MSEX

Middlesex Water Company

$56.1

-0.07

(-0.12%)

Exchange:	NASDAQ
Market Cap:	1.005B
Shares Outstanding:	5.938M

Overview

Earnings

Financials

Valuation

Chart

About The Company

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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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	126,025	132,906	130,775	138,077	134,598	141,592	143,141	162,434	166,274	191,877
? Cost Of Revenue	65,167	65,534	64,668	71,570	67,980	70,796	73,671	79,096	83,113	0
? Gross Profit	60,858	67,372	66,107	66,507	66,618	70,796	69,470	83,338	83,161	191,877
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	0	0	0	0	0	0	0	0	0	0
? Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0
? Operating Expenses	25,018	26,740	27,487	29,365	31,098	29,360	36,259	38,923	43,938	138,667
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	0	0	0	0	7,264	7,493	8,114	9,367	0	0
? Interest Expense	5,174	4,674	4,804	5,396	7,264	7,493	8,114	9,367	10,710	12,769
? Depreciation And Amortization	12,051	13,532	14,846	15,780	17,232	20,838	26,799	27,475	29,442	28,038
? EBITDA	48,927	53,592	52,813	53,546	51,550	58,537	62,040	74,123	72,717	92,063
? EBIT
? Operating Income	35,840	40,632	38,620	37,142	35,520	37,420	33,211	47,333	39,223	53,210
? Income Before Tax	30,579	34,477	33,909	33,376	30,748	34,306	31,055	45,669	32,564.999	51,256
? Income Tax Expense	10,551	11,735	11,100	924	-3,140	-4,119	-5,488	3,240	1,040.999	6,905
? Net Income From Continuing Operations
? Net Income	20,028	22,742	22,809	32,452	33,888	38,425	36,543	42,429	31,524	44,351
? EPS (Earnings Per Share)	1.230	1.390	1.390	1.980	2.020	2.190	2.080	2.400	1.770	2.490
? EPS Diluted	1.220	1.380	1.380	1.960	2.010	2.180	2.070	2.390	1.760	2.480
? Weighted Average Shares Outstanding	16,175	16,270	16,330	16,384	16,684.999	17,459	17,492	17,597	17,732	17,829
? Weighted Average Shares Outstanding Diluted	16,331	16,426	16,486	16,540	16,829	17,574	17,607	17,712	17,847	17,946
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	3,469	3,879	4,937	3,705	2,230	4,491	3,533	3,828	2,390	4,226
? Short Term Investments	0	0	0	0	0	0	0	0	0	0
? Cash And Short Term Investments	3,469	3,879	4,937	3,705	2,230	4,491	3,533	3,828	2,390	4,226
? Net Receivables	16,306	16,719	17,784	19,055	19,091	21,634	22,584	24,677	97,341	18,842
? Accounts Receivables
? Inventory	2,600	4,094	4,118	5,411	5,445	5,112	5,358	6,177	6,972	0
? Total Current Assets	24,410	26,716	29,247	30,815	29,133	34,123	34,355	37,306	108,536	42,973
? Property Plant Equipment Net	481,870	517,776	557,240	618,487	711,674	801,807	869,871	924,351	1,013,049	2,567
? Goodwill	0	0	0	0	0	0	0	0	0	0
? Intangible Assets	0	0	0	0	0	0	0	0	0	0
? Long Term Investments	3,360	1,778	1,460	1,956	44,269	5,913	0	0	0	0
? Total Non Current Assets	560,312	593,445	631,893	737,015	880,745	942,347	985,660	1,037,118	1,127,516	1,212,201
? Total Assets	584,722	620,161	661,140	767,830	909,878	976,470	1,020,015	1,074,450	1,236,052	1,255,174
? Account Payables	6,525	12,343	13,929	19,325	23,306	30,443	21,125	24,847	27,618	28,050
? Short Term Debt	8,739	18,159	34,865	55,843	27,178	9,255	19,731	72,962	51,090	0
? Deferred Revenue	880	923	951	1,036	1,211	1,255	1,330	1,365	1,390	1,476
? Total Current Liabilities	28,319	47,056	64,537	94,363	64,981	56,848	56,619	117,859	103,829	82,888
? Long Term Debt	136,247	134,538	139,045	152,851	236,509	278,286	310,887	293,986	361,216	375,822
? Deferred Revenue Non Current	20,461	20,846	21,423	22,572	23,905	23,404	23,529	21,382	21,313	0
? Deferred Tax Liabilities Non Current	68,534	72,825	43,160	47,270	54,408	61,297	69,500	77,783	88,736	101,235
? Total Non Current Liabilities	347,273	352,232	364,995	422,247	519,021	571,330	593,586	554,179	707,148	727,023
? Total Liabilities	375,592	399,288	429,532	516,610	584,002	628,178	650,205	672,038	810,977	809,911
? Treasury Stock
? Preferred Stock	2,436	2,436	2,433	2,433	2,084	2,084	2,084	2,084	2,084	1,635
? Common Stock	150,763	153,045	155,120	157,354	215,125	217,451	221,919	233,054	246,764	248,202
? Retained Earnings	55,931	65,392	74,055	91,433	108,667	128,757	145,807	167,274	176,227	197,061
? Additional Paid In Capital
? Total Stockholders Equity	209,130	220,873	231,608	251,220	325,876	348,292	369,810	402,412	425,075	445,263
? Total Equity	209,130	220,873	231,608	251,220	325,876	348,292	369,810	402,412	425,075	445,263
? Minority Interest	0	0	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	584,722	620,161	661,140	767,830	909,878	976,470	1,020,015	1,074,450	1,236,052	1,255,174
? Total Investments	3,360	1,778	1,460	1,956	44,269	5,913	0	0	0	0
? Total Debt	144,986	152,697	173,910	208,694	263,687	287,541	330,618	366,948	412,306	375,822
? Net Debt	141,517	148,818	168,973	204,989	261,457	283,050	327,085	363,120	409,916	371,596
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	20,028	22,742	22,809	32,452	33,888	38,425	36,543	42,429	31,524	44,351
? Depreciation And Amortization	13,087	13,532	14,846	15,780	17,232	20,838	26,799	27,475	29,442	28,038
? Deferred Income Tax	15,753	3,553	7,944	-8,724	-11,719	-13,490	-10,989	-5,334	-5,599	0
? Stock Based Compensation	633	829	840	1,084	637	1,096	1,338	1,630	2,214	1,537
? Change In Working Capital	-665	6,939	-2,906	6,164	-1,736	9,380	-19,022	1,379	-3,041	0
? Accounts Receivables	-48	-69	-656	-977	-146	-2,661	-742	-707	-2,792	-670
? Inventory	-347	-1,494	-24	-1,293	-34	333	-246	-819	-795	0
? Accounts Payables	171	5,818	1,586	5,396	3,981	7,137	-9,318	3,722	2,771	2,574
? Net Cash Provided By Operating Activities	51,212	47,071	42,843	45,864	36,053	53,355	33,028	61,361	52,782	58,730
? Investments In Property Plant And Equipment	-25,773	-47,375	-50,301	-72,094	-89,125	-105,619	-79,378	-91,335	-90,179	0
? Acquisitions Net	0	0	0	0	0	0	0	3,122	0	0
? Purchases Of Investments	0	0	0	0	0	0	0	0	0	0
? Sales Maturities Of Investments	1,390	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	0
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-12,697	-13,281	-14,146	-15,074	-16,297	-18,298	-19,493	-20,930	-22,561	-23,408
? Common Dividends Paid
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	-26,033	714	9,537	25,494	93,910	16,169	39,479	27,147	35,959	17,728
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	796	410	1,058	-736	40,838	-36,095	-6,871	295	-1,438	1,836
? Cash At End Of Period	3,469	3,879	4,937	5,661	46,499	10,404	3,533	3,828	2,390	4,226
? Cash At Beginning Of Period	2,673	3,469	3,879	6,397	5,661	46,499	10,404	3,533	3,828	2,390
? Operating Cash Flow	51,212	47,071	42,843	45,864	36,053	53,355	33,028	61,361	52,782	58,730
? Capital Expenditure	-25,773	-47,375	-50,301	-72,094	-89,125	-105,619	-79,378	-91,335	-90,179	0
? Free Cash Flow	25,439	-304	-7,458	-26,230	-53,072	-52,264	-46,350	-29,974	-37,397	58,730
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2022	2023	2024	2025	2026
Estimated Revenue (Low)	161,183.196	172,750	186,254.153	202,450.534	220,900
Estimated Revenue (High)	167,964.800	172,750	186,254.153	202,450.534	220,900
Estimated Revenue (Avg)	165,250	172,750	186,254.153	202,450.534	220,900
Estimated Ebitda (Low)	66,741.074	72,161.006	82,708.035	89,900.202	98,092.873
Estimated Ebitda (High)	100,111.612	108,241.511	82,708.035	89,900.202	98,092.873
Estimated Ebitda (Avg)	83,426.343	90,201.259	82,708.035	89,900.202	98,092.873
Estimated Net Income (Low)	35,498.590	38,637.398	42,053.402	43,599.809	45,762.302
Estimated Net Income (High)	53,247.885	57,956.099	42,053.402	44,694.515	50,428.262
Estimated Net Income (Avg)	44,373.238	48,296.749	42,053.402	44,643.180	48,095.282
Estimated SGA Expense (Low)	2,215.640	2,066.096	2,227.607	2,421.316	2,641.972
Estimated SGA Expense (High)	2,308.860	2,066.096	2,227.607	2,421.316	2,641.972
Estimated SGA Expense (Avg)	2,271.542	2,066.096	2,227.607	2,421.316	2,641.972
Estimated EPS (Avg)	2.430	1.960	2.340	2.460	2.680
Estimated EPS (High)	2.480	1.960	2.340	2.490	2.810
Estimated EPS (Low)	2.350	1.960	2.340	2.430	2.550
Number of Analysts (Estimated Revenue)	1	1	1	1	1
Number of Analysts (Estimated EPS)	1	1	2	1	1

