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American States Water

NYSE:AWR
Snowflake Description

Established dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AWR
NYSE
$3B
Market Cap
  1. Home
  2. US
  3. Utilities
Company description

American States Water Company, through its subsidiaries, provides water and electric services to residential, industrial, and other customers in the United States. The last earnings update was 23 days ago. More info.


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AWR Share Price and Events
7 Day Returns
-0.6%
NYSE:AWR
1.6%
US Water Utilities
1.2%
US Market
1 Year Returns
29.4%
NYSE:AWR
28%
US Water Utilities
3%
US Market
AWR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
American States Water (AWR) -0.6% 1.8% 4% 29.4% 82.1% 123.4%
US Water Utilities 1.6% 6% 12.7% 28% 52.5% 94.3%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • AWR outperformed the Water Utilities industry which returned 28% over the past year.
  • AWR outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
AWR
Industry
5yr Volatility vs Market

Value

 Is American States Water undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of American States Water to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for American States Water.

NYSE:AWR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:AWR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Water Utilities Unlevered Beta Simply Wall St/ S&P Global 0.35
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.351 (1 + (1- 21%) (15.99%))
0.595
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:AWR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for American States Water is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:AWR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 10.21 Est @ -26.46% 9.50
2020 8.40 Est @ -17.7% 7.27
2021 7.43 Est @ -11.57% 5.98
2022 6.89 Est @ -7.28% 5.16
2023 6.59 Est @ -4.28% 4.59
2024 6.45 Est @ -2.18% 4.18
2025 6.40 Est @ -0.7% 3.86
2026 6.42 Est @ 0.33% 3.60
2027 6.49 Est @ 1.05% 3.39
2028 6.59 Est @ 1.55% 3.20
Present value of next 10 years cash flows $50.72
NYSE:AWR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $6.59 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$142.05
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $142.05 ÷ (1 + 7.5%)10
$68.93
NYSE:AWR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $50.72 + $68.93
$119.66
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $119.66 / 36.77
$3.25
NYSE:AWR Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.25
Current discount Discount to share price of $70.89
= -1 x ($70.89 - $3.25) / $3.25
-2078.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of American States Water is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for American States Water's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are American States Water's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:AWR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.73
NYSE:AWR Share Price ** NYSE (2019-03-20) in USD $70.89
United States of America Water Utilities Industry PE Ratio Median Figure of 15 Publicly-Listed Water Utilities Companies 33.47x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of American States Water.

NYSE:AWR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AWR Share Price ÷ EPS (both in USD)

= 70.89 ÷ 1.73

40.98x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American States Water is overvalued based on earnings compared to the US Water Utilities industry average.
  • American States Water is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does American States Water's expected growth come at a high price?
Raw Data
NYSE:AWR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 40.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
7.6%per year
United States of America Water Utilities Industry PEG Ratio Median Figure of 6 Publicly-Listed Water Utilities Companies 3.92x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

NYSE:AWR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 40.98x ÷ 7.6%

5.4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American States Water is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on American States Water's assets?
Raw Data
NYSE:AWR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $15.19
NYSE:AWR Share Price * NYSE (2019-03-20) in USD $70.89
United States of America Water Utilities Industry PB Ratio Median Figure of 17 Publicly-Listed Water Utilities Companies 2.77x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
NYSE:AWR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AWR Share Price ÷ Book Value per Share (both in USD)

= 70.89 ÷ 15.19

4.67x

* Primary Listing of American States Water.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • American States Water is overvalued based on assets compared to the US Water Utilities industry average.
X
Value checks
We assess American States Water's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Water Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Water Utilities industry average (and greater than 0)? (1 check)
  5. American States Water has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is American States Water expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is American States Water expected to grow at an attractive rate?
  • American States Water's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • American States Water's earnings growth is positive but not above the United States of America market average.
  • American States Water's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:AWR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:AWR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 7.6%
NYSE:AWR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 3%
United States of America Water Utilities Industry Earnings Growth Rate Market Cap Weighted Average 10.2%
United States of America Water Utilities Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:AWR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:AWR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 475 81 1
2020-12-31 468 77 4
2019-12-31 455 73 3
NYSE:AWR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 437 137 64
2018-09-30 430 133 63
2018-06-30 430 134 61
2018-03-31 437 152 67
2017-12-31 441 145 69
2017-09-30 443 140 67
2017-06-30 443 124 68
2017-03-31 441 97 62
2016-12-31 436 97 59
2016-09-30 439 87 60
2016-06-30 449 81 59
2016-03-31 451 84 58

