Intrinsic value of American Water Works - AWK

Previous Close

$91.94

  Intrinsic Value

$27.40

stock screener

  Rating & Target

str. sell

-70%

Previous close

$91.94

 
Intrinsic value

$27.40

 
Up/down potential

-70%

 
Rating

str. sell

We calculate the intrinsic value of AWK 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 0001), $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 16.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  3,424
  3,503
  3,593
  3,694
  3,806
  3,929
  4,063
  4,207
  4,364
  4,531
  4,710
  4,901
  5,105
  5,321
  5,551
  5,794
  6,051
  6,324
  6,611
  6,915
  7,236
  7,574
  7,930
  8,306
  8,701
  9,117
  9,555
  10,017
  10,502
  11,012
Variable operating expenses, $m
  2,035
  2,078
  2,128
  2,184
  2,246
  2,314
  2,388
  2,468
  2,555
  2,647
  2,608
  2,714
  2,826
  2,946
  3,073
  3,208
  3,350
  3,501
  3,660
  3,829
  4,006
  4,193
  4,391
  4,598
  4,817
  5,048
  5,290
  5,546
  5,814
  6,097
Fixed operating expenses, $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
Total operating expenses, $m
  2,035
  2,078
  2,128
  2,184
  2,246
  2,314
  2,388
  2,468
  2,555
  2,647
  2,608
  2,714
  2,826
  2,946
  3,073
  3,208
  3,350
  3,501
  3,660
  3,829
  4,006
  4,193
  4,391
  4,598
  4,817
  5,048
  5,290
  5,546
  5,814
  6,097
Operating income, $m
  1,390
  1,425
  1,465
  1,510
  1,560
  1,615
  1,675
  1,739
  1,809
  1,884
  2,102
  2,188
  2,279
  2,375
  2,478
  2,586
  2,701
  2,823
  2,951
  3,087
  3,230
  3,381
  3,540
  3,707
  3,884
  4,069
  4,265
  4,471
  4,687
  4,915
EBITDA, $m
  2,083
  2,131
  2,185
  2,247
  2,315
  2,390
  2,471
  2,559
  2,654
  2,756
  2,865
  2,981
  3,105
  3,236
  3,376
  3,524
  3,681
  3,846
  4,021
  4,206
  4,401
  4,606
  4,823
  5,052
  5,292
  5,545
  5,812
  6,092
  6,387
  6,698
Interest expense (income), $m
  327
  417
  434
  452
  473
  496
  521
  549
  579
  612
  648
  686
  727
  770
  816
  865
  918
  973
  1,031
  1,093
  1,159
  1,228
  1,301
  1,377
  1,458
  1,544
  1,634
  1,728
  1,828
  1,933
  2,043
Earnings before tax, $m
  972
  990
  1,013
  1,037
  1,064
  1,094
  1,126
  1,160
  1,197
  1,236
  1,417
  1,461
  1,509
  1,559
  1,612
  1,669
  1,728
  1,791
  1,858
  1,928
  2,002
  2,080
  2,162
  2,249
  2,340
  2,436
  2,537
  2,643
  2,755
  2,872
Tax expense, $m
  263
  267
  273
  280
  287
  295
  304
  313
  323
  334
  382
  395
  407
  421
  435
  450
  467
  484
  502
  521
  541
  562
  584
  607
  632
  658
  685
  714
  744
  775
Net income, $m
  710
  723
  739
  757
  777
  798
  822
  847
  873
  902
  1,034
  1,067
  1,101
  1,138
  1,177
  1,218
  1,262
  1,308
  1,356
  1,407
  1,461
  1,518
  1,578
  1,642
  1,708
  1,778
  1,852
  1,929
  2,011
  2,097

