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Middlesex Water

BST:MSX
Snowflake Description

Average dividend payer with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MSX
BST
$1B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. The last earnings update was 17 days ago. More info.


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MSX Share Price and Events
7 Day Returns
0.9%
BST:MSX
4.5%
Europe Water Utilities
0%
DE Market
1 Year Returns
26.7%
BST:MSX
24.1%
Europe Water Utilities
9.9%
DE Market
MSX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Middlesex Water (MSX) 0.9% -7% -1% 26.7% 42.7% -
Europe Water Utilities 4.5% 0.6% 13% 24.1% 5.1% 4.9%
DE Market 0% 4.6% 12.1% 9.9% 14.6% 18.2%
1 Year Return vs Industry and Market
  • MSX outperformed the Water Utilities industry which returned 24.1% over the past year.
  • MSX outperformed the Market in Germany which returned 9.9% over the past year.
Price Volatility
MSX
Industry
5yr Volatility vs Market

MSX Value

 Is Middlesex Water undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Middlesex Water to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Middlesex Water.

BST:MSX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-09-30) in USD $ 1.025000
Payout Ratio Company Filings (2019-09-30) 5573.5%
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BST:MSX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Water Utilities Unlevered Beta Simply Wall St/ S&P Global 0.3
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.301 (1 + (1- 21%) (30.03%))
0.348
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for BST:MSX using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Middlesex Water is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

BST:MSX Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= $1.03 / (5% - 0.23%)
$16.78
BST:MSX Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BST:MSX represents 0.88342x of NasdaqGS:MSEX
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.88342x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 21.50 x 0.88342
€18.99
Value per share (EUR) From above. €18.99
Current discount Discount to share price of €53.50
= -1 x (€53.50 - €18.99) / €18.99
-181.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Middlesex Water is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Middlesex Water's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Middlesex Water's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:MSX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $1.98
NasdaqGS:MSEX Share Price ** NasdaqGS (2019-11-18) in USD $60.56
Europe Water Utilities Industry PE Ratio Median Figure of 10 Publicly-Listed Water Utilities Companies 17.35x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 20.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Middlesex Water.

BST:MSX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:MSEX Share Price ÷ EPS (both in USD)

= 60.56 ÷ 1.98

30.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Middlesex Water is overvalued based on earnings compared to the Europe Water Utilities industry average.
  • Middlesex Water is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Middlesex Water's expected growth come at a high price?
Raw Data
BST:MSX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 30.56x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-1.7%per year
Global Water Utilities Industry PEG Ratio Median Figure of 37 Publicly-Listed Water Utilities Companies 1.25x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Middlesex Water, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Middlesex Water's assets?
Raw Data
BST:MSX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $16.54
NasdaqGS:MSEX Share Price * NasdaqGS (2019-11-18) in USD $60.56
Europe Water Utilities Industry PB Ratio Median Figure of 10 Publicly-Listed Water Utilities Companies 1.68x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.84x
BST:MSX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:MSEX Share Price ÷ Book Value per Share (both in USD)

= 60.56 ÷ 16.54

3.66x

* Primary Listing of Middlesex Water.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Middlesex Water is overvalued based on assets compared to the Europe Water Utilities industry average.
X
Value checks
We assess Middlesex Water's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Water Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Water Utilities industry average (and greater than 0)? (1 check)
  5. Middlesex Water has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MSX Future Performance

 How is Middlesex Water expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover Middlesex Water, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Middlesex Water expected to grow at an attractive rate?
  • Middlesex Water's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Middlesex Water's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Middlesex Water's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
BST:MSX Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:MSX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -1.7%
BST:MSX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 3%
Europe Water Utilities Industry Earnings Growth Rate Market Cap Weighted Average -0.6%
Europe Water Utilities Industry Revenue Growth Rate Market Cap Weighted Average 0.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:MSX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:MSX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 144 1
2020-12-31 140 1
2019-12-31 135 1
2019-11-18
BST:MSX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 135 36 33
2019-06-30 136 38 34
2019-03-31 138 45 34
2018-12-31 138 46 32
2018-09-30 136 47 31
2018-06-30 134 42 26
2018-03-31 132 42 23
2017-12-31 131 43 23
2017-09-30 131 45 21
2017-06-30 133 50 22
2017-03-31 132 45 22
2016-12-31 133 47 23

