DDM Analysis: MSEX

Valuation Snapshot

Stable Growth	$112.30 - $474.29	$280.49
Multi-Stage	$59.18 - $64.69	$61.89
Blended Fair Value	$171.19
Current Price	$54.12
Upside	216.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.69%	6.71%	1.30	1.25	1.16	1.08	1.01	0.90	0.83	0.78	0.73	0.70
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.60	5.38	3.23
Cash Retained (M)	18.63	18.63	18.63
(-) Cash Required (M)	-8.60	-5.38	-3.23
(=) Excess Retained (M)	10.03	13.25	15.40
(/) Shares Outstanding (M)	18.01	18.01	18.01
(=) Excess Retained per Share	0.56	0.74	0.86
LTM Dividend per Share	1.35	1.35	1.35
(+) Excess Retained per Share	0.56	0.74	0.86
(=) Adjusted Dividend	1.91	2.09	2.21
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	5.35%	6.35%	7.35%
Fair Value	$112.30	$280.49	$474.29
Upside / Downside	107.50%	418.27%	776.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.02	45.75	48.65	51.74	55.03	58.52	60.28
Payout Ratio	56.69%	63.35%	70.02%	76.68%	83.34%	90.00%	92.50%
Projected Dividends (M)	24.39	28.98	34.07	39.68	45.86	52.67	55.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	5.35%	6.35%	7.35%
Year 1 PV (M)	26.80	27.05	27.31
Year 2 PV (M)	29.12	29.68	30.24
Year 3 PV (M)	31.36	32.26	33.18
Year 4 PV (M)	33.51	34.80	36.13
Year 5 PV (M)	35.59	37.31	39.09
PV of Terminal Value (M)	909.70	953.70	999.39
Equity Value (M)	1,066.07	1,114.80	1,165.34
Shares Outstanding (M)	18.01	18.01	18.01
Fair Value	$59.18	$61.89	$64.69
Upside / Downside	9.36%	14.35%	19.54%

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CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
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PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Middlesex Water Company (MSEX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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