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

ONE Gas, Inc. (OGS)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$94.73 - $232.25$141.29
Multi-Stage$71.99 - $78.51$75.19
Blended Fair Value$108.24
Current Price$80.94
Upside33.73%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.23%13.09%2.542.452.282.111.941.791.641.491.241.07
YoY Growth--3.72%7.57%8.10%8.34%8.49%9.14%9.83%20.14%16.53%43.78%
Dividend Yield--3.36%3.85%2.87%2.39%2.53%2.14%1.86%2.26%1.84%1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)254.94
(-) Cash Dividends Paid (M)157.90
(=) Cash Retained (M)97.04
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)50.9931.8719.12
Cash Retained (M)97.0497.0497.04
(-) Cash Required (M)-50.99-31.87-19.12
(=) Excess Retained (M)46.0665.1877.92
(/) Shares Outstanding (M)58.8458.8458.84
(=) Excess Retained per Share0.781.111.32
LTM Dividend per Share2.682.682.68
(+) Excess Retained per Share0.781.111.32
(=) Adjusted Dividend3.473.794.01
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.23%6.23%7.23%
Fair Value$94.73$141.29$232.25
Upside / Downside17.04%74.56%186.95%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)254.94270.82287.69305.62324.65344.88355.22
Payout Ratio61.93%67.55%73.16%78.77%84.39%90.00%92.50%
Projected Dividends (M)157.90182.93210.48240.75273.97310.39328.58

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.08%9.08%9.08%
Growth Rate5.23%6.23%7.23%
Year 1 PV (M)166.13167.71169.29
Year 2 PV (M)173.58176.90180.24
Year 3 PV (M)180.30185.49190.78
Year 4 PV (M)186.33193.52200.91
Year 5 PV (M)191.71200.99210.63
PV of Terminal Value (M)3,337.933,499.583,667.43
Equity Value (M)4,235.994,424.184,619.27
Shares Outstanding (M)58.8458.8458.84
Fair Value$71.99$75.19$78.51
Upside / Downside-11.05%-7.10%-3.01%

High-Yield Dividend Screener

« Prev Page 3 of 30 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
BLWBlackRock Limited Duration Income Trust11.50%$1.5893.39%
ELCEntergy Louisiana, LLC COLLATERAL TR MT11.33%$2.3457.35%
VIASPVia Renewables, Inc.11.33%$2.8849.21%
BUIBlackRock Utilities, Infrastructure & Power Opportunities Trust11.31%$2.9358.72%
JPCNuveen Preferred & Income Opportunities Fund11.24%$0.9167.43%
RILYB. Riley Financial, Inc.11.21%$0.5856.91%
PFOFlaherty & Crumrine Preferred Income Opportunity Fund Inc.11.06%$1.0543.18%
OXLCIOxford Lane Capital Corp.11.05%$2.8369.26%
USB-PSU.S. Bancorp Depositary Shares,10.98%$2.0243.68%
FLCFlaherty & Crumrine Total Return Fund Inc.10.93%$1.9242.77%
UTGReaves Utility Income Fund10.78%$4.0043.20%
CEMClearBridge MLP and Midstream Fund Inc10.77%$5.6046.76%
AIVApartment Investment and Management Company10.76%$0.6336.20%
DCFBNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.10.71%$0.9942.71%
CALMCal-Maine Foods, Inc.10.70%$8.4032.04%
EMOClearBridge Energy Midstream Opportunity Fund Inc10.65%$4.7926.74%
CTRClearBridge MLP and Midstream Total Return Fund Inc.10.63%$5.0047.43%
EIMEaton Vance Municipal Bond Fund10.57%$1.0364.33%
VZAVerizon Communications, 5.9% 15 Feb 205410.57%$2.7049.90%
BPOPMPopular Capital Trust II PFD GTD 6.125%10.45%$2.6726.93%
RITMRithm Capital Corp.10.45%$1.1571.36%
IHTAInvesco High Income 2024 Target Term Fund10.33%$0.7826.82%
WUThe Western Union Company10.30%$0.9540.76%
ERHAllspring Utilities and High Income Fund10.26%$1.2231.06%
GDVThe Gabelli Dividend & Income Trust10.25%$2.8539.93%
CIIBlackRock Enhanced Capital and Income Fund, Inc.10.23%$2.3844.19%
GBDCGolub Capital BDC, Inc.10.19%$1.3897.76%
PVCMXPalm Valley Capital Fund Investor Class10.19%$1.2483.81%
AEDVXEmerging Markets Debt Fund - Investor Class9.95%$0.9476.80%
HYTBlackRock Corporate High Yield Fund, Inc.9.83%$0.8799.09%
FFCFlaherty & Crumrine Preferred Securities Income Fund Inc.9.79%$1.6337.81%
WENThe Wendy's Company9.78%$0.8082.75%
CMSACMS Energy Corporation 5.6% JRSUB NT 789.77%$2.1762.27%
HIEMiller/Howard High Income Equity Fund9.63%$1.2198.11%
NMSNuveen Minnesota Quality Municipal Income Fund9.54%$1.1237.02%
CMSCCMS Energy Corporation 5.875% J9.48%$2.1762.27%
NEE-PNNextEra Energy, Inc. Series N J9.24%$2.2170.10%
CMSDCMS Energy Corporation 5.875% Junior Subordinated Notes due 20799.20%$2.1762.27%
VFLabrdn National Municipal Income Fund9.06%$0.9334.18%
UANCVR Partners, LP8.96%$9.0975.52%
GGZThe Gabelli Global Small and Mid Cap Value Trust8.95%$1.3448.03%
SUNSSunrise Realty Trust, Inc.8.95%$0.8388.91%
PTYPIMCO Corporate & Income Opportunity Fund8.93%$1.1588.40%
ATHSAthene Holding Ltd. 7.250% Fixe8.86%$2.2214.14%
APAMArtisan Partners Asset Management Inc.8.83%$3.6697.93%
VLTInvesco High Income Trust II8.83%$0.9846.97%
VTNInvesco Trust for Investment Grade New York Municipals8.75%$1.0165.99%
JEQAbrdn Japan Equity Fund Inc8.73%$0.6943.45%
MOAltria Group, Inc.8.69%$4.9894.54%
JGGCJaguar Global Growth Corporation I8.63%$0.1563.08%