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • American States Water's earnings are expected to grow by 7.6% yearly, however this is not considered high growth (20% yearly).
  • American States Water's revenue is expected to grow by 3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:AWR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from American States Water Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AWR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.54 2.54 2.54 1.00
2022-12-31 2.37 2.37 2.37 1.00
2021-12-31 2.21 2.22 2.20 2.00
2020-12-31 2.09 2.10 2.08 3.00
2019-12-31 1.98 1.98 1.97 2.00
NYSE:AWR Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 1.73
2018-09-30 1.71
2018-06-30 1.65
2018-03-31 1.83
2017-12-31 1.88
2017-09-30 1.84
2017-06-30 1.86
2017-03-31 1.69
2016-12-31 1.63
2016-09-30 1.63
2016-06-30 1.61
2016-03-31 1.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • American States Water is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess American States Water's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
American States Water has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has American States Water performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare American States Water's growth in the last year to its industry (Water Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • American States Water's year on year earnings growth rate has been positive over the past 5 years.
  • American States Water's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • American States Water's 1-year earnings growth is negative, it can't be compared to the US Water Utilities industry average.
Earnings and Revenue History
American States Water's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from American States Water Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AWR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 436.82 63.54 79.35
2018-09-30 429.99 62.61 81.34
2018-06-30 430.23 60.67 84.42
2018-03-31 436.52 67.08 83.31
2017-12-31 440.60 68.99 82.11
2017-09-30 443.22 67.37 82.39
2017-06-30 442.61 67.99 79.00
2017-03-31 441.37 61.96 80.67
2016-12-31 436.09 59.41 80.56
2016-09-30 439.40 59.75 82.38
2016-06-30 448.57 59.20 81.88
2016-03-31 451.24 58.12 81.06
2015-12-31 458.64 60.10 79.82
2015-09-30 458.40 62.05 77.81
2015-06-30 463.76 62.14 78.68
2015-03-31 464.78 61.85 77.61
2014-12-31 465.79 60.72 78.27
2014-09-30 465.83 58.99 80.92
2014-06-30 458.42 58.88 80.86
2014-03-31 463.47 59.91 79.57
2013-12-31 472.08 62.32 77.29
2013-09-30 473.70 60.83 73.62
2013-06-30 476.68 58.41 71.27
2013-03-31 470.57 57.10 71.22
2012-12-31 466.91 53.77 70.56
2012-09-30 451.44 50.22 72.51
2012-06-30 437.25 47.20 72.79
2012-03-31 432.50 44.84 72.47

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • American States Water has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • American States Water used its assets more efficiently than the US Water Utilities industry average last year based on Return on Assets.
  • American States Water's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess American States Water's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Water Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
American States Water has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is American States Water's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up American States Water's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • American States Water's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • American States Water's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of American States Water's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from American States Water Company Filings, last reported 2 months ago.

