Stock fact sheet · data as of
Middlesex Water Company PFD 7% (MSEXP): fair value, margin of safety and Wheel Score
Ticker symbol MSEXP · Utilities · Regulated Water · United States · Fund / Note
Is MSEXP undervalued?
Middlesex Water Company PFD 7% (MSEXP) closed at 492.00 on 5 Nov 2026, 265% above the GLS average fair value of 134.84. 8 of the 8 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
There is a wide gap between Payback Time (14.32) and Graham Growth (460.36). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
MSEXP looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for MSEXP
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 42.15 | -91% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 460.36 | -6% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 138.78 | -72% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 61.40 | -88% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 87.87 | -82% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 14.32 | -97% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 21.19 | -96% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 252.62 | -49% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -495.74 | -201% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Middlesex Water Company PFD 7% scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. There is no GLS Moat score for MSEXP: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC 4.7%, ROE 8.6%, ROA 3.1% - with debt at 0.84 times equity and a free-cash-flow yield of 1.3%.
The dividend yield is 2.43% at a payout ratio of 52%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Residential 71%, Commercial 20%, Industrial 9% (quarter Q2 FY2025).
Institutional ownership scores 5/10, insider activity 8/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 4.7% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 8.6% |
| Debt / equity | 0.84 | ROA | 3.1% |
| Free-cash-flow yield | 1.3% | Payout ratio | 52% |
| Institutions | 5 / 10 | Insiders · Congress | 8 · 5 / 10 |
Wheel Score 15: No options
No options are listed on Middlesex Water Company PFD 7% in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 15, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 0k shares a day on a market cap of $822M, with a beta of 0.51 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Fails | trades 265% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Fails | 6.0 years to repay its debt (over 6) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Fails | market cap $822M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 265% above fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.51, $822M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for MSEXP in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Regulated Water
The 12 companies below are the closest to Middlesex Water Company PFD 7% by market cap within the Regulated Water industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| MSEX Middlesex Water Company | 59.20 | 28.34 | -109% | 36Weak | $1.1B |
| YORW The York Water Company | 32.26 | 16.59 | -94% | 28Weak | $524M |
| CWCO Consolidated Water Co. Ltd. | 27.39 | 37.70 | +27% | 45Weak | $439M |
| ARTNA Artesian Resources Corporation | 33.85 | 26.16 | -29% | 19No options | $350M |
| ARTNB Artesian Resources Corporation | 34.92 | 26.62 | -31% | 19No options | $350M |
| CDZIP Cadiz Inc. | 19.41 | 4.42 | -339% | 10No options | $330M |
| CDZI Cadiz Inc. | 3.65 | 0.8873 | -311% | 6Weak | $309M |
| PCYO Pure Cycle Corporation | 10.77 | 7.46 | -44% | 32Weak | $260M |
| GWRS Global Water Resources, Inc. | 8.15 | 2.72 | -200% | 33Weak | $235M |
| HTO H2O America | 62.65 | 37.06 | -69% | 35Weak | $3.0B |
| CWT California Water Service Group | 49.96 | 25.23 | -98% | 25Weak | $3.1B |
| AWR American States Water Company | 88.61 | 46.34 | -91% | 31Weak | $3.5B |
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Start free See the Sunday ScanQuestions about MSEXP
Is MSEXP undervalued right now?
No: at 492.00 the stock trades 265% above the GLS average fair value of 134.84 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of MSEXP and what does it mean?
MSEXP has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for MSEXP?
134.84 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Middlesex Water Company PFD 7% report earnings next?
No upcoming earnings date is recorded for MSEXP in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does MSEXP have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on MSEXP, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.