Definitive Analysis | Institutional-Grade Financial Research
Definitive Analysis
Get Full Access
See Pricing Start Free Trial

Reaves Utility Income Fund (UTG)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$97.56 - $151.41$122.47
Multi-Stage$134.07 - $146.80$140.31
Blended Fair Value$131.39
Current Price$32.78
Upside300.83%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS12.61%14.20%2.282.071.931.591.331.261.231.260.790.66
YoY Growth--10.43%7.04%21.43%19.26%5.78%2.24%-1.87%59.71%19.15%9.16%
Dividend Yield--7.03%8.42%7.00%4.67%4.24%3.40%4.06%4.05%2.62%2.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)790.92
(-) Cash Dividends Paid (M)341.71
(=) Cash Retained (M)449.21
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)158.1898.8759.32
Cash Retained (M)449.21449.21449.21
(-) Cash Required (M)-158.18-98.87-59.32
(=) Excess Retained (M)291.02350.34389.89
(/) Shares Outstanding (M)78.4878.4878.48
(=) Excess Retained per Share3.714.464.97
LTM Dividend per Share4.354.354.35
(+) Excess Retained per Share3.714.464.97
(=) Adjusted Dividend8.068.829.32
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate0.75%1.75%2.75%
Fair Value$97.56$122.47$151.41
Upside / Downside197.62%273.62%361.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)790.92804.79818.91833.27847.88862.75888.63
Payout Ratio43.20%52.56%61.92%71.28%80.64%90.00%92.50%
Projected Dividends (M)341.71423.03507.09593.97683.74776.48821.99

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate0.75%1.75%2.75%
Year 1 PV (M)384.00387.81391.63
Year 2 PV (M)417.85426.18434.60
Year 3 PV (M)444.28457.64471.27
Year 4 PV (M)464.25482.96502.23
Year 5 PV (M)478.58502.81528.01
PV of Terminal Value (M)8,332.788,754.599,193.31
Equity Value (M)10,521.7411,011.9911,521.04
Shares Outstanding (M)78.4878.4878.48
Fair Value$134.07$140.31$146.80
Upside / Downside308.98%328.04%347.83%

High-Yield Dividend Screener

« Prev Page 16 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
HWBKHawthorn Bancshares, Inc.2.27%$0.7724.18%
UTMDUtah Medical Products, Inc.2.27%$1.2835.35%
DKSDICK'S Sporting Goods, Inc.2.26%$4.5238.61%
EMLThe Eastern Company2.26%$0.4437.05%
SBCFSeacoast Banking Corporation of Florida2.26%$0.7143.09%
WMKWeis Markets, Inc.2.26%$1.4535.88%
0JYA.LMarathon Petroleum Corporation2.25%$3.7274.60%
FSBCFive Star Bancorp2.25%$0.8029.79%
IBMInternational Business Machines Corporation2.25%$6.5678.75%
0KYZ.LSBA Communications Corporation2.24%$4.3254.40%
BPOPPopular, Inc.2.24%$2.8224.06%
MFINMedallion Financial Corp.2.24%$0.2312.50%
MSMorgan Stanley2.24%$4.0740.12%
FXNCFirst National Corporation2.23%$0.5586.28%
BACBank of America Corporation2.22%$1.2431.97%
SSBSouthState Corporation2.22%$2.0930.58%
VLGEAVillage Super Market, Inc.2.22%$0.7720.42%
WWWWolverine World Wide, Inc.2.22%$0.4137.79%
CCBGCapital City Bank Group, Inc.2.21%$0.9326.22%
CGThe Carlyle Group Inc.2.20%$1.3476.25%
NHINational Health Investors, Inc.2.20%$1.6954.58%
VNOVornado Realty Trust2.20%$0.7315.58%
BANCBanc of California, Inc.2.19%$0.4332.44%
EBTCEnterprise Bancorp, Inc.2.19%$0.8726.66%
RHPRyman Hospitality Properties, Inc.2.19%$2.0957.31%
CDPCOPT Defense Properties2.18%$0.6045.15%
FDSFactSet Research Systems Inc.2.18%$6.2039.64%
ISBAIsabella Bank Corporation2.18%$1.1044.52%
WHWyndham Hotels & Resorts, Inc.2.18%$1.6437.28%
EFSCEnterprise Financial Services Corp2.17%$1.1722.34%
ETHGrayscale Ethereum Mini Trust2.17%$0.6434.57%
SEMSelect Medical Holdings Corporation2.17%$0.3236.19%
BFSTBusiness First Bancshares, Inc.2.16%$0.5620.21%
CWBCCommunity West Bancshares2.16%$0.4826.89%
EHTHeHealth, Inc.2.16%$0.095.60%
TPLTexas Pacific Land Corporation2.16%$6.4231.02%
CBSHCommerce Bancshares, Inc.2.15%$1.1226.40%
COLMColumbia Sportswear Company2.15%$1.2035.55%
HTHHilltop Holdings Inc.2.15%$0.7328.46%
NATHNathan's Famous, Inc.2.15%$1.9835.76%
RCKYRocky Brands, Inc.2.15%$0.6222.50%
BDXBecton, Dickinson and Company2.14%$4.1771.28%
CICigna Corporation2.14%$5.9626.01%
FBIZFirst Business Financial Services, Inc.2.14%$1.1518.19%
JBSSJohn B. Sanfilippo & Son, Inc.2.14%$1.4926.50%
JNPRJuniper Networks, Inc.2.14%$0.8682.37%
POOLPool Corporation2.14%$4.9244.68%
CSCOCisco Systems, Inc.2.13%$1.6262.56%
CSTRCapStar Financial Holdings, Inc.2.13%$0.4330.48%
HTLFHeartland Financial USA, Inc.2.13%$1.3869.73%