Intrinsic value of Aqua America - WTR

Previous Close

$36.43

  Intrinsic Value

$3.64

stock screener

  Rating & Target

str. sell

-90%

Previous close

$36.43

 
Intrinsic value

$3.64

 
Up/down potential

-90%

 
Rating

str. sell

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 2017), $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 6.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  826
  845
  867
  891
  918
  948
  980
  1,015
  1,053
  1,093
  1,136
  1,183
  1,232
  1,284
  1,339
  1,398
  1,460
  1,526
  1,595
  1,669
  1,746
  1,827
  1,913
  2,004
  2,099
  2,200
  2,306
  2,417
  2,534
  2,657
Variable operating expenses, $m
  498
  509
  522
  537
  553
  571
  590
  611
  634
  658
  679
  707
  736
  768
  801
  836
  873
  912
  954
  997
  1,044
  1,092
  1,144
  1,198
  1,255
  1,315
  1,378
  1,445
  1,515
  1,588
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
  498
  509
  522
  537
  553
  571
  590
  611
  634
  658
  679
  707
  736
  768
  801
  836
  873
  912
  954
  997
  1,044
  1,092
  1,144
  1,198
  1,255
  1,315
  1,378
  1,445
  1,515
  1,588
Operating income, $m
  328
  336
  344
  354
  365
  377
  390
  404
  419
  435
  457
  476
  495
  516
  539
  562
  587
  614
  642
  671
  702
  735
  770
  806
  844
  885
  927
  972
  1,019
  1,069
EBITDA, $m
  867
  887
  910
  936
  964
  995
  1,029
  1,066
  1,105
  1,148
  1,193
  1,242
  1,293
  1,348
  1,406
  1,468
  1,533
  1,602
  1,675
  1,752
  1,833
  1,919
  2,009
  2,104
  2,204
  2,310
  2,421
  2,537
  2,660
  2,790
Interest expense (income), $m
  66
  116
  121
  126
  132
  140
  147
  156
  165
  176
  187
  198
  211
  224
  239
  254
  270
  287
  305
  325
  345
  366
  389
  412
  438
  464
  492
  521
  552
  584
  618
Earnings before tax, $m
  212
  215
  218
  222
  226
  230
  234
  239
  244
  249
  259
  265
  271
  278
  285
  292
  300
  308
  317
  326
  336
  346
  357
  368
  380
  393
  406
  420
  435
  450
Tax expense, $m
  57
  58
  59
  60
  61
  62
  63
  64
  66
  67
  70
  71
  73
  75
  77
  79
  81
  83
  86
  88
  91
  94
  96
  99
  103
  106
  110
  113
  117
  122
Net income, $m
  155
  157
  159
  162
  165
  168
  171
  174
  178
  182
  189
  193
  198
  203
  208
  213
  219
  225
  231
  238
  245
  253
  261
  269
  278
  287
  297
  307
  317
  329

