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MSEX

Middlesex WaterNasdaqGS:MSEX Stock Report

Market Cap

US$1.8b

7D

-1.5%

1Y

67.5%

Updated

27 Sep, 2021

Data

Company Financials +
MSEX fundamental analysis
Snowflake Score
Valuation0/6
Future Growth0/6
Past Performance3/6
Financial Health1/6
Dividends3/6

MSEX Overview

Middlesex Water Company owns and operates regulated water utility and wastewater systems.

Middlesex Water Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Middlesex Water
Historical stock prices
Current Share PriceUS$104.47
52 Week HighUS$61.42
52 Week LowUS$116.40
Beta0.29
1 Month Change-2.47%
3 Month Change27.03%
1 Year Change67.50%
3 Year Change121.57%
5 Year Change200.20%
Change since IPO1,579.92%

Recent News & Updates

Shareholder Returns

MSEXUS Water UtilitiesUS Market
7D-1.5%-3.2%2.0%
1Y67.5%19.5%32.8%

Return vs Industry: MSEX exceeded the US Water Utilities industry which returned 19.5% over the past year.

Return vs Market: MSEX exceeded the US Market which returned 32.8% over the past year.

Price Volatility

Is MSEX's price volatile compared to industry and market?
MSEX volatility
MSEX Beta0.29
Industry Beta0.32
Market Beta1

Stable Share Price: MSEX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: MSEX's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1896348Dennis Dollhttps://www.middlesexwater.com

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.

Middlesex Water Fundamentals Summary

How do Middlesex Water's earnings and revenue compare to its market cap?
MSEX fundamental statistics
Market CapUS$1.83b
Earnings (TTM)US$38.75m
Revenue (TTM)US$143.79m

47.2x

P/E Ratio

12.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MSEX income statement (TTM)
RevenueUS$143.79m
Cost of RevenueUS$72.30m
Gross ProfitUS$71.49m
ExpensesUS$32.74m
EarningsUS$38.75m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.22
Gross Margin49.72%
Net Profit Margin26.95%
Debt/Equity Ratio87.1%

How did MSEX perform over the long term?

See historical performance and comparison

Dividends

1.0%

Current Dividend Yield

48%

Payout Ratio

Valuation

Is Middlesex Water undervalued compared to its fair value and its price relative to the market?

47.15x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MSEX ($104.47) is trading above our estimate of fair value ($28.87)

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


Price To Earnings Ratio

PE vs Industry: MSEX is poor value based on its PE Ratio (47.2x) compared to the US Water Utilities industry average (34.7x).

PE vs Market: MSEX is poor value based on its PE Ratio (47.2x) compared to the US market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MSEX's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MSEX is overvalued based on its PB Ratio (5.1x) compared to the US Water Utilities industry average (3x).


Future Growth

How is Middlesex Water forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

4.5%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if MSEX's forecast earnings growth is above the savings rate (2%).

Earnings vs Market: Insufficient data to determine if MSEX's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MSEX's revenue (4.5% per year) is forecast to grow slower than the US market (9.8% per year).

High Growth Revenue: MSEX's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MSEX's Return on Equity is forecast to be high in 3 years time


Past Performance

How has Middlesex Water performed over the past 5 years?

13.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MSEX has high quality earnings.

Growing Profit Margin: MSEX's current net profit margins (27%) are higher than last year (26.5%).


Past Earnings Growth Analysis

Earnings Trend: MSEX's earnings have grown by 13.6% per year over the past 5 years.

Accelerating Growth: MSEX's earnings growth over the past year (6.3%) is below its 5-year average (13.6% per year).

Earnings vs Industry: MSEX earnings growth over the past year (6.3%) underperformed the Water Utilities industry 17.4%.


Return on Equity

High ROE: MSEX's Return on Equity (10.9%) is considered low.


Financial Health

How is Middlesex Water's financial position?


Financial Position Analysis

Short Term Liabilities: MSEX's short term assets ($37.2M) do not cover its short term liabilities ($80.7M).

Long Term Liabilities: MSEX's short term assets ($37.2M) do not cover its long term liabilities ($577.0M).


Debt to Equity History and Analysis

Debt Level: MSEX's debt to equity ratio (87.1%) is considered high.

Reducing Debt: MSEX's debt to equity ratio has increased from 68.6% to 87.1% over the past 5 years.

Debt Coverage: MSEX's debt is not well covered by operating cash flow (15.2%).

Interest Coverage: MSEX's interest payments on its debt are well covered by EBIT (5x coverage).


Balance Sheet


Dividend

What is Middlesex Water current dividend yield, its reliability and sustainability?

1.04%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MSEX's dividend (1.04%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.3%).

High Dividend: MSEX's dividend (1.04%) is low compared to the top 25% of dividend payers in the US market (3.57%).


Stability and Growth of Payments

Stable Dividend: MSEX's dividends per share have been stable in the past 10 years.

Growing Dividend: MSEX's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (48.4%), MSEX's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

9.5yrs

Average management tenure


CEO

Dennis Doll (62 yo)

15.67yrs

Tenure

US$1,781,494

Compensation

Mr. Dennis W. Doll, CPA, has been the Chief Executive Officer and President of Middlesex Water Co. since January 1, 2006 and joined its in 2004. Mr. Doll served as an Executive Vice President of Middlesex...


CEO Compensation Analysis

Compensation vs Market: Dennis's total compensation ($USD1.78M) is below average for companies of similar size in the US market ($USD3.66M).

Compensation vs Earnings: Dennis's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: MSEX's management team is seasoned and experienced (9.5 years average tenure).


Board Members

Experienced Board: MSEX's board of directors are considered experienced (4.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MSEX insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Middlesex Water Company's employee growth, exchange listings and data sources


Key Information

  • Name: Middlesex Water Company
  • Ticker: MSEX
  • Exchange: NasdaqGS
  • Founded: 1896
  • Industry: Water Utilities
  • Sector: Utilities
  • Market Cap: US$1.827b
  • Shares outstanding: 17.49m
  • Website: https://www.middlesexwater.com

Number of Employees


Location

  • Middlesex Water Company
  • 485C Route 1 South
  • Suite 400
  • Iselin
  • New Jersey
  • 8830
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/27 22:56
End of Day Share Price2021/09/27 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.