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  19,908
  20,366
  20,889
  21,477
  22,128
  22,842
  23,620
  24,462
  25,369
  26,343
  27,385
  28,496
  29,679
  30,937
  32,272
  33,686
  35,183
  36,766
  38,439
  40,205
  42,068
  44,034
  46,105
  48,288
  50,587
  53,007
  55,555
  58,236
  61,056
  64,023
Adjusted assets (=assets-cash), $m
  19,908
  20,366
  20,889
  21,477
  22,128
  22,842
  23,620
  24,462
  25,369
  26,343
  27,385
  28,496
  29,679
  30,937
  32,272
  33,686
  35,183
  36,766
  38,439
  40,205
  42,068
  44,034
  46,105
  48,288
  50,587
  53,007
  55,555
  58,236
  61,056
  64,023
Revenue / Adjusted assets
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
Average production assets, $m
  16,628
  17,010
  17,447
  17,938
  18,482
  19,079
  19,728
  20,432
  21,189
  22,003
  22,873
  23,801
  24,789
  25,840
  26,954
  28,135
  29,386
  30,708
  32,105
  33,580
  35,137
  36,778
  38,509
  40,332
  42,252
  44,273
  46,401
  48,640
  50,996
  53,474
Working capital, $m
  -469
  -480
  -492
  -506
  -521
  -538
  -557
  -576
  -598
  -621
  -645
  -671
  -699
  -729
  -760
  -794
  -829
  -866
  -906
  -947
  -991
  -1,038
  -1,086
  -1,138
  -1,192
  -1,249
  -1,309
  -1,372
  -1,439
  -1,509
Total debt, $m
  8,041
  8,373
  8,752
  9,177
  9,649
  10,166
  10,729
  11,339
  11,995
  12,700
  13,454
  14,259
  15,116
  16,026
  16,993
  18,017
  19,100
  20,247
  21,458
  22,736
  24,086
  25,508
  27,008
  28,589
  30,253
  32,005
  33,850
  35,791
  37,833
  39,980
Total liabilities, $m
  14,413
  14,745
  15,124
  15,549
  16,021
  16,538
  17,101
  17,711
  18,367
  19,072
  19,826
  20,631
  21,488
  22,398
  23,365
  24,389
  25,472
  26,619
  27,830
  29,108
  30,458
  31,880
  33,380
  34,961
  36,625
  38,377
  40,222
  42,163
  44,205
  46,352
Total equity, $m
  5,495
  5,621
  5,765
  5,928
  6,107
  6,304
  6,519
  6,752
  7,002
  7,271
  7,558
  7,865
  8,192
  8,539
  8,907
  9,297
  9,710
  10,147
  10,609
  11,097
  11,611
  12,153
  12,725
  13,328
  13,962
  14,630
  15,333
  16,073
  16,851
  17,670
Total liabilities and equity, $m
  19,908
  20,366
  20,889
  21,477
  22,128
  22,842
  23,620
  24,463
  25,369
  26,343
  27,384
  28,496
  29,680
  30,937
  32,272
  33,686
  35,182
  36,766
  38,439
  40,205
  42,069
  44,033
  46,105
  48,289
  50,587
  53,007
  55,555
  58,236
  61,056
  64,022
Debt-to-equity ratio
  1.460
  1.490
  1.520
  1.550
  1.580
  1.610
  1.650
  1.680
  1.710
  1.750
  1.780
  1.810
  1.850
  1.880
  1.910
  1.940
  1.970
  2.000
  2.020
  2.050
  2.070
  2.100
  2.120
  2.150
  2.170
  2.190
  2.210
  2.230
  2.250
  2.260
Adjusted equity ratio
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  710
  723
  739
  757
  777
  798
  822
  847
  873
  902
  1,034
  1,067
  1,101
  1,138
  1,177
  1,218
  1,262
  1,308
  1,356
  1,407
  1,461
  1,518
  1,578
  1,642
  1,708
  1,778
  1,852
  1,929
  2,011
  2,097
Depreciation, amort., depletion, $m
  693
  706
  720
  737
  755
  775
  796
  820
  845
  872
  762
  793
  826
  861
  898
  938
  980
  1,024
  1,070
  1,119
  1,171
  1,226
  1,284
  1,344
  1,408
  1,476
  1,547