NYSE:AWR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 558.22 416.91 7.14
2018-09-30 554.16 391.33 1.98
2018-06-30 539.21 398.34 5.56
2018-03-31 531.52 390.37 5.98
2017-12-31 529.95 380.36 0.21
2017-09-30 525.81 367.28 6.66
2017-06-30 513.03 365.31 2.12
2017-03-31 497.94 417.32 0.62
2016-12-31 494.30 411.31 0.44
2016-09-30 490.80 398.23 2.79
2016-06-30 476.70 384.73 4.52
2016-03-31 467.40 364.23 8.46
2015-12-31 465.95 349.21 4.36
2015-09-30 470.02 340.86 27.25
2015-06-30 477.58 325.92 43.86
2015-03-31 497.37 326.02 74.68
2014-12-31 506.80 326.09 75.99
2014-09-30 510.31 317.10 57.86
2014-06-30 495.18 332.20 77.85
2014-03-31 495.80 356.30 74.94
2013-12-31 492.40 332.38 38.23
2013-09-30 486.89 335.49 26.16
2013-06-30 465.39 335.74 8.53
2013-03-31 461.72 335.83 32.79
2012-12-31 454.58 335.79 23.49
2012-09-30 448.85 344.43 43.07
2012-06-30 426.91 341.72 25.92
2012-03-31 415.02 340.62 6.56
  • American States Water's level of debt (74.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (67.5% vs 74.7% today).
  • Debt is well covered by operating cash flow (32.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.2x coverage).
X
Financial health checks
We assess American States Water's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. American States Water has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is American States Water's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.55%
Current annual income from American States Water dividends. Estimated to be 1.67% next year.
If you bought $2,000 of American States Water shares you are expected to receive $31 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • American States Water's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • American States Water's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:AWR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America Water Utilities Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 1.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:AWR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.24 1.00
2020-12-31 1.20 2.00
2019-12-31 1.10 1.00
NYSE:AWR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-01-30 1.100 1.579
2018-10-31 1.100 1.675
2018-08-02 1.100 1.820
2018-04-30 1.020 1.781
2018-01-31 1.020 1.909
2017-10-31 1.020 1.833
2017-08-02 1.020 1.999
2017-05-02 0.968 2.058
2017-02-01 0.968 2.196
2016-11-02 0.968 2.230
2016-08-02 0.896 2.259
2016-05-03 0.896 2.166
2016-01-28 0.896 2.139
2015-10-28 0.896 2.174
2015-07-29 0.896 2.273
2015-01-28 0.852 2.186
2014-10-29 0.852 2.346
2014-08-06 0.852 2.680
2014-08-05 0.852 2.778
2014-05-05 0.810 2.636
2014-01-30 0.810 2.677
2013-10-30 0.810 2.867
2013-05-21 0.810 2.911
2013-04-29 0.710 2.602
2013-01-30 0.710 2.615
2012-08-01 0.710 3.146
2012-05-02 0.560 2.917
2012-02-01 0.560 3.063
2011-10-25 0.560 3.198
2011-07-27 0.560 3.287
2011-04-27 0.560 3.281
2011-02-01 0.520 3.047
2010-10-26 0.520 2.925
2010-07-30 0.520 3.006
2010-04-28 0.520 2.985
2010-02-02 0.520 3.014
2009-10-28 0.520 3.047
2009-07-28 0.500 2.849
2009-04-30 0.500 2.977
2009-03-23 0.500 2.857

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of American States Water's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess American States Water's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can American States Water afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. American States Water has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of American States Water's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Robert Sprowls
COMPENSATION $3,880,752
AGE 60
TENURE AS CEO 10.2 years
CEO Bio