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Middlesex Water's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Middlesex Water's revenue is expected to grow by 3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:MSX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Middlesex Water Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:MSX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
2019-11-18
BST:MSX Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 1.98
2019-06-30 2.06
2019-03-31 2.10
2018-12-31 1.97
2018-09-30 1.87
2018-06-30 1.59
2018-03-31 1.39
2017-12-31 1.39
2017-09-30 1.26
2017-06-30 1.33
2017-03-31 1.37
2016-12-31 1.39

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Middlesex Water will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Middlesex Water's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Middlesex Water has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MSX Past Performance

  How has Middlesex Water performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Middlesex Water's growth in the last year to its industry (Water Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Middlesex Water's year on year earnings growth rate has been positive over the past 5 years.
  • Middlesex Water's 1-year earnings growth is less than its 5-year average (6.6% vs 13.2%)
  • Middlesex Water's earnings growth has not exceeded the Europe Water Utilities industry average in the past year (6.6% vs 6.8%).
Earnings and Revenue History
Middlesex Water's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Middlesex Water Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:MSX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 135.13 32.67 1.45
2019-06-30 136.07 33.84 0.99
2019-03-31 137.60 34.37 0.33
2018-12-31 138.08 32.31 -0.12
2018-09-30 136.27 30.66 -0.34
2018-06-30 133.73 26.01 -0.28
2018-03-31 131.82 22.72 -0.23
2017-12-31 130.78 22.67 -0.07
2017-09-30 131.13 20.54 0.10
2017-06-30 132.75 21.71
2017-03-31 132.46 22.25
2016-12-31 132.91 22.60 0.24
2016-09-30 132.02 23.94
2016-06-30 128.88 21.87
2016-03-31 127.82 21.04
2015-12-31 126.03 19.88
2015-09-30 123.21 19.11
2015-06-30 121.22 19.13
2015-03-31 118.75 18.77
2014-12-31 117.14 18.29
2014-09-30 116.45 17.66
2014-06-30 115.07 16.71
2014-03-31 114.98 16.44
2013-12-31 114.85 16.44
2013-09-30 114.50 15.99
2013-06-30 115.57 16.32
2013-03-31 113.87 15.56
2012-12-31 110.38 14.19

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Middlesex Water has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Middlesex Water used its assets more efficiently than the Europe Water Utilities industry average last year based on Return on Assets.
  • Middlesex Water's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Middlesex Water's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Water Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Middlesex Water has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MSX Health

 How is Middlesex Water's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Middlesex Water's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Middlesex Water's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Middlesex Water's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Middlesex Water's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Middlesex Water Company Filings, last reported 1 month ago.

BST:MSX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 277.88 293.93 3.15
2019-06-30 265.72 230.33 2.99
2019-03-31 256.58 215.26 4.99
2018-12-31 251.22 208.69 3.71
2018-09-30 247.59 196.91 3.58
2018-06-30 238.51 188.37 2.67
2018-03-31 232.87 174.54 1.99
2017-12-31 231.61 173.91 4.94
2017-09-30 229.46 166.85 2.70
2017-06-30 224.76 159.59 3.69
2017-03-31 222.30 156.80 5.59
2016-12-31 220.87 152.70 3.88
2016-09-30 220.66 150.60 1.45
2016-06-30 214.61 147.32 1.23
2016-03-31 211.23 139.14 3.65
2015-12-31 209.13 141.65 3.47
2015-09-30 207.32 158.97 4.65
2015-06-30 203.24 159.76 5.77
2015-03-31 200.71 158.90 5.05
2014-12-31 199.73 160.95 2.67
2014-09-30 198.60 165.30 5.05
2014-06-30 194.40 165.75 5.07
2014-03-31 192.20 161.91 5.90
2013-12-31 191.63 163.63 4.83
2013-09-30 191.02 166.42 2.94
2013-06-30 187.76 166.74 2.99
2013-03-31 185.63 163.10 4.51
2012-12-31 184.99 170.55 3.03
  • Middlesex Water's level of debt (105.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (83.2% vs 105.8% today).
  • Debt is not well covered by operating cash flow (12.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5x coverage).
X
Financial health checks
We assess Middlesex Water's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Middlesex Water has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MSX Dividends

