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Company Description

Contact Info

1720 North First Street

San Jose, CA 95112

United States

Phone: 408-367-8200

Fax:

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. Subsidiaries The company’s subsidiaries include California Water Service Company (Cal Water); New Mexico Water Service Company (New Mexico Water); Washington Water Service Company (Washington Water); Hawaii Water Service Company, Inc. (Hawaii Water); and CWS Utility Services and HWS Utility Services LLC (referred to collectively as Utility Services). Cal Water, New Mexico Water, Washington Water, and Hawaii Water are regulated public utilities. The regulated utility entities also provide some non-regulated services. Utility Services provides non-regulated services to private companies and municipalities. The bulk of the business consists of the production, purchase, storage, treatment, testing, distribution and sale of water for domestic, industrial, public and irrigation uses, and for fire protection. The company also provides non-regulated water- related services under agreements with municipalities and other private companies. The non-regulated services include full water system operation, billing and meter reading services. Non-regulated operations also include the lease of communication antenna sites, lab services, and promotion of other non- regulated services. Regulated Business California water operations are conducted by the Cal Water and CWS Utility Services entities, which provide service to approximately 480,300 customers in 83 California communities through 25 separate districts. Of these 25 districts, 23 districts are regulated water systems, which are subject to regulation by the California Public Utilities Commission (CPUC). Cal Water operates two leased water systems, the City of Hawthorne and the City of Commerce, which are governed through their respective city councils and are outside of the CPUC's jurisdiction. Cal Water owns 624 wells and operates 5 leased wells. There are 437 owned storage tanks with a capacity of 273 million gallons, 2 leased storage tanks with a capacity of 0.4 million gallons, 29 managed storage tanks with a capacity of 20.8 million gallons, and 3 reservoirs with a capacity of 220 million gallons. Cal Water owns and operates 6 surface water treatment plants with a combined capacity of 46 million gallons per day. There are 5,794 miles of supply and distribution mains in the various systems. Hawaii Water provides service to approximately 4,300 water and wastewater customers on the islands of Maui and Hawaii, including various large resorts and condominium complexes. Hawaii's regulated operations are subject to the jurisdiction of the Hawaii Public Utilities Commission. Hawaii Water owns 22 wells and manages 5 irrigation wells. There are 24 storage tanks with a storage capacity of 20 million gallons. There are 70 miles of supply and distribution lines. Hawaii Water operates 5 wastewater treatment facilities with a combined capacity to process approximately 1.8 million gallons per day. There are 26 miles of sewer collection mains. Washington Water provides domestic water service to approximately 16,500 customers in the Tacoma and Olympia areas. Washington Water's utility operations are regulated by the Washington Utilities and Transportation Commission. Washington Water owns 343 wells and manages 119 wells. There are 128 owned storage tanks and 34 managed storage tanks with a storage capacity of 10 million gallons. There are 330 miles of supply and distribution lines. New Mexico Water provides service to approximately 7,900 water and wastewater customers in the Belen, Los Lunas and Elephant Butte areas in New Mexico. New Mexico's regulated operations are subject to the jurisdiction of the New Mexico Public Regulation Commission. The company operates the City of Hawthorne and the City of Commerce water systems under lease agreements. New Mexico Water owns 19 wells. There are 16 storage tanks with a storage capacity of 4.1 million gallons. There are 145 miles of supply and distribution lines. New Mexico operates 2 waste water treatment facilities with a combined capacity to process 0.5 million gallons per day. There are 34 miles of sewer collection mains. Non-Regulated Activities Under its non-regulated contract arrangements, the company operates municipally owned water systems, privately owned water and recycled water distribution systems. Non-regulated activities consist primarily of operating water systems under lease agreements, which are owned by other entities; leasing communication antenna sites on the company’s properties; billings of optional third-party insurance programs to its residential customers; and unrealized gains or losses on benefit plan insurance investments. Seasonal Fluctuations The company’s water business is seasonal in nature. Customer demand for water generally is lower during the cooler and rainy, winter months. Demand increases in the spring when warmer weather returns and the rains end, and customer use more water for outdoor purposes, such as landscape irrigation. Warm temperatures during the generally dry summer months result in increased demand. Water usage declines during the fall as temperatures decrease and the rainy season begins. History California Water Service Group was founded in 1926.

 

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Valuation CWT Industry Range
Price/Earnings 35.6x
Price/Sales 2.6x
Price/Book 2.5x
Price/Cash Flow 14.8x
TEV/Sales 1.5x
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