Mr. Robert J. Sprowls, also known as Bob, serves as Chief Executive Officer and President at American States Utility Services Inc. Mr. Sprowls has been the Chief Executive Officer and President of American States Water Company and its subsidiary Golden State Water Company since January 2009. Mr. Sprowls serves as Chief Executive Officer and President of Chaparral City Water Company at American States Water Company. He served as an Executive Vice President of Finance at American States Water Company since January 2008 and served as its Senior Vice President of Finance from June 30, 2004 to January 1, 2008. He served as Chief Financial Officer, Corporate Secretary and Treasurer of American States Water Company from June 30, 2004 to November 1, 2008 and its Principal Accounting Officer until November 1, 2008. Mr. Sprowls served as Principal Accounting Officer, Senior Vice President of Finance, Chief Financial Officer, Treasurer and Secretary of Golden State Water Company and served as its Executive Vice President of Finance since January 2008 and Executive Vice President from November 2008 to January 2009. He began his career at CILCO in February of 1982 and has served in many financial positions including CILCO's Treasurer since 1998 and CILCORP's Treasurer since 1990, Vice President-strategic services for CILCO since April 1, 1995 and Assistant to the Chief Executive Officer of CILCORP since December 1995. He served as Vice President and Chief Financial Officer of QST Enterprises Inc. since August 1996 and its Senior Vice President since April 1997. He served as Vice President and Chief Financial Officer of CILCO since August 1998. He served as Vice President at CILCORP Inc. He served as Vice President of Central Illinois Light Company since August 1998. He was a lead of Energy Delivery Business Unit of Central Illinois Light Company from April 1999 to January 2003. He started his utility career in 1982 as an Economic Analyst with Central Illinois Light Company and later served as its Chief Financial Officer and finally, President since 2001. Mr. Sprowls serves as a Director of both CILCORP and CILCO. He serves as a Director of American States Water Company and Golden State Water Company. He has been a Director at National Association of Water Companies since October 2015. He served as a Director of Central Illinois Light Company since 1999. He serves as a member of the board of directors of Goodwill Industries of Central Illinois and the Illinois Energy Association. He is a Certified Public Accountant and a Certified Management Accountant. Mr. Sprowls holds a Bachelor of Arts Degree in Economics and Business Administration from Knox College in 1979 and a Master of Business Administration from Bradley University, also in Illinois in 1980 with concentration in the areas of finance and accounting.

CEO Compensation
  • Robert's compensation has increased by more than 20% in the past year.
  • Robert's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the American States Water management team in years:

10.3
Average Tenure
57
Average Age
  • The average tenure for the American States Water management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Robert Sprowls

TITLE
CEO, President & Director
COMPENSATION
$4M
AGE
60
TENURE
10.2 yrs

Eva Tang

TITLE
Senior VP of Finance
COMPENSATION
$2M
AGE
62
TENURE
10.3 yrs

Denise Kruger

TITLE
Senior Vice President of Regulated Utilities - Golden State Water Company
COMPENSATION
$2M
AGE
54
TENURE
16.4 yrs

Patrick Scanlon

TITLE
Vice President of Water Operations - Golden State Water Company
COMPENSATION
$1M
AGE
60
TENURE
16.4 yrs

Jim Cotton

TITLE
Senior VP & Procurement Officer of American States Utility Svcs Inc
COMPENSATION
$937K
AGE
44
TENURE
6.3 yrs

Gladys Farrow

TITLE
Assistant Secretary
AGE
53
Board of Directors Tenure

Average tenure and age of the American States Water board of directors in years:

9.2
Average Tenure
73
Average Age
  • The tenure for the American States Water board of directors is about average.
Board of Directors

