Intrinsic value of Aqua America - WTR

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$33.52

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WTR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.74
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  820
  836
  856
  878
  902
  930
  960
  992
  1,028
  1,066
  1,107
  1,151
  1,197
  1,247
  1,300
  1,356
  1,415
  1,478
  1,545
  1,615
  1,689
  1,767
  1,850
  1,937
  2,029
  2,125
  2,227
  2,334
  2,447
  2,565
  2,690
Variable operating expenses, $m
 
  278
  285
  292
  300
  309
  319
  330
  341
  354
  367
  377
  393
  409
  426
  445
  464
  485
  506
  530
  554
  580
  607
  635
  665
  697
  730
  765
  802
  841
  882
Fixed operating expenses, $m
 
  233
  238
  244
  251
  257
  263
  270
  277
  283
  291
  298
  305
  313
  321
  329
  337
  345
  354
  363
  372
  381
  391
  401
  411
  421
  431
  442
  453
  465
  476
Total operating expenses, $m
  494
  511
  523
  536
  551
  566
  582
  600
  618
  637
  658
  675
  698
  722
  747
  774
  801
  830
  860
  893
  926
  961
  998
  1,036
  1,076
  1,118
  1,161
  1,207
  1,255
  1,306
  1,358
Operating income, $m
  326
  325
  332
  341
  352
  364
  378
  393
  410
  429
  449
  475
  499
  525
  553
  583
  614
  648
  684
  723
  763
  807
  853
  901
  953
  1,008
  1,065
  1,127
  1,191
  1,260
  1,332
EBITDA, $m
  459
  329
  337
  345
  356
  368
  382
  397
  414
  433
  453
  475
  499
  525
  553
  583
  614
  648
  684
  723
  763
  807
  853
  901
  953
  1,008
  1,065
  1,127
  1,191
  1,260
  1,332
Interest expense (income), $m
  66
  68
  71
  75
  79
  84
  89
  95
  101
  108
  115
  122
  131
  140
  149
  159
  170
  181
  193
  205
  219
  233
  248
  263
  280
  297
  315
  334
  355
  376
  398
Earnings before tax, $m
  255
  257
  261
  266
  273
  280
  289
  298
  309
  321
  334
  353
  369
  386
  404
  424
  445
  467
  491
  517
  545
  574
  605
  638
  673
  711
  750
  792
  837
  884
  933
Tax expense, $m
  21
  69
  70
  72
  74
  76
  78
  81
  83
  87
  90
  95
  100
  104
  109
  114
  120
  126
  133
  140
  147
  155
  163
  172
  182
  192
  203
  214
  226
  239
  252
Net income, $m
  234
  188
  191
  194
  199
  204
  211
  218
  226
  234
  244
  258
  269
  281
  295
  309
  325
  341
  359
  378
  398
  419
  442
  466
  492
  519
  548
  578
  611
  645
  681

