51.17 USD
+0.54 (+1.07%)
51.17 USD
0 (0%)
We assign a fundamental rating of 4 out of 10 to MSEX. MSEX was compared to 15 industry peers in the Water Utilities industry. MSEX has a medium profitability rating, but doesn't score so well on its financial health evaluation. MSEX is quite expensive at the moment. It does show a decent growth rate.
1. Profitability
1.1 Basic Checks
MSEX had positive earnings in the past year.
In the past year MSEX had a positive cash flow from operations.
MSEX had positive earnings in each of the past 5 years.
MSEX had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
MSEX's Return On Assets of 3.20% is in line compared to the rest of the industry. MSEX outperforms 60.00% of its industry peers.
MSEX has a Return On Equity (8.87%) which is in line with its industry peers.
Looking at the Return On Invested Capital, with a value of 3.32%, MSEX is in line with its industry, outperforming 46.67% of the companies in the same industry.
MSEX had an Average Return On Invested Capital over the past 3 years of 3.15%. This is in line with the industry average of 4.77%.
The last Return On Invested Capital (3.32%) for MSEX is above the 3 year average (3.15%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.2% | ||
| ROE | 8.87% | ||
| ROIC | 3.32% |
ROA(3y)3.33%
ROA(5y)3.5%
ROE(3y)9.27%
ROE(5y)9.73%
ROIC(3y)3.15%
ROIC(5y)3.07%
1.3 Margins
The Profit Margin of MSEX (22.04%) is better than 73.33% of its industry peers.
MSEX's Profit Margin has declined in the last couple of years.
With a Operating Margin value of 27.56%, MSEX perfoms like the industry average, outperforming 53.33% of the companies in the same industry.
MSEX's Operating Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 27.56% | ||
| PM (TTM) | 22.04% | ||
| GM | N/A |
OM growth 3Y6.13%
OM growth 5Y1.01%
PM growth 3Y-3.22%
PM growth 5Y-1.69%
GM growth 3YN/A
GM growth 5YN/A
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MSEX is destroying value.
Compared to 1 year ago, MSEX has more shares outstanding
The number of shares outstanding for MSEX has been increased compared to 5 years ago.
The debt/assets ratio for MSEX has been reduced compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of 1.09, we must say that MSEX is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.09, MSEX is in line with its industry, outperforming 60.00% of the companies in the same industry.
A Debt/Equity ratio of 0.84 indicates that MSEX is somewhat dependend on debt financing.
MSEX has a Debt to Equity ratio of 0.84. This is in the better half of the industry: MSEX outperforms 73.33% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.84 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 1.09 |
ROIC/WACC0.44
WACC7.56%
2.3 Liquidity
A Current Ratio of 0.42 indicates that MSEX may have some problems paying its short term obligations.
MSEX has a worse Current ratio (0.42) than 93.33% of its industry peers.
A Quick Ratio of 0.36 indicates that MSEX may have some problems paying its short term obligations.
The Quick ratio of MSEX (0.36) is worse than 93.33% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.42 | ||
| Quick Ratio | 0.36 |
3. Growth
3.1 Past
MSEX shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 3.91%.
MSEX shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 4.31% yearly.
Looking at the last year, MSEX shows a small growth in Revenue. The Revenue has grown by 6.24% in the last year.
Measured over the past years, MSEX shows a small growth in Revenue. The Revenue has been growing by 7.35% on average per year.
EPS 1Y (TTM)3.91%
EPS 3Y6.07%
EPS 5Y4.31%
EPS Q2Q%-3.75%
Revenue 1Y (TTM)6.24%
Revenue growth 3Y10.27%
Revenue growth 5Y7.35%
Sales Q2Q%-1.83%
3.2 Future
MSEX is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 8.46% yearly.
The Revenue is expected to grow by 9.58% on average over the next years. This is quite good.
EPS Next Y0.07%
EPS Next 2Y4.74%
EPS Next 3Y8.46%
EPS Next 5YN/A
Revenue Next Year5.31%
Revenue Next 2Y6.97%
Revenue Next 3Y9.58%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
MSEX is valuated rather expensively with a Price/Earnings ratio of 21.41.
Compared to the rest of the industry, the Price/Earnings ratio of MSEX indicates a somewhat cheap valuation: MSEX is cheaper than 66.67% of the companies listed in the same industry.
MSEX is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.15, which is the current average of the S&P500 Index.
MSEX is valuated rather expensively with a Price/Forward Earnings ratio of 18.88.
MSEX's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. MSEX is cheaper than 66.67% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of MSEX to the average of the S&P500 Index (36.12), we can say MSEX is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 21.41 | ||
| Fwd PE | 18.88 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MSEX is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 15.12 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates MSEX does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)294.35
PEG (5Y)4.97
EPS Next 2Y4.74%
EPS Next 3Y8.46%
5. Dividend
5.1 Amount
MSEX has a Yearly Dividend Yield of 2.96%. Purely for dividend investing, there may be better candidates out there.
MSEX's Dividend Yield is a higher than the industry average which is at 3.52.
Compared to an average S&P500 Dividend Yield of 2.41, MSEX pays a bit more dividend than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.96% |
5.2 History
On average, the dividend of MSEX grows each year by 6.43%, which is quite nice.
MSEX has paid a dividend for at least 10 years, which is a reliable track record.
MSEX has decreased its dividend in the last 3 years.
Dividend Growth(5Y)6.43%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
MSEX pays out 56.99% of its income as dividend. This is a bit on the high side, but may be sustainable.
