Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Middlesex Water Company (MSEX)

Company Dividend Discount ModelIndustry: Regulated WaterSector: Utilities

Valuation Snapshot

Stable Growth$53.94 - $136.98$81.37
Multi-Stage$39.65 - $43.25$41.42
Blended Fair Value$61.39
Current Price$54.12
Upside13.44%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.69%6.71%1.301.251.161.081.010.900.830.780.730.70
YoY Growth--4.31%7.84%7.42%6.57%12.45%8.27%6.63%6.58%4.65%2.63%
Dividend Yield--2.03%2.43%1.48%1.02%1.28%1.49%1.51%2.12%1.97%2.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)43.02
(-) Cash Dividends Paid (M)24.39
(=) Cash Retained (M)18.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8.605.383.23
Cash Retained (M)18.6318.6318.63
(-) Cash Required (M)-8.60-5.38-3.23
(=) Excess Retained (M)10.0313.2515.40
(/) Shares Outstanding (M)18.0118.0118.01
(=) Excess Retained per Share0.560.740.86
LTM Dividend per Share1.351.351.35
(+) Excess Retained per Share0.560.740.86
(=) Adjusted Dividend1.912.092.21
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.35%6.35%7.35%
Fair Value$53.94$81.37$136.98
Upside / Downside-0.33%50.35%153.10%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)43.0245.7548.6551.7455.0358.5260.28
Payout Ratio56.69%63.35%70.02%76.68%83.34%90.00%92.50%
Projected Dividends (M)24.3928.9834.0739.6845.8652.6755.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.35%6.35%7.35%
Year 1 PV (M)26.3226.5726.82
Year 2 PV (M)28.0928.6329.17
Year 3 PV (M)29.7230.5731.44
Year 4 PV (M)31.1932.3933.63
Year 5 PV (M)32.5334.1135.74
PV of Terminal Value (M)566.44593.84622.29
Equity Value (M)714.30746.12779.10
Shares Outstanding (M)18.0118.0118.01
Fair Value$39.65$41.42$43.25
Upside / Downside-26.73%-23.46%-20.08%

High-Yield Dividend Screener

« Prev Page 2 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
GHYPGIM Global High Yield Fund, Inc15.29%$1.8962.38%
BGRBlackRock Energy and Resources Trust15.26%$2.1298.26%
BOEBlackRock Enhanced Global Dividend Trust15.09%$1.7867.28%
FENFirst Trust Energy Income and Growth Fund15.00%$2.4049.79%
SOJESouthern Company (The) Series 214.95%$2.6967.01%
PSFCohen & Steers Select Preferred and Income Fund, Inc.14.84%$3.0256.28%
EVGEaton Vance Short Duration Diversified Income Fund14.82%$1.6271.62%
LDPCohen & Steers Limited Duration Preferred and Income Fund, Inc.14.73%$3.1554.69%
DNPDNP Select Income Fund Inc.14.64%$1.4553.01%
JRSNuveen Real Estate Income Fund14.56%$1.1189.79%
DPGDuff & Phelps Utility and Infrastructure Fund Inc.14.47%$1.8654.60%
BSTBlackRock Science and Technology Trust14.42%$5.8646.91%
MPAIXMorgan Stanley Insti Fd Advantage Portfolio Cl I14.33%$4.0043.20%
JCAPJefferson Capital, Inc. Common Stock14.11%$3.1245.65%
PHTPioneer High Income Fund, Inc.13.99%$1.1961.96%
RZC7.125% Fixed-Rate Reset Subordinated Debentures due 205213.93%$3.5527.34%
RNPCohen & Steers REIT and Preferred Income Fund, Inc.13.88%$2.7761.92%
DOMHDominari Holdings Inc.13.87%$0.7010.86%
STT-PDState Street Corporation13.86%$3.4633.48%
FCTFirst Trust Senior Floating Rate Income Fund II13.80%$1.3867.42%
VIRTVirtu Financial, Inc.13.57%$4.4389.50%
DHFBNY Mellon High Yield Strategies Fund13.55%$0.3461.16%
JHIJohn Hancock Investors Trust13.15%$1.7974.97%
AIOVirtus Artificial Intelligence & Technology Opportunities Fund12.91%$2.8238.01%
UTFCohen & Steers Infrastructure Fund, Inc12.84%$3.1453.56%
DFPFlaherty & Crumrine Dynamic Preferred and Income Fund Inc.12.81%$2.6848.05%
WEAWestern Asset Premier Bond Fund12.81%$1.4380.16%
TPZTortoise Essential Energy Fund12.76%$2.6467.76%
FTFranklin Universal Trust12.72%$1.0256.42%
CSQCalamos Strategic Total Return Fund12.70%$2.4351.10%
HYBThe New America High Income Fund Inc.12.68%$1.0463.42%
NBBNuveen Taxable Municipal Income Fund12.66%$2.0085.04%
RWAYRunway Growth Finance Corp.12.66%$1.1475.51%
ELVTElevate Credit, Inc.12.61%$0.2475.91%
NDPTortoise Energy Independence Fund, Inc.12.60%$5.0986.32%
BCEICivitas Resources, Inc.12.58%$7.0698.41%
GENVRGen Digital Inc. Contingent Value Rights12.54%$0.5054.91%
SOJCThe Southern Company JR 2017B NT 7712.31%$2.6967.01%
BTOJohn Hancock Financial Opportunities Fund12.25%$4.3229.72%
FEIFirst Trust MLP and Energy Income Fund12.21%$1.2058.56%
PCNPIMCO Corporate & Income Strategy Fund12.19%$1.5568.95%
HTDJohn Hancock Tax-Advantaged Dividend Income Fund12.17%$2.9051.08%
NIEVirtus Equity & Convertible Income Fund12.17%$3.0445.26%
PFDFlaherty & Crumrine Preferred Income Fund Inc.11.99%$1.4348.51%
TYGTortoise Energy Infrastructure Corporation11.98%$4.9643.95%
FPLFirst Trust New Opportunities MLP & Energy Fund11.82%$0.9254.20%
BTZBlackRock Credit Allocation Income Trust11.69%$1.2692.75%
BHBFXMadison Dividend Income Fd Cl Y11.61%$2.8540.22%
CGABLThe Carlyle Group Inc. 4.625% Subordinated Notes due 206111.57%$2.0197.92%
DBLDoubleLine Opportunistic Credit Fund11.57%$1.7652.03%