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,159
  6,289
  6,433
  6,599
  6,784
  6,990
  7,216
  7,461
  7,727
  8,014
  8,322
  8,651
  9,002
  9,375
  9,773
  10,194
  10,641
  11,114
  11,614
  12,142
  12,700
  13,289
  13,910
  14,564
  15,254
  15,980
  16,745
  17,549
  18,396
  19,287
  20,224
Adjusted assets (=assets-cash), $m
  6,155
  6,289
  6,433
  6,599
  6,784
  6,990
  7,216
  7,461
  7,727
  8,014
  8,322
  8,651
  9,002
  9,375
  9,773
  10,194
  10,641
  11,114
  11,614
  12,142
  12,700
  13,289
  13,910
  14,564
  15,254
  15,980
  16,745
  17,549
  18,396
  19,287
  20,224
Revenue / Adjusted assets
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  -173
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
Total debt, $m
  1,895
  1,982
  2,083
  2,198
  2,328
  2,472
  2,630
  2,802
  2,987
  3,188
  3,403
  3,633
  3,878
  4,139
  4,417
  4,712
  5,024
  5,355
  5,704
  6,074
  6,464
  6,875
  7,309
  7,766
  8,248
  8,756
  9,290
  9,853
  10,445
  11,068
  11,723
Total liabilities, $m
  4,309
  4,396
  4,497
  4,612
  4,742
  4,886
  5,044
  5,216
  5,401
  5,602
  5,817
  6,047
  6,292
  6,553
  6,831
  7,126
  7,438
  7,769
  8,118
  8,488
  8,878
  9,289
  9,723
  10,180
  10,662
  11,170
  11,704
  12,267
  12,859
  13,482
  14,137
Total equity, $m
  1,850
  1,893
  1,936
  1,986
  2,042
  2,104
  2,172
  2,246
  2,326
  2,412
  2,505
  2,604
  2,710
  2,822
  2,942
  3,068
  3,203
  3,345
  3,496
  3,655
  3,823
  4,000
  4,187
  4,384
  4,591
  4,810
  5,040
  5,282
  5,537
  5,805
  6,088
Total liabilities and equity, $m
  6,159
  6,289
  6,433
  6,598
  6,784
  6,990
  7,216
  7,462
  7,727
  8,014
  8,322
  8,651
  9,002
  9,375
  9,773
  10,194
  10,641
  11,114
  11,614
  12,143
  12,701
  13,289
  13,910
  14,564
  15,253
  15,980
  16,744
  17,549
  18,396
  19,287
  20,225
Debt-to-equity ratio
  1.024
  1.050
  1.080
  1.110
  1.140
  1.170
  1.210
  1.250
  1.280
  1.320
  1.360
  1.400
  1.430
  1.470
  1.500
  1.540
  1.570
  1.600
  1.630
  1.660
  1.690
  1.720
  1.750
  1.770
  1.800
  1.820
  1.840
  1.870
  1.890
  1.910
  1.930
Adjusted equity ratio
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  234
  188
  191
  194
  199
  204
  211
  218
  226
  234
  244
  258
  269
  281
  295
  309
  325
  341
  359
  378
  398
  419
  442
  466
  492
  519
  548
  578
  611
  645
  681
Depreciation, amort., depletion, $m
  133
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  399
  192
  195
  199
  203
  209
  215
  222
  230
  239
  248
  258
  269
  281
  295
  309
  325
  341
  359
  378
  398
  419
  442
  466
  492
  519
  548
  578
  611
  645
  681
Change in working capital, $m
  3
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
Cash from operations, $m
  396
  192
  195
  199
  204
  209
  216
  223
  231
  240
  249
  259
  270
  283
  296
  310
  326
  343
  360
  379
  399
  421
  444
  468
  494
  521
  550
  581
  613
  648
  684
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  -383
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -383
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  13
  192
  195
  199
  204
  209
  216
  223
  231
  240
  249
  259
  270
  283
  296
  310
  326
  343
  360
  379
  399
  421
  444
  468
  494
  521
  550
  581
  613
  648
  684
Issuance/(repayment) of debt, $m
  112
  91
  101
  116
  130
  144
  158
  172
  186
  200
  215
  230
  245
  261
  278
  295
  312
  331
  350
  369
  390
  412
  434
  457
  482
  508
  534
  563
  592
  623
  655
Issuance/(repurchase) of shares, $m
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  119
  91
  101
  116
  130
  144
  158
  172
  186
  200
  215
  230
  245
  261
  278
  295
  312
  331
  350
  369
  390
  412
  434
  457
  482
  508
  534
  563
  592
  623
  655
Total cash flow (excl. dividends), $m
  132
  283
  296
  315
  333
  353
  373
  394
  417
  440
  464
  489
  516
  544
  574
  605
  638
  673
  710
  749
  789
  832
  878
  925
  976
  1,029
  1,084
  1,143
  1,205
  1,270
  1,339
Retained Cash Flow (-), $m
  -124
  -43
  -44
  -50
  -56
  -62
  -68
  -74
  -80
  -86
  -93
  -99
  -106
  -113
  -120
  -127
  -134
  -142
  -151
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -230
  -242
  -255
  -268
  -282
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  240
  253
  265
  278
  291
  305
  321
  337
  354
  372
  390
  410
  431
  454
  478
  504
  531
  559
  589
  621
  655
  691
  728
  768
  810
  854
  901
  950
  1,002
  1,057
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  222
  215
  206
  195
  183
  170
  157
  143
  129
  115
  101
  88
  75
  64
  53
  43
  34
  27
  21
  16
  12
  8
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Aqua America, Inc., through its subsidiaries, operates regulated utilities that provide water or wastewater services in the United States. It offers water and wastewater services through operating and maintenance contracts with municipal authorities and other parties. The company also provides water and wastewater line repair services, and protection solutions to households; inspects, cleans, and repairs storm and sanitary wastewater lines; installs and tests devices that prevent the contamination of potable water; and designs and builds water and wastewater systems. In addition, it offers non-utility raw water supply services for firms in the natural gas drilling industry. The company serves three million residential water, commercial water, fire protection, industrial water, wastewater, and other water and utility customers. It has operations in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, and Virginia. The company was formerly known as Philadelphia Suburban Corporation and changed its name to Aqua America, Inc. in 2004. Aqua America, Inc. was founded in 1968 and is based in Bryn Mawr, Pennsylvania.

