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1. Company Snapshot

1.a. Company Description

Middlesex Water Company owns and operates regulated water utility and wastewater systems.It operates in two segments, Regulated and Non-Regulated.The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.


The Non-Regulated segment provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware.The company was incorporated in 1896 and is headquartered in Iselin, New Jersey.

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1.b. Last Insights on MSEX

Middlesex Water Company's recent performance was driven by strong 2024 financial results, with diluted earnings per share (EPS) increasing to $2.47, up from $1.76 in 2023. The company invested $75 million in capital expenditures to upgrade and enhance its utility infrastructure, and plans to invest $387 million from 2025 to 2027. Additionally, the company declared a quarterly cash dividend of $0.34 per share, demonstrating its commitment to returning value to shareholders. These initiatives are expected to drive growth and support the company's position in the water supply industry.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Buy 3 Ideal Dividend Kings Of 24 'Safer' In November's 56

Nov -10

Source: seekingalpha.com

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ADP, Snap-on Lead 14 Companies To Announce Annual Increases In First Half Of November

Nov -02

Source: seekingalpha.com

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Middlesex Water Company Reports Third Quarter 2025 Earnings

Oct -31

Source: globenewswire.com

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Middlesex Water Company Increases Common Dividend by 5.88%

Oct -24

Source: globenewswire.com

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Middlesex Water: A Very Split Thesis, But With Upside

Oct -18

Source: seekingalpha.com

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Buy 2 Ideal Dividend Kings Of 25 'Safer' In October's 56

Oct -10

Source: seekingalpha.com

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CWT vs. MSEX: Which Stock Is the Better Value Option?

Oct -02

Source: zacks.com

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Middlesex Water Company to Present at Janney's 5th Annual Virtual Water Utilities Conference

Sep -12

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.53%)

6. Segments

Regulated

Expected Growth: 8.5%

Middlesex Water Company's 8.5% growth is driven by increasing demand for water and wastewater services, strategic acquisitions, and investments in infrastructure upgrades. Additionally, favorable regulatory environments and rate increases contribute to the company's growth momentum.

Non-Regulated

Expected Growth: 9.5%

Middlesex Water Company's non-regulated segment growth of 9.5% is driven by increasing demand for water and wastewater services in its contract operations, strong performance in its wastewater treatment and water transmission services, and strategic acquisitions that expand its customer base and service offerings.

Inter-segment Elimination

Expected Growth: 0.0%

Middlesex Water Company's Inter-segment Elimination growth rate of 0.0% is driven by stable water demand, regulated pricing, and efficient operations. The company's focus on cost management and infrastructure investments also contribute to this flat growth rate, as it maintains its market share in the water utility industry.

7. Detailed Products

Water Distribution

Middlesex Water Company provides water distribution services to residential, commercial, and industrial customers, ensuring a reliable and efficient supply of clean water to meet their needs.

Wastewater Collection

The company offers wastewater collection services, collecting and treating wastewater from households and businesses, and safely disposing of the treated water into the environment.

Water Treatment

Middlesex Water Company provides water treatment services, treating raw water from sources such as rivers, lakes, and underground aquifers to make it safe for human consumption.

Stormwater Management

The company offers stormwater management services, designing and implementing systems to manage rainwater runoff and prevent flooding and pollution.

Water Conservation

Middlesex Water Company provides water conservation services, helping customers reduce their water usage and lower their water bills.

8. Middlesex Water Company's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Middlesex Water Company is low due to the lack of alternative water sources in the area.

Bargaining Power Of Customers

The bargaining power of customers for Middlesex Water Company is medium due to the presence of some large commercial and industrial customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Middlesex Water Company is low due to the company's ability to negotiate favorable contracts with its suppliers.

Threat Of New Entrants

The threat of new entrants for Middlesex Water Company is low due to the high barriers to entry in the water utility industry.

Intensity Of Rivalry

The intensity of rivalry for Middlesex Water Company is medium due to the presence of some competitors in the area, but the company's strong market position and brand recognition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.05%
Debt Cost 3.95%
Equity Weight 50.95%
Equity Cost 7.63%
WACC 5.82%
Leverage 96.28%

11. Quality Control: Middlesex Water Company passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Aris Water Solutions

A-Score: 6.0/10

Value: 6.0

Growth: 8.6

Quality: 4.7

Yield: 5.0

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

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Artesian Resources

A-Score: 5.7/10

Value: 6.2

Growth: 4.7

Quality: 5.3

Yield: 7.0

Momentum: 2.0

Volatility: 9.3

1-Year Total Return ->

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SJW

A-Score: 5.5/10

Value: 6.4

Growth: 5.6

Quality: 6.9

Yield: 4.0

Momentum: 3.5

Volatility: 6.7

1-Year Total Return ->

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Pure Cycle

A-Score: 5.0/10

Value: 2.9

Growth: 6.3

Quality: 8.2

Yield: 0.0

Momentum: 5.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Middlesex Water

A-Score: 4.9/10

Value: 3.7

Growth: 5.7

Quality: 6.4

Yield: 4.0

Momentum: 2.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Global Water Resources

A-Score: 4.9/10

Value: 4.0

Growth: 4.8

Quality: 6.6

Yield: 4.0

Momentum: 2.0

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

51.91$

Current Price

51.91$

Potential

-0.00%

Expected Cash-Flows