DDM Analysis: MSEX

Valuation Snapshot

Stable Growth	$112.13 - $474.29	$279.56
Multi-Stage	$59.14 - $64.65	$61.85
Blended Fair Value	$170.70
Current Price	$54.12
Upside	215.41%
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	$112.13	$279.56	$474.29
Upside / Downside	107.20%	416.55%	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	29.67	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)	35.58	37.30	39.09
PV of Terminal Value (M)	909.01	952.98	998.63
Equity Value (M)	1,065.37	1,114.06	1,164.56
Shares Outstanding (M)	18.01	18.01	18.01
Fair Value	$59.14	$61.85	$64.65
Upside / Downside	9.28%	14.28%	19.46%

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112610.KS	CS Wind Corporation	2.43%	$982.89	21.73%
300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

Financial Statements

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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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