DDM Analysis: MSEX

Valuation Snapshot

Stable Growth	$112.02 - $474.29	$278.90
Multi-Stage	$59.12 - $64.62	$61.82
Blended Fair Value	$170.36
Current Price	$54.12
Upside	214.78%
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	7.15%	7.15%	7.15%
Growth Rate	5.35%	6.35%	7.35%
Fair Value	$112.02	$278.90	$474.29
Upside / Downside	106.98%	415.34%	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	7.15%	7.15%	7.15%
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	30.23
Year 3 PV (M)	31.35	32.26	33.17
Year 4 PV (M)	33.51	34.80	36.12
Year 5 PV (M)	35.58	37.30	39.09
PV of Terminal Value (M)	908.52	952.46	998.09
Equity Value (M)	1,064.87	1,113.54	1,164.02
Shares Outstanding (M)	18.01	18.01	18.01
Fair Value	$59.12	$61.82	$64.62
Upside / Downside	9.23%	14.23%	19.40%

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6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
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002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
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300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
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605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
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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

High-Yield Dividend Screener