DDM Analysis: MSEX

Valuation Snapshot

Stable Growth	$397.41 - $474.29	$444.47
Multi-Stage	$86.82 - $95.05	$90.86
Blended Fair Value	$267.67
Current Price	$54.12
Upside	394.58%
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	5.86%	5.86%	5.86%
Growth Rate	5.35%	6.35%	7.35%
Fair Value	$397.41	$444.47	$474.29
Upside / Downside	634.32%	721.27%	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	5.86%	5.86%	5.86%
Growth Rate	5.35%	6.35%	7.35%
Year 1 PV (M)	27.12	27.38	27.64
Year 2 PV (M)	29.83	30.40	30.98
Year 3 PV (M)	32.51	33.45	34.40
Year 4 PV (M)	35.17	36.52	37.92
Year 5 PV (M)	37.80	39.63	41.53
PV of Terminal Value (M)	1,401.49	1,469.28	1,539.67
Equity Value (M)	1,563.93	1,636.67	1,712.13
Shares Outstanding (M)	18.01	18.01	18.01
Fair Value	$86.82	$90.86	$95.05
Upside / Downside	60.43%	67.89%	75.63%

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300130.SZ	XGD Inc.	1.44%	$0.40	65.84%
300194.SZ	Fuan Pharmaceutical (Group) Co., Ltd.	1.44%	$0.06	52.37%
301058.SZ	COFCO Technology & Industry Co., Ltd.	1.44%	$0.16	34.15%
3393.HK	Wasion Holdings Limited	1.44%	$0.26	17.68%
5536.TWO	Acter Group Corporation Limited	1.44%	$10.99	47.44%
600809.SS	Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.	1.44%	$2.47	24.55%
6485.T	Maezawa Kyuso Industries Co.,Ltd.	1.44%	$22.77	15.91%
6506.T	YASKAWA Electric Corporation	1.44%	$68.32	30.92%
688092.SS	Hangzhou IECHO Science & Technology Co., Ltd.	1.44%	$0.36	55.35%
ISS.CO	ISS A/S	1.44%	$3.10	19.54%
003027.SZ	Tongxing Environmental Protection Technology Co.,Ltd	1.43%	$0.32	50.08%
0W19.L	Datagroup Se	1.43%	$1.00	34.00%
0YG7.L	Beijer Alma AB (publ)	1.43%	$4.12	46.18%
2427.T	OUTSOURCING Inc.	1.43%	$24.98	56.59%
300409.SZ	Guangdong Dowstone Technology Co., Ltd.	1.43%	$0.32	58.17%
600362.SS	Jiangxi Copper Company Limited	1.43%	$0.79	33.95%
600409.SS	Tangshan Sanyou Chemical Industries Co.,Ltd	1.43%	$0.09	81.03%
601858.SS	China Science Publishing & Media Ltd.	1.43%	$0.26	39.12%
603283.SS	Suzhou Secote Precision Electronic Co.,LTD	1.43%	$0.62	25.98%
603757.SS	Zhejiang Dayuan Pumps Industry Co., Ltd	1.43%	$0.63	58.53%
6479.T	MinebeaMitsumi Inc.	1.43%	$45.06	29.19%
7012.T	Kawasaki Heavy Industries, Ltd.	1.43%	$148.51	32.29%
9630.SR	Ratio Speciality Company for Trading	1.43%	$0.10	14.11%
G	Genpact Limited	1.43%	$0.66	20.93%
GIL	Gildan Activewear Inc.	1.43%	$0.90	28.59%
MRU.TO	Metro Inc.	1.43%	$1.42	30.52%
SIMINN.IC	Síminn hf.	1.43%	$0.21	33.47%
002568.SZ	Shanghai Bairun Investment Holding Group Co., Ltd.	1.42%	$0.31	46.41%
2270.HK	Desun Real Estate Investment Services Group Co., Ltd.	1.42%	$0.06	41.57%
300294.SZ	China Resources Boya Bio-pharmaceutical Group Co., Ltd.	1.42%	$0.32	49.45%
300433.SZ	Lens Technology Co., Ltd.	1.42%	$0.43	54.16%
300906.SZ	Jiangxi Everbright Measurement And Control Technology Co.,Ltd.	1.42%	$0.50	58.74%
301588.SZ	Newtechwood Corp	1.42%	$0.26	67.53%
4684.T	OBIC Co.,Ltd.	1.42%	$70.00	44.07%
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600268.SS	Guodian Nanjing Automation Co., Ltd.	1.42%	$0.15	33.78%
605089.SS	Suzhou Weizhixiang Food Co., Ltd.	1.42%	$0.36	67.75%
688677.SS	Qingdao NovelBeam Technology Co.,Ltd.	1.42%	$0.61	52.58%
7456.T	MATSUDA SANGYO Co., Ltd.	1.42%	$75.07	17.79%
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002434.SZ	Zhejiang Wanliyang Co., Ltd.	1.41%	$0.13	54.38%
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300298.SZ	Sinocare Inc.	1.41%	$0.24	47.22%
600063.SS	Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd	1.41%	$0.08	31.80%
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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