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MSEX - Don't Buy Middlesex Water Just For The Dividend
Middlesex Water Company
The company continues to be free-cash-flow negative and relies heavily on debt to make up for the additional cash that is needed to finance its CapEx program.
Despite the recent 13% price decline, MSEX still trades at over 10x revenue and ~30x LTM EV/EBITDA which makes the stock extremely expensive from a relative and absolute perspective.
Rising rates are therefore a major risk at this point given the fact that the company might run into trouble when trying to refinance some of the existing debt.