 What is Middlesex Water's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.69%
Current annual income from Middlesex Water dividends.
If you bought €2,000 of Middlesex Water shares you are expected to receive €34 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Middlesex Water's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.33%).
  • Middlesex Water's dividend is below the markets top 25% of dividend payers in Germany (3.68%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:MSX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Europe Water Utilities Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 4.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:MSX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
2019-11-18
BST:MSX Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-10-23 1.025 1.622
2019-07-25 0.960 1.551
2019-04-25 0.960 1.607
2019-01-29 0.960 1.707
2018-10-24 0.960 1.865
2018-07-26 0.895 1.943
2018-04-25 0.895 2.090
2018-01-29 0.895 2.406
2017-10-25 0.895 2.160
2017-07-26 0.845 2.117
2017-04-20 0.845 2.243
2017-02-01 0.845 2.304
2016-10-26 0.845 2.141
2016-07-26 0.795 2.231
2016-04-28 0.795 2.033
2016-01-28 0.795 2.605
2015-10-21 0.795 3.089
2015-07-23 0.770 3.287
2015-04-24 0.770 3.435
2015-01-29 0.770 3.413
2014-10-22 0.770 3.469
2014-07-22 0.760 3.743
2014-04-23 0.760 3.689
2014-01-31 0.760 3.683
2013-10-22 0.760 3.627
2013-07-31 0.750 3.599
2013-04-24 0.750 3.756
2013-01-25 0.750 3.864
2012-10-23 0.750 3.965
2012-07-25 0.740 3.887
2012-04-27 0.740 3.984
2012-01-25 0.740 3.983
2011-10-26 0.740 4.007
2011-08-04 0.730 4.128
2011-05-06 0.730 3.959
2011-03-09 0.730 4.007
2010-11-03 0.730 4.005
2010-07-30 0.720 4.280
2010-05-06 0.720 4.375
2009-10-30 0.720 4.236
2009-08-06 0.710 4.644
2009-05-11 0.710 5.019

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Middlesex Water's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Middlesex Water's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Middlesex Water afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Middlesex Water has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MSX Management

 What is the CEO of Middlesex Water's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dennis Doll
COMPENSATION $1,413,006
AGE 60
TENURE AS CEO 13.8 years
CEO Bio

Mr. Dennis W. Doll, CPA, has been the Chief Executive Officer and President of Middlesex Water Co. since January 1, 2006 and joined its in 2004. Mr. Doll served as an Executive Vice President of Middlesex Water co, from November 2004 to January 1, 2006. He served as Controller of E'town Corp. since 1997 and served as Vice President of its subsidiary Elizabethtown Water Company since 1998 and Controller since 1994. He served as Vice President of E'town Corporation. Mr. Doll was employed by Elizabethtown Water Company since 1985, serving lastly as a Member of the senior leadership team of the Northeast Region of American Water. Mr. Doll had been employed in various executive leadership roles in the regulated water utility business since 1985. Mr. Doll served as Vice President of Finance and Controller of Elizabethtown Water Company and served previously, as Vice President of Merger Integration. He has over 20 years of diverse experience in both regulated and non-regulated utility management. He joined E'town Corp. in 1985. He has been the Chairman of Middlesex Water Co. since May 27, 2010. He served as Vice Chairman of Middlesex Water Co. from May 2009 to May 27, 2010. Prior to joining the Company, Mr. Doll also serves as a volunteer Director on selected non-profit utility industry-related Boards including the New Jersey Utilities Association (Past Chairman), The Water Research Foundation (presently Co-Vice Chairman), the National Association of Water Companies (Past President) and Court Appointed Special Advocates (CASA) of Middlesex County. He has been a Director of Middlesex Water Co. since January 1, 2006. He had been a Director of National Association of Water Companies since October 2012 until March 2019. He was Independent Director of Hammer Fiber Optic Investments Ltd. since August 1, 2016 until November 27, 2018. He is also Chairman for all subsidiaries of Middlesex. Mr. Doll further serves as a Director of Hammer Fiber Optics Holdings Corp. Mr. Doll is a Certified Public Accountant and is a graduate of Upsala College with a Bachelor of Arts Degree in Accounting and Economics.

