Definitive Analysis
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Definitive Analysis

Financial Statements

Company Industry Sector

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

Miscellaneous

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Mode

Company Industry Sector

Ticker

Industry

Sector

OGE Energy Corp. (OGE)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$38.49 - $73.01$52.44
Multi-Stage$51.85 - $56.78$54.27
Blended Fair Value$53.35
Current Price$46.27
Upside15.31%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-65.32%-38.18%0.011.651.631.611.561.481.351.231.121.01
YoY Growth---99.55%1.18%1.35%3.18%5.25%9.92%9.94%10.00%10.02%11.14%
Dividend Yield--0.02%4.81%4.33%3.95%4.82%4.82%3.14%3.74%3.19%3.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)503.40
(-) Cash Dividends Paid (M)340.90
(=) Cash Retained (M)162.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)100.6862.9337.76
Cash Retained (M)162.50162.50162.50
(-) Cash Required (M)-100.68-62.93-37.76
(=) Excess Retained (M)61.8299.58124.75
(/) Shares Outstanding (M)201.88201.88201.88
(=) Excess Retained per Share0.310.490.62
LTM Dividend per Share1.691.691.69
(+) Excess Retained per Share0.310.490.62
(=) Adjusted Dividend1.992.182.31
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate1.99%2.99%3.99%
Fair Value$38.49$52.44$73.01
Upside / Downside-16.80%13.33%57.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)503.40518.44533.93549.88566.31583.23600.72
Payout Ratio67.72%72.18%76.63%81.09%85.54%90.00%92.50%
Projected Dividends (M)340.90374.19409.16445.89484.44524.90555.67

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.27%7.27%7.27%
Growth Rate1.99%2.99%3.99%
Year 1 PV (M)345.43348.82352.20
Year 2 PV (M)348.69355.56362.50
Year 3 PV (M)350.79361.21371.83
Year 4 PV (M)351.83365.83380.25
Year 5 PV (M)351.92369.51387.81
PV of Terminal Value (M)8,718.919,154.829,608.00
Equity Value (M)10,467.5610,955.7511,462.59
Shares Outstanding (M)201.88201.88201.88
Fair Value$51.85$54.27$56.78
Upside / Downside12.06%17.29%22.72%

High-Yield Dividend Screener

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