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• If you are wondering whether American States Water at around US$77.77 is offering fair value or hiding a margin of safety, you are not alone.

• The stock has been relatively steady, with a small decline of 0.8% over the last week, a 0.3% gain over the past month, a 7.6% return year to date, and a 2.3% return over the past year. This may suggest the market is still forming a view on its prospects and risks.

• Recent news coverage around American States Water has largely focused on its role as a regulated water utility and how that business profile can influence investor expectations for stability and income. Commentary…