  1,621
  1,700
  1,782
Funds from operations, $m
  1,403
  1,429
  1,460
  1,494
  1,532
  1,573
  1,618
  1,667
  1,719
  1,774
  1,796
  1,860
  1,928
  1,999
  2,075
  2,156
  2,241
  2,331
  2,426
  2,527
  2,633
  2,744
  2,862
  2,986
  3,116
  3,254
  3,399
  3,551
  3,711
  3,879
Change in working capital, $m
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
Cash from operations, $m
  1,412
  1,440
  1,472
  1,508
  1,547
  1,590
  1,636
  1,686
  1,740
  1,797
  1,821
  1,886
  1,955
  2,029
  2,107
  2,189
  2,276
  2,368
  2,466
  2,568
  2,677
  2,791
  2,911
  3,037
  3,171
  3,311
  3,459
  3,614
  3,777
  3,949
Maintenance CAPEX, $m
  -543
  -554
  -567
  -582
  -598
  -616
  -636
  -658
  -681
  -706
  -733
  -762
  -793
  -826
  -861
  -898
  -938
  -980
  -1,024
  -1,070
  -1,119
  -1,171
  -1,226
  -1,284
  -1,344
  -1,408
  -1,476
  -1,547
  -1,621
  -1,700
New CAPEX, $m
  -325
  -382
  -437
  -491
  -544
  -597
  -650
  -703
  -758
  -813
  -870
  -928
  -988
  -1,050
  -1,115
  -1,181
  -1,250
  -1,322
  -1,397
  -1,475
  -1,557
  -1,642
  -1,730
  -1,823
  -1,920
  -2,022
  -2,128
  -2,239
  -2,356
  -2,478
Cash from investing activities, $m
  -868
  -936
  -1,004
  -1,073
  -1,142
  -1,213
  -1,286
  -1,361
  -1,439
  -1,519
  -1,603
  -1,690
  -1,781
  -1,876
  -1,976
  -2,079
  -2,188
  -2,302
  -2,421
  -2,545
  -2,676
  -2,813
  -2,956
  -3,107
  -3,264
  -3,430
  -3,604
  -3,786
  -3,977
  -4,178
Free cash flow, $m
  543
  503
  468
  436
  405
  377
  351
  325
  301
  278
  218
  195
  174
  152
  131
  109
  88
  67
  45
  23
  1
  -22
  -45
  -69
  -94
  -119
  -145
  -172
  -200
  -229
Issuance/(repayment) of debt, $m
  316
  332
  379
  425
  471
  517
  563
  610
  657
  705
  754
  805
  857
  911
  966
  1,024
  1,084
  1,146
  1,211
  1,279
  1,349
  1,423
  1,500
  1,580
  1,664
  1,752
  1,844
  1,941
  2,042
  2,148
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  316
  332
  379
  425
  471
  517
  563
  610
  657
  705
  754
  805
  857
  911
  966
  1,024
  1,084
  1,146
  1,211
  1,279
  1,349
  1,423
  1,500
  1,580
  1,664
  1,752
  1,844
  1,941
  2,042
  2,148
Total cash flow (excl. dividends), $m
  860
  834
  847
  861
  877
  895
  914
  935
  958
  983
  972
  1,000
  1,030
  1,063
  1,097
  1,133
  1,172
  1,213
  1,256
  1,302
  1,350
  1,401
  1,454
  1,511
  1,571
  1,633
  1,699
  1,769
  1,842
  1,919
Retained Cash Flow (-), $m
  -110
  -126
  -144
  -162
  -180
  -197
  -215
  -232
  -250
  -269
  -287
  -307
  -327
  -347
  -368
  -390
  -413
  -437
  -462
  -487
  -514
  -542
  -572
  -602
  -634
  -668
  -703
  -740
  -778
  -819
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
  750
  708
  702
  699
  697
  697
  699
  703
  708
  714
  684
  693
  704
  716
  729
  743
  759
  776
  794
  814
  836
  858
  883
  909
  936
  965
  996
  1,029
  1,064
  1,100
Discount rate, %
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
  691
  597
  537
  480
  426
  376
  329
  285
  244
  207
  164
  136
  111
  89
  71
  55
  42
  32
  23
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  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

