Definitive Analysis
Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

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Analysis Mode

Ticker

Industry

Sector

Artesian Resources Corporation (ARTNA)

Company Dividend Discount ModelIndustry: Regulated WaterSector: Utilities

Valuation Snapshot

Stable Growth$51.61 - $142.02$79.81
Multi-Stage$54.57 - $59.78$57.13
Blended Fair Value$68.47
Current Price$32.60
Upside110.02%
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 Rate6.75%6.75%6.75%
Growth Rate3.25%4.25%5.25%
Fair Value$51.61$79.81$142.02
Upside / Downside58.31%144.80%335.64%

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 Rate6.75%6.75%6.75%
Growth Rate3.25%4.25%5.25%
Year 1 PV (M)13.6313.7613.89
Year 2 PV (M)14.6314.9215.20
Year 3 PV (M)15.5516.0116.47
Year 4 PV (M)16.3917.0417.70
Year 5 PV (M)17.1718.0118.89
PV of Terminal Value (M)485.19509.14534.04
Equity Value (M)562.56588.88616.20
Shares Outstanding (M)10.3110.3110.31
Fair Value$54.57$57.13$59.78
Upside / Downside67.41%75.24%83.37%

High-Yield Dividend Screener

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