2 models fit Artesian Resources Corporation Class A Common Stock and they agree: 2 of 2 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Near fair value(i)Silver71
Valued as a utility: Dividend discount, P/E comparison, and EV/EBITDA comparison.
ACCE opinionArtesian Resources Corporation Class A Common Stock (ARTNA)
Fair value (2 models)
$37.50
ACCE price target
$35.30
Rating
Fairly valued
Horizon
12 months
Fair value published on 19 Oct 2026, 17:05 CEST; previously $40.09 since 10 Oct 2026, 00:00 CEST.
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Rating published on 19 Oct 2026, 17:05 CEST.
Price used: $34.10 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
9.1% below
+10.0% to fair value
ACCE score
60
out of 100
Analysts
100% buy
1 covering
P/E
14.9x
forward 16.3x
1-year return
+2.1%
Dividend yield
3.72%
Artesian Resources Corporation Class A Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Artesian Resources is a regulated water utility serving customers in Delaware, Maryland and Pennsylvania, earning returns on its water and wastewater rate base as set by state commissions. Its edge is the usual one for utilities: a franchise territory where no competitor can build a second pipe, and rate cases that let it recover capital spent on replacing aging mains. Revenue growth of 7.4% and an operating margin of 35.5% reflect that model, and the stock carries a trailing P/E of 14.5 against a forward P/E of 17.9, so the market is pricing in earnings that the trailing figures don't yet show. The main near-term driver is the pace of infrastructure investment and the timing of approved rate increases, which determine how quickly that rate base translates into earnings. At a 342M market cap with no index membership, the name sits below the size where most institutional mandates look, which is a reason to check whether the valuation gap reflects real risk or just neglect. The 9.4% ROE is modest, so the case rests on whether regulators keep allowing the spend to convert into returns.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Negative free cash flow
Free cash flow is $-18,499,000 against a $345M market cap. Capex is absorbing operating cash, so the dividend and debt service rely on outside funding.
moderate
Leverage above comfort
Debt/Equity of 0.73 and EV/EBITDA of 9.9 leave limited room if rates rise or regulated rate cases come in short.
moderate
Earnings growth lagging revenue
Revenue grew 7.4% year on year while earnings grew only 4.4%, so margin gains are not keeping pace with the top line.
AI research notes
AI-assisted·How I use AIWritten Oct 21, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 7.4% over the past year, ahead of the 5.1% average annual pace across the last five years.
Earnings beat expectations, with earnings per share of 0.64 against 0.55 expected, a 16.4% surprise.
The stock offers a 3.9% dividend yield, and the model fair value of $37.50 sits 9.1% above the current price.
Why it could disappoint
Free cash flow over the last twelve months was negative at -$18M, so the business is spending more cash than it generates.
Return on invested capital of 4.3% is thin, and the 9.4% return on equity is lifted by debt, with debt to equity at 0.73.
The stock trades 3.4% below the ACCE price target of $35.30, and the reverse DCF implies cash flow growth of just 2.1% forever to justify today's price.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where ARTNA's valuation models land
Price
$34.10
Model fair value
$37.50
Model range
$34.48 to $40.52
Fair value $37.50
Price $34.10
The price is below the whole model range.
Model
Fair value
Upside
Dividend discount
EV/EBITDA comparison
P/E comparison
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Quality
INVESTOR
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