FINANCIAL RATIOS  of  Aqua America (WTR)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 7.3
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 457.4
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.9%
Cap. Spend. - 3 Yr. Gr. Rate 4.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 93.9%
Total Debt to Equity 102.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 13.1%
Return On Equity - 3 Yr. Avg. 13.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 55.4%
EBITDA Margin - 3 Yr. Avg. 54.2%
Operating Margin 39.8%
Oper. Margin - 3 Yr. Avg. 39.9%
Pre-Tax Margin 31.1%
Pre-Tax Margin - 3 Yr. Avg. 29.5%
Net Profit Margin 28.5%
Net Profit Margin - 3 Yr. Avg. 27.7%
Effective Tax Rate 8.2%
Eff/ Tax Rate - 3 Yr. Avg. 8.5%
Payout Ratio 56%

WTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WTR stock intrinsic value calculation we used $820 million for the last fiscal year's total revenue generated by Aqua America. The default revenue input number comes from 2016 income statement of Aqua America. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WTR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8%, whose default value for WTR is calculated based on our internal credit rating of Aqua America, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Aqua America.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WTR stock the variable cost ratio is equal to 33.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $227 million in the base year in the intrinsic value calculation for WTR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.6% for Aqua America.

Corporate tax rate of 27% is the nominal tax rate for Aqua America. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WTR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WTR are equal to 0%.

Life of production assets of 0.3 years is the average useful life of capital assets used in Aqua America operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WTR is equal to -2.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1850 million for Aqua America - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 179.609 million for Aqua America is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Aqua America at the current share price and the inputted number of shares is $6.0 billion.


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COMPANY NEWS

▶ ETFs with exposure to Aqua America, Inc. : June 13, 2017   [Jun-13-17 01:04PM  Capital Cube]
▶ Hate Risk? You'll Love This Market-Crushing Stock   [Jun-06-17 09:07AM  Motley Fool]
▶ ETFs with exposure to Aqua America, Inc. : June 2, 2017   [Jun-02-17 02:38PM  Capital Cube]
▶ ETFs with exposure to Aqua America, Inc. : May 22, 2017   [May-22-17 02:20PM  Capital Cube]
▶ Aqua America Announces Officer Promotions in Finance Arena   [May-11-17 02:49PM  Business Wire]
▶ Aqua America misses 1Q profit forecasts   [May-03-17 07:57PM  Associated Press]
▶ Aqua America Declares June 2017 Dividend   [09:33AM  Business Wire]
▶ 7 Things You Didn't Know About Aqua America, Inc.   [May-02-17 11:20AM  Motley Fool]
▶ ETFs with exposure to Aqua America, Inc. : April 28, 2017   [Apr-28-17 04:25PM  Capital Cube]
▶ Aqua America to Report Earnings for First Quarter 2017   [Apr-12-17 08:30AM  Business Wire]
▶ ETFs with exposure to Aqua America, Inc. : April 7, 2017   [Apr-07-17 05:48PM  Capital Cube]
▶ Aqua America: Go With the Flow   [Mar-27-17 03:32PM  TheStreet.com]
▶ 3 Key Takeaways From Aqua America's Q4 Earnings   [Mar-06-17 12:03PM  Motley Fool]
▶ Aqua America Reports Earnings for 2016   [04:15PM  Business Wire]
▶ Better Buy: Aqua America vs. American States Water   [Feb-18-17 09:55PM  at Motley Fool]
▶ Better Buy: American Water Works vs. Aqua America   [Feb-08-17 03:10PM  at Motley Fool]
▶ Aqua America Declares March 2017 Dividend   [Feb-03-17 11:16AM  Business Wire]
▶ 3 Beaten-Up Dividend Stocks: Are They Bargains?   [Feb-01-17 11:44AM  at Motley Fool]
▶ Top Water Stocks to Buy in 2017 -- and the Ones to Avoid   [Jan-27-17 06:27PM  at Motley Fool]
▶ Aqua America to Report Earnings for Full Year 2016   [Jan-25-17 07:30AM  Business Wire]
▶ 3 Things That Could Bring Aqua America Down   [Jan-23-17 10:42AM  at Motley Fool]
▶ Aqua America Provides 2017 Earnings Guidance   [07:45AM  Business Wire]
▶ Aqua America Completed 19 Acquisitions in 2016; Nine in 4Q   [Jan-13-17 12:32PM  Business Wire]
▶ Hedge Funds Are Crazy About Aqua America Inc (WTR)   [05:36AM  at Insider Monkey]
Stock chart of WTR Financial statements of WTR Annual reports of WTR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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