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1. Company Snapshot

1.a. Company Description

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania.The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater collection, treatment infrastructure, and wastewater services to customers in Delaware.It also provides contract water and wastewater services; water, sewer, and internal service line protection plans; and wastewater management services, as well as design, construction, and engineering services.


In addition, the company offers services to other water utilities, including operations and billing functions; owns real estate properties, including land for office buildings, a water treatment plant, and wastewater facility; and provides design, installation, maintenance, and repair services related to existing or proposed storm water management systems.As of December 31, 2021, it served approximately 91,700 customers in Delaware, 2,500 customers in Maryland, and 40 customers in Pennsylvania through 1,368 miles of transmission and distribution mains.Artesian Resources Corporation was founded in 1905 and is headquartered in Newark, Delaware.

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1.b. Last Insights on ARTNA

Artesian Resources Corporation's recent performance was driven by a quarterly dividend increase, solid revenue growth, and higher diluted EPS, as reported in Q3 2024 results. The company's debt-to-capital ratio implies financial security. Additionally, the recent market rotation towards dividend stocks and the company's attractive dividend yield, with an annualized rate of $1.2056, may have contributed to the stock's performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Artesian Water Company Announces Credit to Delaware Customers With Proceeds From PFAS Settlement Agreement

Nov -19

Source: globenewswire.com

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Artesian Resources (ARTNA) Surpasses Q3 Earnings and Revenue Estimates

Oct -30

Source: zacks.com

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Artesian Resources Corporation Reports Third Quarter and Year-To-Date 2025 Results

Oct -30

Source: globenewswire.com

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Artesian Resources Corporation Announces Second 2% Increase This Year in Quarterly Common Stock Dividend

Oct -30

Source: globenewswire.com

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5 Dividend Stocks I Can't Wait To Buy In October (Plus Macro Update)

Oct -04

Source: seekingalpha.com

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Artesian Resources: Buy Now For A Growing Dividend Stream

Sep -05

Source: seekingalpha.com

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Artesian Resources Vs. Essential Utilities: Both Look Appealing

Aug -21

Source: seekingalpha.com

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Artesian Resources (ARTNA) Q2 Earnings Surpass Estimates

Aug -04

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.93%)

6. Segments

Regulated Utility

Expected Growth: 4%

Artesian Resources Corporation's regulated utility segment growth is driven by increasing water demand from residential and commercial customers, rate base growth through infrastructure investments, and favorable regulatory environment. Additionally, the company's focus on water conservation and efficiency initiatives contributes to its growth.

Other (Non-utility)

Expected Growth: 3%

Artesian Resources Corporation's Other (Non-utility) segment growth is driven by increasing demand for wastewater management services, expansion of its service areas, and strategic acquisitions. Additionally, the company's focus on water conservation and efficiency initiatives, as well as its investment in infrastructure development, contribute to its growth.

Inter-segment Elimination

Expected Growth: 0%

Artesian Resources Corporation's Inter-segment Elimination with 0% growth is driven by stagnant water sales, flat operating expenses, and lack of investments in infrastructure development, resulting in no eliminations between segments.

7. Detailed Products

Water Distribution

Artesian Resources Corporation provides water distribution services to residential, commercial, and industrial customers in Delaware.

Wastewater Collection

The company offers wastewater collection services, collecting and treating wastewater from households and businesses.

Water Treatment

Artesian Resources Corporation operates water treatment plants to purify and distribute clean drinking water.

Wastewater Treatment

The company provides wastewater treatment services, treating wastewater to remove pollutants and contaminants.

Water Conservation

Artesian Resources Corporation promotes water conservation through education and outreach programs.

8. Artesian Resources Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Artesian Resources Corporation's water utility services have moderate substitutes in the form of private wells and bottled water, but the convenience and quality of the company's services maintain customer loyalty.

Bargaining Power Of Customers

Artesian Resources Corporation's customers have limited bargaining power due to the essential nature of the company's water utility services and the lack of alternative suppliers.

Bargaining Power Of Suppliers

Artesian Resources Corporation has a diverse supplier base, and the company's scale of operations gives it bargaining power in negotiating prices and terms with its suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the water utility industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

Artesian Resources Corporation operates in a moderately competitive market, with some competition from other water utility companies, but the company's strong brand and customer relationships help to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.94%
Debt Cost 4.94%
Equity Weight 56.06%
Equity Cost 4.94%
WACC 4.94%
Leverage 78.37%

11. Quality Control: Artesian Resources Corporation 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

Stock-Card
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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Stock-Card
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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Stock-Card
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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Stock-Card
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 ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

31.56$

Current Price

31.56$

Potential

-0.00%

Expected Cash-Flows