Lloyd Ross

TITLE
Chairman
COMPENSATION
$236K
AGE
77
TENURE
19.9 yrs

Robert Sprowls

TITLE
CEO, President & Director
COMPENSATION
$4M
AGE
60
TENURE
9.8 yrs

Anne Holloway

TITLE
Vice Chairman
COMPENSATION
$155K
AGE
66
TENURE
0.1 yrs

James Anderson

TITLE
Director
COMPENSATION
$161K
AGE
74
TENURE
22.2 yrs

Sally Anderson

TITLE
Director
COMPENSATION
$158K
AGE
67
TENURE
7 yrs

Diana Bontá

TITLE
Director
COMPENSATION
$152K
AGE
67
TENURE
12.2 yrs

Jim McNulty

TITLE
Director
COMPENSATION
$155K
AGE
75
TENURE
9.2 yrs

Janice Wilkins

TITLE
Director
COMPENSATION
$150K
AGE
73
TENURE
7.8 yrs

John Fielder

TITLE
Director
COMPENSATION
$150K
AGE
73
TENURE
6.2 yrs
Who owns this company?
Recent Insider Trading
  • American States Water insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
06. Mar 19 Sell Bryan Switzer Individual 05. Mar 19 05. Mar 19 -673 $71.02 $-47,792
06. Mar 19 Sell Paul Rowley Individual 04. Mar 19 04. Mar 19 -346 $71.25 $-24,653
02. Mar 19 Sell Bryan Switzer Individual 01. Mar 19 01. Mar 19 -300 $71.05 $-21,315
02. Mar 19 Sell Diana Bontá Individual 01. Mar 19 01. Mar 19 -3,049 $70.40 $-214,650
01. Mar 19 Sell James Anderson Individual 28. Feb 19 28. Feb 19 -1,500 $71.20 $-106,790
01. Mar 19 Sell James Cotton Individual 28. Feb 19 28. Feb 19 -585 $71.16 $-41,629
05. Feb 19 Sell Bryan Switzer Individual 01. Feb 19 01. Feb 19 -300 $67.63 $-20,289
09. Jan 19 Sell Lloyd Ross Individual 07. Jan 19 07. Jan 19 -500 $64.88 $-32,440
03. Jan 19 Sell Bryan Switzer Individual 02. Jan 19 02. Jan 19 -300 $66.61 $-19,983
04. Dec 18 Sell Bryan Switzer Individual 03. Dec 18 03. Dec 18 -300 $67.26 $-20,178
21. Nov 18 Sell Anne Holloway Individual 20. Nov 18 20. Nov 18 -500 $67.04 $-33,520
01. Nov 18 Sell Bryan Switzer Individual 01. Nov 18 01. Nov 18 -300 $61.44 $-18,432
01. Oct 18 Sell Bryan Switzer Individual 01. Oct 18 01. Oct 18 -300 $61.24 $-18,372
07. Sep 18 Sell Lloyd Ross Individual 05. Sep 18 05. Sep 18 -500 $60.77 $-30,385
07. Sep 18 Sell Anne Holloway Individual 05. Sep 18 05. Sep 18 -500 $61.14 $-30,570
07. Sep 18 Sell Diana Bontá Individual 06. Sep 18 06. Sep 18 -1,454 $61.43 $-89,319
04. Sep 18 Sell Bryan Switzer Individual 04. Sep 18 04. Sep 18 -300 $60.27 $-18,081
23. Aug 18 Sell James McNulty Individual 23. Aug 18 23. Aug 18 -8,897 $60.84 $-541,021
22. Aug 18 Sell James Anderson Individual 21. Aug 18 21. Aug 18 -1,500 $61.24 $-91,803
14. Aug 18 Sell Paul Rowley Individual 13. Aug 18 13. Aug 18 -727 $59.32 $-43,123
03. Aug 18 Sell Bryan Switzer Individual 01. Aug 18 01. Aug 18 -300 $60.12 $-18,036
06. Jul 18 Sell Lloyd Ross Individual 05. Jul 18 05. Jul 18 -600 $58.56 $-35,136
03. Jul 18 Sell Bryan Switzer Individual 02. Jul 18 02. Jul 18 -300 $57.13 $-17,139
06. Jun 18 Sell Lloyd Ross Individual 05. Jun 18 05. Jun 18 -500 $56.38 $-28,190
30. May 18 Sell Diana Bontá Individual 29. May 18 29. May 18 -2,779 $56.90 $-158,116
29. May 18 Sell James Cotton Individual 15. May 18 15. May 18 -1,232 $54.13 $-66,687
24. May 18 Sell Anne Holloway Individual 23. May 18 23. May 18 -1,000 $55.06 $-55,014
05. Apr 18 Sell Lloyd Ross Individual 05. Apr 18 05. Apr 18 -1,100 $52.59 $-57,849
X
Management checks
We assess American States Water's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. American States Water has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What does American States Water Company's (NYSE:AWR) Balance Sheet Tell Us About Its Future?