CEO Compensation
  • Dennis's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dennis's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Middlesex Water management team in years:

7.7
Average Tenure
53
Average Age
  • The average tenure for the Middlesex Water management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Dennis Doll

TITLE
Chairman
COMPENSATION
$1M
AGE
60
TENURE
13.8 yrs

A. O'Connor

TITLE
Senior VP
COMPENSATION
$672K
AGE
60
TENURE
23.8 yrs

Robert Fullagar

TITLE
Vice President of Operations
TENURE
0.3 yrs

Jay Kooper

TITLE
VP, General Counsel & Secretary
AGE
46
TENURE
5.7 yrs

Lorrie Ginegaw

TITLE
Vice President of Human Resources
AGE
44
TENURE
7.7 yrs
Board of Directors Tenure

Average tenure and age of the Middlesex Water board of directors in years:

9.7
Average Tenure
56
Average Age
  • The tenure for the Middlesex Water board of directors is about average.
Board of Directors

Dennis Doll

TITLE
Chairman
COMPENSATION
$1M
AGE
60
TENURE
9.5 yrs

Walter Reinhard

TITLE
Independent Director
COMPENSATION
$45K
AGE
73
TENURE
17.8 yrs

Steve Klein

TITLE
Independent Director
COMPENSATION
$50K
AGE
53
TENURE
10.3 yrs

Amy Mansue

TITLE
Independent Director
COMPENSATION
$47K
AGE
54
TENURE
9.8 yrs

James Cosgrove

TITLE
Independent Director
COMPENSATION
$43K
AGE
55
TENURE
9.8 yrs

Jeffries Shein

TITLE
Lead Director
COMPENSATION
$45K
AGE
79
TENURE
9.4 yrs

Kim Hanemann

TITLE
Independent Director
COMPENSATION
$41K
AGE
55
TENURE
3.8 yrs

Ann Noble

TITLE
Director
AGE
57
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
09. Jul 19 Sell Robert Fullagar Individual 09. Jul 19 09. Jul 19 -500 €54.78 €-27,389
08. Jul 19 Sell Lorrie Ginegaw Individual 05. Jul 19 05. Jul 19 -650 €54.83 €-35,642
12. Jun 19 Sell Walter Reinhard Individual 07. Jun 19 07. Jun 19 -399 €52.76 €-21,039
07. Jun 19 Sell Bernadette Sohler Individual 07. Jun 19 07. Jun 19 -406 €52.96 €-21,503
16. May 19 Sell A. O'Connor Individual 16. May 19 16. May 19 -1,700 €54.64 €-92,882
13. May 19 Sell Dennis Doll Individual 13. May 19 13. May 19 -3,127 €54.60 €-170,741
28. Mar 19 Sell Bernadette Sohler Individual 26. Mar 19 26. Mar 19 -6 €50.66 €-304
22. Mar 19 Sell Bernadette Sohler Individual 22. Mar 19 22. Mar 19 -500 €51.22 €-25,610
22. Mar 19 Sell Dennis Doll Individual 22. Mar 19 22. Mar 19 -2,000 €51.22 €-102,441
20. Mar 19 Sell Lorrie Ginegaw Individual 20. Mar 19 20. Mar 19 -720 €49.50 €-35,643
28. Jan 19 Sell Walter Reinhard Individual 25. Jan 19 25. Jan 19 -500 €50.85 €-25,423
X
Management checks
We assess Middlesex Water's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Middlesex Water has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MSX News

Simply Wall St News

MSX Company Info

Description

Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania. This segment also includes 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. Middlesex Water Company was founded in 1897 and is headquartered in Iselin, New Jersey.

Details
Name: Middlesex Water Company
MSX
Exchange: BST
Founded: 1897
$905,959,627
16,669,540
Website: http://www.middlesexwater.com
Address: Middlesex Water Company
485C Route 1 South,
Suite 400,
Iselin,
New Jersey, 08830,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS MSEX Common Stock Nasdaq Global Select US USD 02. Jan 1969
BST MSX Common Stock Boerse-Stuttgart DE EUR 02. Jan 1969
Number of employees
Current staff
Staff numbers
330
Middlesex Water employees.
Industry
Water Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/18 22:05
End of day share price update: 2019/11/18 00:00
Last estimates confirmation: 2019/11/04
Last earnings filing: 2019/11/01
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.