200505021st staff response UWI DCF study.xls

Disc Cash Flow Model
Book Value Growth
High
Low
Earnings Growth
Dividends Growth
Dividend Yield
2007-2009
Book Value Growth
AMER. STATES WATER
BOOK VALUE GROWTH
Percent change
Annualized (12 months)
AQUA AMERICA
CALIFORNIA WATER
Book Value Per Share
(New-Old/Old)
(Percent change/12)
AMERICANA STATES WATER
Expected Dividend next year
Recent Price
(Po)
(D)
(D/Po)
value line
GROUP AVERAGE
RETURN ON EQUITY
DISCOUNTED CASH FLOW MODEL
Averaged Growth
k = Div Yield + Ave Growth
1.00
2.00
3.00
4.00
5.00
6.00
$25.58
$0.96
0.04
0.10
0.02
0.04
$24.25
$0.65
0.03
0.09
0.07
0.06
$35.12
$1.18
0.03
0.10
0.01
0.05
0.03
3.00
0.10
3.00
0.03
3.00
0.05
3.00
0.06
3.00
0.10
0.09
0.09
0.09
3.00
2002.00
2003.00
2004.00
$29.00
$20.30
$29.00
$21.60
$26.80
$20.80
$30.00
$20.00
0.00
0.06
-0.08
-0.04
0.12
-0.04
0.00
12.00
5.34E-03
12.00
-6.32E-03
12.00
-3.09E-03
12.00
9.95E-03
12.00
-3.21E-03
12.00
2002.00
2003.00
2004.00
$20.00
$12.80
$22.40
$15.80
$24.60
$18.90
$35.00
$20.00
0.12
0.23
0.10
0.20
0.42
0.06
1.00E-02
12.00
0.02
12.00
8.19E-03
12.00
0.02
12.00
0.04
12.00
4.85E-03
12.00
2002.00
2003.00
2004.00
$26.90
$20.50
$31.40
$23.70
$37.90
$26.10
$35.00
$25.00
0.17
0.16
0.21
0.10
-0.08
-0.04
0.01
12.00
0.01
12.00
0.02
12.00
8.44E-03
12.00
-6.38E-03
12.00
-3.51E-03
12.00