35%	25%	-