Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

Indicators Charts WACC Beta Predictability

Mode

Company Industry Sector

Ticker

Industry

Sector

Artesian Resources Corporation (ARTNA)

Company Dividend Discount ModelIndustry: Regulated WaterSector: Utilities

Valuation Snapshot

Stable Growth$38.99 - $80.89$54.92
Multi-Stage$41.55 - $45.45$43.46
Blended Fair Value$49.19
Current Price$32.60
Upside50.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.93%4.93%1.181.091.000.950.910.880.860.820.790.76
YoY Growth--8.24%8.94%5.02%4.80%2.78%3.44%3.80%3.86%4.72%3.83%
Dividend Yield--3.62%2.96%1.81%1.96%2.31%2.37%2.36%2.26%2.44%2.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)22.53
(-) Cash Dividends Paid (M)12.55
(=) Cash Retained (M)9.99
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4.512.821.69
Cash Retained (M)9.999.999.99
(-) Cash Required (M)-4.51-2.82-1.69
(=) Excess Retained (M)5.487.178.30
(/) Shares Outstanding (M)10.3110.3110.31
(=) Excess Retained per Share0.530.700.80
LTM Dividend per Share1.221.221.22
(+) Excess Retained per Share0.530.700.80
(=) Adjusted Dividend1.751.912.02
WACC / Discount Rate7.88%7.88%7.88%
Growth Rate3.25%4.25%5.25%
Fair Value$38.99$54.92$80.89
Upside / Downside19.60%68.46%148.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)22.5323.4924.4925.5326.6127.7428.57
Payout Ratio55.68%62.54%69.41%76.27%83.14%90.00%92.50%
Projected Dividends (M)12.5514.6917.0019.4722.1224.9726.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.88%7.88%7.88%
Growth Rate3.25%4.25%5.25%
Year 1 PV (M)13.4913.6213.75
Year 2 PV (M)14.3214.6014.89
Year 3 PV (M)15.0715.5115.96
Year 4 PV (M)15.7216.3316.97
Year 5 PV (M)16.2817.0917.92
PV of Terminal Value (M)353.41370.86388.99
Equity Value (M)428.29448.01468.48
Shares Outstanding (M)10.3110.3110.31
Fair Value$41.55$43.46$45.45
Upside / Downside27.45%33.32%39.41%

High-Yield Dividend Screener

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