Company Valuation: Artesian Resources Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 346.3 434.9 551.1 424.7 325.1 327.7
Change - 25.58% 26.71% -22.93% -23.45% 0.79%
Enterprise Value (EV) 1 517.7 606.8 748.1 603.3 503.1 510.3
Change - 17.21% 23.28% -19.36% -16.6% 1.43%
P/E 20.7x 25.9x 30.8x 24.9x 16x 14.3x
PBR 2.05x 2.45x 2.96x 1.85x 1.36x 1.3x
PEG - - 5.01x -2x 0.9x 1.2x
Capitalization / Revenue 3.93x 4.79x 5.57x 4.3x 3.01x 2.9x
EV / Revenue 5.87x 6.68x 7.56x 6.1x 4.66x 4.52x
EV / EBITDA 13.2x 15.2x 17.6x 14.3x 10.7x 10.3x
EV / EBIT 18.5x 21.6x 25.1x 21x 15x 14.3x
EV / FCF -33.3x -46.3x -27.3x -15.4x -60.2x -22x
FCF Yield -3% -2.16% -3.66% -6.51% -1.66% -4.55%
Dividend per Share 2 1.006 1.047 1.092 1.136 1.182 1.23
Rate of return 2.71% 2.26% 1.86% 2.74% 3.74% 3.89%
EPS 2 1.79 1.79 1.9 1.667 1.98 2.21
Distribution rate 56.2% 58.5% 57.5% 68.2% 59.7% 55.6%
Net sales 1 88.14 90.86 98.9 98.86 108 112.9
EBITDA 1 39.12 39.92 42.4 42.13 47.1 49.42
EBIT 1 27.98 28.03 29.78 28.79 33.47 35.61
Net income 1 16.82 16.83 18 16.7 20.39 22.82
Net Debt 1 171.4 171.9 197 178.6 178 182.6
Reference price 2 37.08 46.33 58.58 41.45 31.62 31.61
Nbr of stocks (in thousands) 9,341 9,406 9,491 10,277 10,298 10,313
Announcement Date 3/12/21 3/11/22 3/10/23 3/18/24 3/26/25 3/16/26
1USD in Million2USD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 354M
22.05x7.85x14.04x2.62% 26.66B
11.41x3.1x5.86x5.66% 7.06B
19.04x4.09x9.84x3.13% 4.79B
13.55x4.14x13.25x7.06% 2.96B
21.97x5.46x13.56x2.88% 2.57B
8.16x2.25x5.49x4.8% 2.15B
6.61x5.87x8.59x5.99% 1.72B
380.22x3.71x7.23x0.59% 1.61B
Average 60.38x 4.56x 9.73x 4.09% 5.54B
Weighted average by Cap. 30.23x 6.02x 11.61x 3.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Artesian Resources Corporation