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
  6,455
  6,603
  6,773
  6,963
  7,174
  7,406
  7,658
  7,931
  8,226
  8,541
  8,879
  9,239
  9,623
  10,031
  10,463
  10,922
  11,407
  11,921
  12,463
  13,036
  13,640
  14,277
  14,949
  15,656
  16,402
  17,187
  18,013
  18,882
  19,796
  20,758
Adjusted assets (=assets-cash), $m
  6,455
  6,603
  6,773
  6,963
  7,174
  7,406
  7,658
  7,931
  8,226
  8,541
  8,879
  9,239
  9,623
  10,031
  10,463
  10,922
  11,407
  11,921
  12,463
  13,036
  13,640
  14,277
  14,949
  15,656
  16,402
  17,187
  18,013
  18,882
  19,796
  20,758
Revenue / Adjusted assets
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
Average production assets, $m
  5,351
  5,474
  5,615
  5,773
  5,948
  6,140
  6,349
  6,576
  6,819
  7,081
  7,361
  7,660
  7,978
  8,316
  8,675
  9,055
  9,457
  9,883
  10,332
  10,807
  11,308
  11,836
  12,393
  12,980
  13,598
  14,249
  14,933
  15,654
  16,412
  17,210
Working capital, $m
  -45
  -46
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
Total debt, $m
  2,233
  2,335
  2,452
  2,584
  2,730
  2,890
  3,064
  3,253
  3,456
  3,674
  3,908
  4,157
  4,422
  4,704
  5,003
  5,319
  5,655
  6,009
  6,384
  6,780
  7,197
  7,638
  8,102
  8,591
  9,106
  9,648
  10,219
  10,820
  11,452
  12,116
Total liabilities, $m
  4,460
  4,563
  4,680
  4,812
  4,958
  5,118
  5,292
  5,481
  5,684
  5,902
  6,135
  6,384
  6,649
  6,931
  7,230
  7,547
  7,882
  8,237
  8,612
  9,008
  9,425
  9,865
  10,330
  10,819
  11,334
  11,876
  12,447
  13,047
  13,679
  14,344
Total equity, $m
  1,994
  2,040
  2,093
  2,152
  2,217
  2,288
  2,366
  2,451
  2,542
  2,639
  2,744
  2,855
  2,973
  3,099
  3,233
  3,375
  3,525
  3,683
  3,851
  4,028
  4,215
  4,412
  4,619
  4,838
  5,068
  5,311
  5,566
  5,834
  6,117
  6,414
Total liabilities and equity, $m
  6,454
  6,603
  6,773
  6,964
  7,175
  7,406
  7,658
  7,932
  8,226
  8,541
  8,879
  9,239
  9,622
  10,030
  10,463
  10,922
  11,407
  11,920
  12,463
  13,036
  13,640
  14,277
  14,949
  15,657
  16,402
  17,187
  18,013
  18,881
  19,796
  20,758
Debt-to-equity ratio
  1.120
  1.140
  1.170
  1.200
  1.230
  1.260
  1.290
  1.330
  1.360
  1.390
  1.420
  1.460
  1.490
  1.520
  1.550
  1.580
  1.600
  1.630
  1.660
  1.680
  1.710
  1.730
  1.750
  1.780
  1.800
  1.820
  1.840
  1.850
  1.870
  1.890
Adjusted equity ratio
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  155
  157
  159
  162
  165
  168
  171
  174
  178
  182
  189
  193
  198
  203
  208
  213
  219
  225
  231
  238
  245
  253
  261
  269
  278
  287
  297
  307
  317
  329
Depreciation, amort., depletion, $m
  539
  552
  566
  582
  599
  618
  639
  662
  686
  712
  736
  766
  798
  832
  867
  905
  946
  988
  1,033
  1,081
  1,131
  1,184
  1,239
  1,298
  1,360
  1,425
  1,493
  1,565
  1,641
  1,721
Funds from operations, $m
  694
  709
  725
  743
  764
  786
  810
  836
  864
  894
  925
  959
  996
  1,034
  1,075
  1,119
  1,165
  1,213
  1,265
  1,319
  1,376
  1,436
  1,500
  1,567
  1,638
  1,712
  1,790
  1,872
  1,959
  2,050
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Cash from operations, $m
  695
  710
  726
  745
  765
  787
  812
  838
  866
  896
  927
  962
  998
  1,037
  1,078
  1,122
  1,168
  1,217
  1,269
  1,323
  1,380
  1,441
  1,505
  1,572
  1,643
  1,717
  1,796
  1,878
  1,965
  2,056
Maintenance CAPEX, $m
  -524
  -535
  -547
  -562
  -577
  -595
  -614
  -635
  -658
  -682
  -708
  -736
  -766
  -798
  -832
  -867
  -905
  -946
  -988
  -1,033
  -1,081
  -1,131
  -1,184
  -1,239
  -1,298
  -1,360
  -1,425
  -1,493
  -1,565
  -1,641
New CAPEX, $m
  -108
  -123
  -141
  -158
  -175
  -192
  -209
  -226
  -244
  -262
  -280
  -299
  -318
  -338
  -359
  -380
  -402
  -426
  -450
  -475
  -501
  -528
  -557
  -587
  -618
  -651
  -685
  -721
  -758
  -797
Cash from investing activities, $m
  -632
  -658
  -688
  -720
  -752
  -787
  -823
  -861
  -902
  -944
  -988
  -1,035
  -1,084
  -1,136
  -1,191
  -1,247
  -1,307
  -1,372
  -1,438
  -1,508
  -1,582
  -1,659
  -1,741
  -1,826
  -1,916
  -2,011
  -2,110
  -2,214
  -2,323
  -2,438
Free cash flow, $m
  62
  52
  38
  25
  13
  1
  -11
  -23
  -35
  -47
  -61
  -73
  -86
  -99
  -112
  -126
  -140
  -154
  -169
  -185
  -201
  -218
  -236
  -254
  -273
  -293
  -314
  -336
  -358
  -382
Issuance/(repayment) of debt, $m
  86
  103
  117
  132
  146
  160
  174
  189
  203
  218
  233
  249
  265
  282
  299
  317
  335
  355
  375
  396
  418
  440
  464
  489
  515
  542
  571
  601
  632
  665
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  
  86
  103
  117
  132
  146
  160
  174
  189
  203
  218
  233
  249
  265
  282
  299
  317
  335
  355
  375
  396
  418
  440
  464
  489
  515
  542
  571
  601
  632
  665
Total cash flow (excl. dividends), $m
  148
  154
  155
  157
  159
  161
  163
  165
  168
  171
  173
  176
  179
  183
  187
  191
  196
  200
  205
  211
  216
  222
  228
  235
  242
  249
  257
  265
  273
  282
Retained Cash Flow (-), $m
  -36
  -46
  -52
  -59
  -65
  -72
  -78
  -84
  -91
  -98
  -104
  -111
  -119
  -126
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -230
  -242
  -255
  -269
  -283
  -297
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
  6
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
Cash available for distribution, $m
  112
  108
  103
  98
  94
  89
  85
  81
  77
  73
  68
  64
  61
  57
  53
  49
  46
  42
  38
  34
  30
  25
  21
  16
  12
  7
  2
  -4
  -9
  -15
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
  103
  92
  80
  69
  59
  50
  42
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  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

