Intrinsic value of Aqua America - WTR

Previous Close

$35.35

  Intrinsic Value

$2.69

stock screener

  Rating & Target

str. sell

-92%

Previous close

$35.35

 
Intrinsic value

$2.69

 
Up/down potential

-92%

 
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 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 6.3

 

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, %
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  844
  880
  918
  958
  1,001
  1,047
  1,095
  1,145
  1,198
  1,255
  1,314
  1,376
  1,442
  1,511
  1,584
  1,660
  1,741
  1,826
  1,915
  2,009
  2,107
  2,211
  2,319
  2,434
  2,554
  2,680
  2,813
  2,952
  3,098
  3,252
Variable operating expenses, $m
  508
  529
  552
  576
  602
  629
  657
  688
  719
  753
  784
  821
  861
  902
  945
  991
  1,039
  1,090
  1,143
  1,199
  1,257
  1,319
  1,384
  1,452
  1,524
  1,599
  1,679
  1,762
  1,849
  1,941
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
  508
  529
  552
  576
  602
  629
  657
  688
  719
  753
  784
  821
  861
  902
  945
  991
  1,039
  1,090
  1,143
  1,199
  1,257
  1,319
  1,384
  1,452
  1,524
  1,599
  1,679
  1,762
  1,849
  1,941
Operating income, $m
  336
  350
  366
  382
  400
  418
  437
  458
  479
  502
  530
  555
  581
  609
  639
  670
  702
  736
  772
  810
  850
  891
  935
  981
  1,030
  1,081
  1,134
  1,190
  1,249
  1,311
EBITDA, $m
  521
  544
  567
  592
  619
  647
  677
  708
  741
  776
  812
  851
  891
  934
  979
  1,026
  1,076
  1,129
  1,184
  1,242
  1,302
  1,366
  1,434
  1,504
  1,579
  1,657
  1,739
  1,825
  1,915
  2,010
Interest expense (income), $m
  66
  116
  126
  136
  147
  159
  172
  185
  199
  214
  229
  245
  263
  281
  300
  320
  341
  364
  387
  412
  438
  465
  494
  524
  556
  589
  624
  661
  700
  740
  783
Earnings before tax, $m
  220
  225
  230
  235
  240
  246
  252
  259
  265
  273
  284
  292
  301
  309
  318
  328
  338
  349
  360
  372
  384
  397
  411
  425
  441
  456
  473
  491
  509
  528
Tax expense, $m
  59
  61
  62
  63
  65
  66
  68
  70
  72
  74
  77
  79
  81
  84
  86
  89
  91
  94
  97
  100
  104
  107
  111
  115
  119
  123
  128
  132
  137
  143
Net income, $m
  161
  164
  168
  172
  176
  180
  184
  189
  194
  199
  208
  213
  219
  226
  232
  240
  247
  255
  263
  272
  281
  290
  300
  311
  322
  333
  345
  358
  372
  386