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like American States Water Company (NYSE:AWR), with a market cap of US$2.6b, are often out of the spotlight. … Don’t forget that this is a general and concentrated examination of American States Water’s financial health, so you should conduct further analysis. … View our latest analysis for American States Water

Simply Wall St -

Here's What American States Water Company's (NYSE:AWR) ROCE Can Tell Us

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.

Simply Wall St -

Should You Be Impressed By American States Water Company's (NYSE:AWR) ROE?

We'll use ROE to examine American States Water Company (NYSE:AWR), by way of a worked example. … Over the last twelve months American States Water has recorded a ROE of 11%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Kind Of Investor Owns Most Of American States Water Company (NYSE:AWR)?

Every investor in American States Water Company (NYSE:AWR) should be aware of the most powerful shareholder groups. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … With a market capitalization of US$2.5b, American States Water is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

Is American States Water Company’s (NYSE:AWR) Cash Outlook Optimistic?

Two important questions to ask before you buy American States Water Company (NYSE:AWR) is, how it makes money and how it spends its cash. … I will take you through American States Water’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Free cash flow (FCF) is the amount of cash American States Water has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations.

Simply Wall St -

Don't Sell American States Water Company (NYSE:AWR) Before You Read This

We'll look at American States Water Company's (NYSE:AWR) P/E ratio and reflect on what it tells us about the company's share price. … American States Water has a P/E ratio of 37.97, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

How Much Are American States Water Company (NYSE:AWR) Insiders Taking Off The Table?

So before you buy or sell American States Water Company (NYSE:AWR), you may well want to know whether insiders have been buying or selling. … That means that an insider was selling shares at below the current price (US$68.19). … All up, insiders sold more shares in American States Water than they bought, over the last year.

Simply Wall St -

Does American States Water Company's (NYSE:AWR) Debt Level Pose A Problem?

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like American States Water Company (NYSE:AWR), with a market cap of US$2.5b, are often out of the spotlight. … However, history shows that overlooked mid-cap companies have performed better on a risk-adjusted manner than the smaller and larger segment of the market. … Check out our latest analysis for American States Water

Simply Wall St -

Does American States Water Company's (NYSE:AWR) CEO Pay Matter?

In 2009 Robert Sprowls was appointed CEO of American States Water Company (NYSE:AWR). … How Does Robert Sprowls's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that American States Water Company has a market cap of US$2.5b, and is paying total annual CEO compensation of US$3.9m

Simply Wall St -

Does American States Water Company's (NYSE:AWR) Past Performance Indicate A Weaker Future?

After looking at American States Water Company's (NYSE:AWR) latest earnings announcement (30 June 2018), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … AWR's trailing twelve-month earnings (from 30 June 2018) of US$61m has. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 2.0%, indicating the rate at which AWR is growing has slowed down

Simply Wall St -

Company Info

Description

American States Water Company, through its subsidiaries, provides water and electric services to residential, industrial, and other customers in the United States. It operates through three segments: Water, Electric, and Contracted Services. The company purchases, produces, distributes, and sells water, as well as distributes electricity. As of February 25, 2019, it provided water service to approximately 260,000 customers located throughout 10 counties in Northern, Coastal, and Southern California; and distributed electricity to 24,000 customers in the City of Big Bear and surrounding areas in San Bernardino County, California. The company also provides water and/or wastewater services, including the operation, maintenance, and construction of facilities at the water and/or wastewater systems at various military installations. American States Water Company was founded in 1929 and is based in San Dimas, California.

Details
Name: American States Water Company
AWR
Exchange: NYSE
Founded: 1929
$2,606,923,392
36,774,205
Website: http://www.aswater.com
Address: American States Water Company
630 East Foothill Boulevard,
San Dimas,
California, 91773,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AWR Common Shares New York Stock Exchange US USD 02. Jan 1969
DB FDK Common Shares Deutsche Boerse AG DE EUR 02. Jan 1969
Number of employees
Current staff
Staff numbers
817
American States Water employees.
Industry
Water Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 23:32
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/20
Last earnings filing: 2019/02/25
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.