Discounted Cash Flow

Middlesex Water Co.

MSEX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $22.7m $47.1m $1.39
2017 $22.8m (0.3%) $42.8m (-9.0%) $1.39 (0.0%)
2018 $137.9m $32.5m (42.3%) $45.9m (7.1%) 23.5% $1.97 (41.7%)
2019 $134.5m (-2.5%) $33.9m (4.4%) $36.1m (-21.4%) 25.2% (7.1%) $2.02 (2.5%)
2020 $141.6m (5.3%) $38.4m (13.4%) $53.4m (48.0%) 27.1% (7.7%) $2.19 (8.4%)
2021 $143.1m (1.1%) $36.5m (-4.9%) $33.0m (-38.1%) 25.5% (-5.9%) $2.08 (-5.0%)
2022 $162.4m (13.5%) $42.4m (16.1%) $-30.0m (-190.8%) 26.1% (2.3%) $2.40 (15.4%)
2023 $166.3m (2.4%) $31.5m (-25.7%) $-37.4m (-24.8%) 19.0% (-27.4%) $1.77 (-26.2%)
2024 $191.9m (15.4%) $44.4m (40.7%) $-15.9m (57.5%) 23.1% (21.9%) $2.48 (40.1%)
2025 $194.7m (1.5%) $42.8m (-3.4%) $-33.8m (-112.4%) 22.0% (-4.8%) $2.36 (-4.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model