American Water Works (AWK): Moat Analysis
AWK holds a legally protected local water monopoly on level 1 demand, intact and compounding: EPS +8.1%, rate base growing 8-9%. But it is declined at the strength gate. The return is set by regulators, not the company: Pennsylvania granted $75m of $160m requested at a 9.55% allowed ROE. A capped monopoly is strong, not exceptional. The live watch is the direction of allowed returns.
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