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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KOG.OL	Kongsberg Gruppen ASA	1.26%	$3.40	42.40%
OEM-B.ST	OEM International AB (publ)	1.26%	$1.74	40.26%
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204320.KS	Mando Corporation	1.25%	$820.37	29.46%
3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
600633.SS	Zhejiang Daily Digital Culture Group Co.,Ltd.	1.25%	$0.16	35.54%
600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
9719.T	SCSK Corporation	1.25%	$70.95	36.13%
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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