MSEX's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP56.99%
EPS Next 2Y4.74%
EPS Next 3Y8.46%
51.17
+0.54 (+1.07%)
Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryWater Utilities
Earnings (Last)
Earnings (Next)
Inst Owners79.4%
Inst Owner Change5.31%
Ins Owners0.96%
Ins Owner Change-0.7%
Market Cap938.46M
Revenue(TTM)194.82M
Net Income(TTM)42.94M
Analysts82.22
Price Target60.86 (18.94%)
Short Float %3.44%
Short Ratio4.12
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.96% |
Yearly Dividend1.32
Dividend Growth(5Y)6.43%
DP56.99%
Div Incr Years2
Div Non Decr Years2
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-11.52%
Min EPS beat(2)-12.2%
Max EPS beat(2)-10.84%
EPS beat(4)1
Avg EPS beat(4)-0.07%
Min EPS beat(4)-12.2%
Max EPS beat(4)31.61%
EPS beat(8)3
Avg EPS beat(8)-1.23%
EPS beat(12)3
Avg EPS beat(12)-9.56%
EPS beat(16)4
Avg EPS beat(16)-9.42%
Revenue beat(2)0
Avg Revenue beat(2)-5.63%
Min Revenue beat(2)-5.82%
Max Revenue beat(2)-5.44%
Revenue beat(4)1
Avg Revenue beat(4)-1.17%
Min Revenue beat(4)-5.82%
Max Revenue beat(4)7.4%
Revenue beat(8)2
Avg Revenue beat(8)-3.82%
Revenue beat(12)2
Avg Revenue beat(12)-5.5%
Revenue beat(16)2
Avg Revenue beat(16)-5.02%
PT rev (1m)-6.77%
PT rev (3m)-6.77%
EPS NQ rev (1m)0.74%
EPS NQ rev (3m)0.74%
EPS NY rev (1m)-0.95%
EPS NY rev (3m)-3.32%
Revenue NQ rev (1m)-1.06%
Revenue NQ rev (3m)-1.06%
Revenue NY rev (1m)-1.13%
Revenue NY rev (3m)-2.13%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 21.41 | ||
| Fwd PE | 18.88 | ||
| P/S | 4.82 | ||
| P/FCF | N/A | ||
| P/OCF | 14.32 | ||
| P/B | 1.94 | ||
| P/tB | 1.94 | ||
| EV/EBITDA | 15.12 |
EPS(TTM)2.39
EY4.67%
EPS(NY)2.71
Fwd EY5.3%
FCF(TTM)-1.96
FCFYN/A
OCF(TTM)3.57
OCFY6.98%
SpS10.62
BVpS26.38
TBVpS26.38
PEG (NY)294.35
PEG (5Y)4.97
Graham Number37.67
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.2% | ||
| ROE | 8.87% | ||
| ROCE | 4.39% | ||
| ROIC | 3.32% | ||
| ROICexc | 3.33% | ||
| ROICexgc | 3.33% | ||
| OM | 27.56% | ||
| PM (TTM) | 22.04% | ||
| GM | N/A | ||
| FCFM | N/A |
ROA(3y)3.33%
ROA(5y)3.5%
ROE(3y)9.27%
ROE(5y)9.73%
ROIC(3y)3.15%
ROIC(5y)3.07%
ROICexc(3y)3.16%
ROICexc(5y)3.08%
ROICexgc(3y)3.16%
ROICexgc(5y)3.08%
ROCE(3y)4.13%
ROCE(5y)3.98%
ROICexgc growth 3Y9.39%
ROICexgc growth 5Y1.66%
ROICexc growth 3Y9.39%
ROICexc growth 5Y1.66%
OM growth 3Y6.13%
OM growth 5Y1.01%
PM growth 3Y-3.22%
PM growth 5Y-1.69%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.15
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.84 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 4.74 | ||
| Cap/Depr | 318.89% | ||
| Cap/Sales | 52.04% | ||
| Interest Coverage | 3.87 | ||
| Cash Conversion | 76.65% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.42 | ||
| Quick Ratio | 0.36 | ||
| Altman-Z | 1.09 |
F-Score4
WACC7.56%
ROIC/WACC0.44
Cap/Depr(3y)301.61%
Cap/Depr(5y)341.57%
Cap/Sales(3y)49.79%
Cap/Sales(5y)55.89%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)3.91%
EPS 3Y6.07%
EPS 5Y4.31%
EPS Q2Q%-3.75%
EPS Next Y0.07%
EPS Next 2Y4.74%
EPS Next 3Y8.46%
EPS Next 5YN/A
Revenue 1Y (TTM)6.24%
Revenue growth 3Y10.27%
Revenue growth 5Y7.35%
Sales Q2Q%-1.83%
Revenue Next Year5.31%
Revenue Next 2Y6.97%
Revenue Next 3Y9.58%
Revenue Next 5YN/A
EBIT growth 1Y5.45%
EBIT growth 3Y17.03%
EBIT growth 5Y8.43%
EBIT Next Year51.52%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y13.29%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y14.74%
OCF growth 3Y21.15%
OCF growth 5Y10.25%
MIDDLESEX WATER CO / MSEX FAQ
Can you provide the ChartMill fundamental rating for MIDDLESEX WATER CO?
ChartMill assigns a fundamental rating of 4 / 10 to MSEX.
What is the valuation status for MSEX stock?
ChartMill assigns a valuation rating of 2 / 10 to MIDDLESEX WATER CO (MSEX). This can be considered as Overvalued.
How profitable is MIDDLESEX WATER CO (MSEX) stock?
MIDDLESEX WATER CO (MSEX) has a profitability rating of 5 / 10.
What is the financial health of MIDDLESEX WATER CO (MSEX) stock?
The financial health rating of MIDDLESEX WATER CO (MSEX) is 1 / 10.
What is the expected EPS growth for MIDDLESEX WATER CO (MSEX) stock?
The Earnings per Share (EPS) of MIDDLESEX WATER CO (MSEX) is expected to grow by 0.07% in the next year.