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
  6,590
  6,872
  7,171
  7,488
  7,823
  8,177
  8,551
  8,946
  9,363
  9,802
  10,264
  10,752
  11,265
  11,806
  12,374
  12,973
  13,602
  14,264
  14,960
  15,692
  16,461
  17,270
  18,120
  19,013
  19,951
  20,937
  21,974
  23,062
  24,205
  25,407
Adjusted assets (=assets-cash), $m
  6,590
  6,872
  7,171
  7,488
  7,823
  8,177
  8,551
  8,946
  9,363
  9,802
  10,264
  10,752
  11,265
  11,806
  12,374
  12,973
  13,602
  14,264
  14,960
  15,692
  16,461
  17,270
  18,120
  19,013
  19,951
  20,937
  21,974
  23,062
  24,205
  25,407
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
  5,438
  5,671
  5,918
  6,179
  6,456
  6,748
  7,057
  7,382
  7,726
  8,089
  8,470
  8,873
  9,296
  9,742
  10,211
  10,705
  11,225
  11,771
  12,345
  12,949
  13,584
  14,251
  14,953
  15,690
  16,464
  17,278
  18,133
  19,031
  19,975
  20,966
Working capital, $m
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
Total debt, $m
  2,326
  2,521
  2,727
  2,946
  3,178
  3,422
  3,681
  3,954
  4,242
  4,545
  4,865
  5,202
  5,556
  5,930
  6,323
  6,736
  7,171
  7,628
  8,109
  8,615
  9,147
  9,705
  10,293
  10,910
  11,558
  12,240
  12,956
  13,708
  14,498
  15,328
Total liabilities, $m
  4,554
  4,749
  4,955
  5,174
  5,406
  5,650
  5,909
  6,182
  6,470
  6,773
  7,093
  7,430
  7,784
  8,158
  8,551
  8,964
  9,399
  9,856
  10,337
  10,843
  11,375
  11,933
  12,521
  13,138
  13,786
  14,468
  15,184
  15,936
  16,726
  17,556
Total equity, $m
  2,036
  2,123
  2,216
  2,314
  2,417
  2,527
  2,642
  2,764
  2,893
  3,029
  3,172
  3,322
  3,481
  3,648
  3,824
  4,009
  4,203
  4,408
  4,623
  4,849
  5,087
  5,336
  5,599
  5,875
  6,165
  6,470
  6,790
  7,126
  7,479
  7,851
Total liabilities and equity, $m
  6,590
  6,872
  7,171
  7,488
  7,823
  8,177
  8,551
  8,946
  9,363
  9,802
  10,265
  10,752
  11,265
  11,806
  12,375
  12,973
  13,602
  14,264
  14,960
  15,692
  16,462
  17,269
  18,120
  19,013
  19,951
  20,938
  21,974
  23,062
  24,205
  25,407
Debt-to-equity ratio
  1.140
  1.190
  1.230
  1.270
  1.310
  1.350
  1.390
  1.430
  1.470
  1.500
  1.530
  1.570
  1.600
  1.630
  1.650
  1.680
  1.710
  1.730
  1.750
  1.780
  1.800
  1.820
  1.840
  1.860
  1.870
  1.890
  1.910
  1.920
  1.940
  1.950
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
  161
  164
  168
  172
  176
  180
  184
  189
  194
  199
  208
  213
  219
  226
  232
  240
  247
  255
  263
  272
  281
  290
  300
  311
  322
  333
  345
  358
  372
  386
Depreciation, amort., depletion, $m
  185
  193
  201
  210
  219
  229
  239
  250
  262
  274
  282
  296
  310
  325
  340
  357
  374
  392
  412
  432
  453
  475
  498
  523
  549
  576
  604
  634
  666
  699
Funds from operations, $m
  346
  357
  369
  382
  395
  409
  424
  439
  456
  473
  490
  509
  529
  551
  573
  596
  621
  647
  674
  703
  733
  765
  799
  834
  870
  909
  950
  993
  1,037
  1,085
Change in working capital, $m
  -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
  -3
  -3
  -3
  -3
  -4
Cash from operations, $m
  347
  358
  370
  383
  396
  410
  425
  440
  457
  474
  491
  511
  531
  552
  575
  598
  623
  649
  676
  705
  736
  768
  801
  836
  873
  912
  953
  996
  1,041
  1,088
Maintenance CAPEX, $m
  -174
  -181
  -189
  -197
  -206
  -215
  -225
  -235
  -246
  -258
  -270
  -282
  -296
  -310
  -325
  -340
  -357
  -374
  -392
  -412
  -432
  -453
  -475
  -498
  -523
  -549
  -576
  -604
  -634
  -666
New CAPEX, $m
  -216
  -233
  -247
  -261
  -277
  -292
  -309
  -326
  -344
  -362
  -382
  -402
  -424
  -446
  -469
  -494
  -519
  -546
  -574
  -604
  -635
  -667
  -701
  -737
  -774
  -814
  -855
  -898
  -944
  -991
Cash from investing activities, $m
  -390
  -414
  -436
  -458
  -483
  -507
  -534
  -561
  -590
  -620
  -652
  -684
  -720
  -756
  -794
  -834
  -876
  -920
  -966
  -1,016
  -1,067
  -1,120
  -1,176
  -1,235
  -1,297
  -1,363
  -1,431
  -1,502
  -1,578
  -1,657
Free cash flow, $m
  -44
  -56
  -66
  -76
  -87
  -98
  -109
  -121
  -133
  -146
  -160
  -174
  -189
  -204
  -219
  -236
  -253
  -271
  -290
  -310
  -331
  -353
  -375
  -399
  -424
  -451
  -478
  -507
  -537
  -569
Issuance/(repayment) of debt, $m
  179
  195
  207
  219
  232
  245
  258
  273
  288
  303
  320
  337
  355
  373
  393
  413
  435
  457
  481
  506
  532
  559
  587
  617
  649
  681
  716
  752
  790
  830
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  
  179
  195
  207
  219
  232
  245
  258
  273
  288
  303
  320
  337
  355
  373
  393
  413
  435
  457
  481
  506
  532
  559
  587
  617
  649
  681
  716
  752
  790
  830
Total cash flow (excl. dividends), $m
  135
  139
  141
  143
  145
  147
  150
  152
  155
  158
  160
  163
  166
  170
  173
  177
  182
  186
  191
  196
  201
  206
  212
  218
  224
  231
  238
  245
  253
  261
Retained Cash Flow (-), $m
  -79
  -87
  -92
  -98
  -104
  -109
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -194
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -290
  -305
  -320
  -336
  -353
  -371
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
  57
  52
  49
  45
  41
  38
  34
  30
  26
  22
  17
  12
  8
  3
  -2
  -7
  -13
  -18
  -24
  -31
  -37
  -44
  -51
  -58
  -66
  -74
  -82
  -91
  -100
  -110
Discount rate, %
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
  52
  44
  38
  31
  26
  21
  17
  13
  9
  7
  4
  3
  1
  0
  0
  -1
  -1
  -1
  -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 26.8
Price to Sales 7.6
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 15.8
Price to Free Cash Flow 482.4
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 $809.525 million for the last fiscal year's total revenue generated by Aqua America. The default revenue input number comes from 0001 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 4.2% 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 8.1%, 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 60.2%.

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%.

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 644.7%.

Life of production assets of 38.3 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 - $1957.621 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 177.914 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 $6.3 billion.

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COMPANY NEWS

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▶ Aqua America (WTR) Tops Q3 Earnings Estimates   [Nov-05-18 08:40PM  Zacks]
▶ Aqua America: 3Q Earnings Snapshot   [07:32PM  Associated Press]
▶ Aqua America Declares December 2018 Dividend   [Nov-02-18 10:38AM  Business Wire]
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▶ Aqua America to Report Earnings for Q3 2018   [Sep-28-18 10:32AM  Business Wire]
▶ How Financially Strong Is Aqua America Inc (NYSE:WTR)?   [Sep-21-18 01:37PM  Simply Wall St.]
▶ 3 Great Stocks for Low-Risk Investors   [09:13AM  Motley Fool]
▶ Aqua Pennsylvania files first rate request since 2011   [Aug-17-18 04:15PM  Business Wire]
▶ Aqua America: 2Q Earnings Snapshot   [05:08AM  Associated Press]
▶ Aqua America Reports Financial Results for Q2 2018   [Aug-01-18 06:00PM  Business Wire]
▶ 7 Yield-Heavy Utility Stocks to Buy Today   [Jul-30-18 03:18PM  InvestorPlace]
▶ 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]

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