Middlesex Water Company

NasdaqGS:MSEX Stock Report

Market Cap: US$1.2b

Middlesex Water Valuation

Is MSEX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MSEX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MSEX ($66.5) is trading above our estimate of fair value ($39.44)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MSEX?

Key metric: As MSEX is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MSEX. This is calculated by dividing MSEX's market cap by their current earnings.
What is MSEX's PE Ratio?
PE Ratio28.8x
EarningsUS$41.19m
Market CapUS$1.19b

Price to Earnings Ratio vs Peers

How does MSEX's PE Ratio compare to its peers?

The above table shows the PE ratio for MSEX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.3x
SJW SJW Group
20.6x7.6%US$1.9b
YORW York Water
24.5xn/aUS$520.1m
CWT California Water Service Group
15.2x0.3%US$3.1b
AWR American States Water
29x8.7%US$3.2b
MSEX Middlesex Water
28.8xn/aUS$1.2b

Price-To-Earnings vs Peers: MSEX is expensive based on its Price-To-Earnings Ratio (28.8x) compared to the peer average (22.3x).

Price to Earnings Ratio vs Industry

How does MSEX's PE Ratio compare vs other companies in the Global Water Utilities Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MSEX 28.8xIndustry Avg. 18.0xNo. of Companies10PE01224364860+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MSEX is expensive based on its Price-To-Earnings Ratio (28.8x) compared to the Global Water Utilities industry average (18x).

Price to Earnings Ratio vs Fair Ratio

What is MSEX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MSEX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MSEX's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MSEX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$66.50
US$66.00
-0.8%
7.6%US$71.00US$61.00n/a2
Nov ’25US$65.27
US$66.00
+1.1%
7.6%US$71.00US$61.00n/a2
Oct ’25US$64.88
US$64.50
-0.6%
10.1%US$71.00US$58.00n/a2
Sep ’25US$63.01
US$64.50
+2.4%
10.1%US$71.00US$58.00n/a2
Aug ’25US$65.93
US$64.50
-2.2%
10.1%US$71.00US$58.00n/a2
Jul ’25US$52.83
US$62.50
+18.3%
7.2%US$67.00US$58.00n/a2
Jun ’25US$53.88
US$62.50
+16.0%
7.2%US$67.00US$58.00n/a2
May ’25US$52.00
US$63.00
+21.2%
6.3%US$67.00US$59.00n/a2
Apr ’25US$51.25
US$63.00
+22.9%
6.3%US$67.00US$59.00n/a2
Mar ’25US$51.30
US$72.00
+40.4%
18.1%US$85.00US$59.00n/a2
Feb ’25US$57.23
US$77.00
+34.5%
10.4%US$85.00US$69.00n/a2
Jan ’25US$65.62
US$78.00
+18.9%
9.0%US$85.00US$71.00n/a2
Dec ’24US$65.98
US$78.00
+18.2%
9.0%US$85.00US$71.00n/a2
Nov ’24US$63.94
US$80.50
+25.9%
5.6%US$85.00US$76.00US$65.272
Aug ’24US$80.21
US$89.00
+11.0%
4.5%US$93.00US$85.00US$65.932
Jul ’24US$80.66
US$89.00
+10.3%
4.5%US$93.00US$85.00US$52.832
Jun ’24US$79.71
US$89.00
+11.7%
4.5%US$93.00US$85.00US$53.882
May ’24US$72.59
US$90.50
+24.7%
2.8%US$93.00US$88.00US$52.002
Apr ’24US$78.12
US$90.50
+15.8%
2.8%US$93.00US$88.00US$51.252
Mar ’24US$76.65
US$90.50
+18.1%
2.8%US$93.00US$88.00US$51.302

Analyst Forecast: Target price is lower than the current share price.

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