Aqua America, Inc. is a holding company. The Company is engaged in providing water or wastewater services concentrated in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana and Virginia. The Company is the holding company for its primary subsidiary, Aqua Pennsylvania, Inc. Its market-based activities are conducted through Aqua Resources, Inc. (Aqua Resources) and Aqua Infrastructure, LLC (Aqua Infrastructure). Aqua Resources, Inc. provides water and wastewater service through operating and maintenance contracts with municipal authorities and other parties close to its utility companies' service territories, and offers, through a third party, water and sewer line repair service and protection solutions to households. Aqua Infrastructure provides non-utility raw water supply services for firms in the natural gas drilling industry. The Company owns several wastewater collection systems that convey the wastewater to a municipally-owned facility for treatment.

FINANCIAL RATIOS  of  Aqua America (WTR)

Valuation Ratios
P/E Ratio 27.6
Price to Sales 7.9
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 497.1
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 $810 million for the last fiscal year's total revenue generated by Aqua America. The default revenue input number comes from 2017 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 60.3%.

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 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 5.4% 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 0.8%.

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 647.7%.

Life of production assets of 10 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 -5.5%. 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 - $1958 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 178 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 $6.5 billion.

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COMPANY NEWS

▶ Aqua America Declares 7 Percent Dividend Increase   [Jul-20-18 09:11AM  Business Wire]
▶ Aqua America to Report Earnings for Q2 2018   [Jun-25-18 12:23PM  Business Wire]
▶ Is Aqua America, Inc. (WTR) a Buy?   [May-18-18 08:35AM  Motley Fool]
▶ Aqua America: 1Q Earnings Snapshot   [05:06AM  Associated Press]
▶ Aqua America Reports Financial Results for Q1 2018   [May-08-18 05:26PM  Business Wire]
▶ Utility Favorites From Aqua to Xcel   [May-03-18 10:00AM  Investopedia]
▶ Aqua America Announces Changes in Executive Leadership Team   [Apr-30-18 07:00AM  Business Wire]
▶ Aqua America Declares June 2018 Dividend   [Apr-25-18 11:55AM  Business Wire]
▶ Is Aqua America, Inc. a Buy?   [Apr-06-18 06:36AM  Motley Fool]
▶ Aqua America to Report Earnings for Q1 2018   [Apr-04-18 04:15PM  Business Wire]
▶ Aqua America beats 4Q profit forecasts   [05:04AM  Associated Press]
▶ These 3 Dividend Stocks Offer Shares at a Discount   [Feb-24-18 11:41AM  Motley Fool]
▶ What to Expect From Aqua America, Inc. in 2018   [Feb-05-18 09:50AM  Motley Fool]
▶ Aqua America Declares March 2018 Dividend   [07:00AM  Business Wire]
▶ Will 2018 Be Aqua America, Inc.'s Best Year Yet?   [Jan-13-18 11:36AM  Motley Fool]
▶ Here's How Aqua America, Inc. Crushed It in 2017   [Jan-08-18 10:17AM  Motley Fool]
▶ Stocks With Rising Relative Strength: Aqua America   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Here's Why Aqua America Climbed 7% in October   [Nov-09-17 03:57PM  Motley Fool]
▶ Aqua America meets 3Q profit forecasts   [Oct-31-17 05:18PM  Associated Press]
▶ Aqua America Declares December 2017 Dividend   [Oct-26-17 01:54PM  Business Wire]
▶ 3 Things to Watch When Aqua America Reports Q3 Earnings   [Oct-23-17 08:17AM  Motley Fool]
▶ Aqua America Upgraded On M&A Prospects   [Oct-19-17 01:56PM  Benzinga]
▶ Aqua America to Report Earnings for Q3 2017   [Oct-05-17 12:14PM  Business Wire]
▶ New VP Oversees Aqua Customer Experience   [Sep-18-17 08:30AM  Business Wire]
▶ 3 Stocks to Hold for the Next 50 Years   [Aug-23-17 05:30PM  Motley Fool]
▶ 5 Top Dividend Stocks in Water   [Aug-19-17 10:31AM  Motley Fool]
▶ How Aqua America, Inc. Makes Most of Its Money   [Aug-13-17 08:03AM  Motley Fool]
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