American Water Works Company, Inc. is a holding company for regulated and market-based subsidiaries throughout the United States and Ontario, Canada. The Company's Regulated Businesses segment provides water and wastewater services as public utilities in 16 states in the United States as of December 31, 2016. The Market-Based Businesses consists of four segments, including Military Services Group, which conducts operation and maintenance (O&M) of water and wastewater systems for military bases; Contract Operations Group, which conducts O&M of water and wastewater facilities for municipalities and the food and beverage industry; Homeowner Services Group, which primarily provides water and sewer line protection plans for homeowners, and Keystone, which provides water services for natural gas exploration and production companies. The Company, through its subsidiary, American Water Works Service Company, Inc. provides support and operational services for its operating subsidiaries.

FINANCIAL RATIOS  of  American Water Works (AWK)

Valuation Ratios
P/E Ratio 35
Price to Sales 5
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow -467.8
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13%
Cap. Spend. - 3 Yr. Gr. Rate 6%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 110.4%
Total Debt to Equity 137.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 47.5%
EBITDA Margin - 3 Yr. Avg. 47.9%
Operating Margin 32.7%
Oper. Margin - 3 Yr. Avg. 33.3%
Pre-Tax Margin 23.3%
Pre-Tax Margin - 3 Yr. Avg. 23.9%
Net Profit Margin 14.2%
Net Profit Margin - 3 Yr. Avg. 14.4%
Effective Tax Rate 39.2%
Eff/ Tax Rate - 3 Yr. Avg. 39.3%
Payout Ratio 55.8%

AWK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AWK stock intrinsic value calculation we used $3357 million for the last fiscal year's total revenue generated by American Water Works. The default revenue input number comes from 0001 income statement of American Water Works. 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 AWK 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 8.5%, whose default value for AWK is calculated based on our internal credit rating of American Water Works, 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 American Water Works.
    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 AWK stock the variable cost ratio is equal to 59.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AWK 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 5.4% for American Water Works.

Corporate tax rate of 27% is the nominal tax rate for American Water Works. 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 AWK 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 AWK are equal to 485.6%.

Life of production assets of 34.5 years is the average useful life of capital assets used in American Water Works 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 AWK is equal to -13.7%. 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 - $5385 million for American Water Works - 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 180.492 million for American Water Works 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 American Water Works at the current share price and the inputted number of shares is $16.6 billion.

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COMPANY NEWS

▶ Local public companies with the most women board members   [02:37PM  American City Business Journals]
▶ American Water Joins Military Spouse Employment Partnership   [Oct-16-18 11:48AM  Business Wire]
▶ American Water Awards 49 Environmental Grants   [Sep-20-18 12:35PM  Business Wire]
▶ CPUC Approves Desalination Project   [10:17AM  Business Wire]
▶ 12 Top Stock Picks to Shield Your Portfolio   [Sep-11-18 02:33PM  Kiplinger]
▶ American Water completes $4M acquisition in Missouri, announces a new one in Hawaii   [Aug-31-18 02:10PM  American City Business Journals]
▶ Peoria GreenSplash Ribbon Cutting and Celebration Scheduled   [Aug-30-18 05:35PM  Business Wire]
▶ Top Stocks for 2018 and 2019 -- and the Next Few Decades   [Aug-29-18 02:41PM  Motley Fool]
▶ Which Philadelphia-area companies offer the highest median pay?   [Aug-10-18 12:43PM  American City Business Journals]
▶ Correction: PepsiCo-CEO-Women-Glance story   [Aug-07-18 06:57PM  Associated Press]
▶ American Water Works: 2Q Earnings Snapshot   [Aug-01-18 05:03PM  Associated Press]
▶ American Water Declares Quarterly Dividend   [Jul-27-18 10:29AM  Business Wire]
▶ Peoria GreenSplash Volunteer Day   [Jul-19-18 05:08PM  Business Wire]
▶ American Water sells contract services group for $27M   [02:37PM  American City Business Journals]
▶ N.J. American Water invests nearly $1M in Camden neighborhood projects   [07:39AM  American City Business Journals]
▶ American Water Optimizes Market-based Business Portfolio   [Jul-09-18 11:45AM  Business Wire]
▶ American Water doubles down on regionalization with $1M acquisition   [Jul-05-18 12:21PM  American City Business Journals]

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