DDM Analysis: ARTNA

Valuation Snapshot

Stable Growth	$51.55 - $141.63	$79.67
Multi-Stage	$54.51 - $59.71	$57.06
Blended Fair Value	$68.37
Current Price	$32.60
Upside	109.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.93%	4.93%	1.18	1.09	1.00	0.95	0.91	0.88	0.86	0.82	0.79	0.76
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.51	2.82	1.69
Cash Retained (M)	9.99	9.99	9.99
(-) Cash Required (M)	-4.51	-2.82	-1.69
(=) Excess Retained (M)	5.48	7.17	8.30
(/) Shares Outstanding (M)	10.31	10.31	10.31
(=) Excess Retained per Share	0.53	0.70	0.80
LTM Dividend per Share	1.22	1.22	1.22
(+) Excess Retained per Share	0.53	0.70	0.80
(=) Adjusted Dividend	1.75	1.91	2.02
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	3.25%	4.25%	5.25%
Fair Value	$51.55	$79.67	$141.63
Upside / Downside	58.12%	144.40%	334.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.53	23.49	24.49	25.53	26.61	27.74	28.57
Payout Ratio	55.68%	62.54%	69.41%	76.27%	83.14%	90.00%	92.50%
Projected Dividends (M)	12.55	14.69	17.00	19.47	22.12	24.97	26.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	3.25%	4.25%	5.25%
Year 1 PV (M)	13.63	13.76	13.89
Year 2 PV (M)	14.63	14.91	15.20
Year 3 PV (M)	15.55	16.00	16.47
Year 4 PV (M)	16.39	17.04	17.70
Year 5 PV (M)	17.16	18.01	18.89
PV of Terminal Value (M)	484.57	508.49	533.35
Equity Value (M)	561.93	588.22	615.51
Shares Outstanding (M)	10.31	10.31	10.31
Fair Value	$54.51	$57.06	$59.71
Upside / Downside	67.22%	75.04%	83.16%

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Artesian Resources Corporation (ARTNA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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