Water utility - two classes of stock with the insider class having 40 - 1 voting rights. This limits hostile take over, but at some point in the future ARTNA will receive a bid they can't refuse.

One contiguous system enables YORW to have some great operating margins (among highest if not the highest amongst peers). Adams county PA is growth driver for YORW. Potential take over candidate, but I believe they too want to stay independent

Cali water company with some good real estate.

SWWC was started as a delivery service by the Garnier family many decades ago. the family is still involved, but they are trying to become more efficient.

The best run and largest water company in the U.S. American Water IPO will knock back WTR to the number 2 slot in terms of size of companies, however, still the best run company. Look to see some rate increases to be filed in late 2007. I would watch valuation on this as it is still in the 30x range. No doubt water utiltiies are receivng higher valuations due to their consistent returns, but their is a limit to their growth.

WTR tried to but PNNW a few years back, but the populous of NH stopped it.

Great turn around story. Just received their first rate increase in may years. Will probably focus more on their core water utility business in the future.

Cali water.