Thesis summary
The current price of American States Water Company (AWR) does not seem to be in line with the intrinsic value of the company. I see the stock currently as overvalued and offering a poor, even though safe return. The current price appreciation looks to be the result of investors looking for "recession-proof" investments and also one-off gains in revenue due to legislation.
Even if you believe on a macro level that the economy will suffer, there are better value alternatives than AWR.
Company Overview
AWR is an American utility water company.