Nasdaq-listed water utility, domiciled in the Cayman Islands, with retail and bulk water operations and U.S. water-infrastructure services.
| Fair value / share | $22.43 |
| Current price | $30.30 |
| Implied downside | -25% |
| Discount rate (WACC) | 8.0% |
| Terminal growth | 2.5% |
| Implied terminal multiple | 11.8x |
| Enterprise value | ~$368M |
| Net cash | ~$125M |
| Market cap | ~$485M |
| Revenue (FY25) | ~$132M |
| EBITDA margin (FY25) | ~19% |
| Unlevered beta (comps median) | 0.43 |
| Risk-free rate (US 10Y) | 4.7% |
| Equity risk premium | 4.2% |
| Country risk premium (blended) | 1.5% |
| Shares outstanding | ~16.0M |
Valued with a full three-statement model and a discounted cash flow. Every assumption, forecast, and the complete build are in the model.
Published for informational and educational purposes only. Not investment advice, nor an offer or solicitation to buy or sell any security. Figures reflect the author's own model as of the date shown and may change without notice. The author may hold positions in securities discussed. Do your own research.