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Current Key Metrics

?	Revenue (TTM) :	191.877M	?	P/S (TTM) :	5.14
?	Net Income (TTM) :	44.351M	?	P/E (TTM) :	23.26
?	Enterprise Value (TTM) :	1.388B	?	EV/FCF (TTM) :	25.19
?	Dividend Yield (TTM) :	0.02	?	Payout Ratio (TTM) :	0.55
?	ROE (TTM) :	0.1	?	ROIC (TTM) :	0.04
?	Net Debt (TTM) :	382.339M	?	Debt/Equity (TTM) :	0.86
?	P/B (TTM) :	2.24	?	Current Ratio (TTM) :	0.46

Forward P/E Ratios

?

Forward P/E calculated based on:

Forward P/E 1Y	Forward P/E 2Y	Forward P/E 3Y	Forward P/E 4Y	Forward P/E 5Y
23.09	28.62	23.97	22.80	20.93

SWOT Analysis

No SWOT analysis available for this stock.

MSEX

-0.12

3.44

0.51

-4.14

7.14

7.5

-13.3

Trading Metrics:

Open:	56.82	Previous Close:	56.17
Day Low:	55.83	Day High:	57.08
Year Low:	48.18	Year High:	70.73
Price Avg 50:	59.14	Price Avg 200:	59.53
Volume:	245621	Average Volume:	161839