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

Indicators Charts WACC Beta Predictability

Ticker

Industry

Sector

Spire Inc. (SR-PA)

Company Dividend Discount ModelIndustry: Regulated GasSector: Utilities

Valuation Snapshot

Stable Growth$333.88 - $920.12$862.28
Multi-Stage$140.81 - $153.83$147.20
Blended Fair Value$504.74
Current Price$81.52
Upside519.16%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS7.32%8.72%3.112.852.572.422.272.182.031.851.641.45
YoY Growth--9.04%10.88%6.20%6.53%4.06%7.56%9.48%12.99%12.91%7.85%
Dividend Yield--3.81%4.20%4.12%3.52%3.48%3.41%2.44%2.50%2.18%2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)271.70
(-) Cash Dividends Paid (M)267.90
(=) Cash Retained (M)3.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)54.3433.9620.38
Cash Retained (M)3.803.803.80
(-) Cash Required (M)-54.34-33.96-20.38
(=) Excess Retained (M)-50.54-30.16-16.58
(/) Shares Outstanding (M)58.6358.6358.63
(=) Excess Retained per Share-0.86-0.51-0.28
LTM Dividend per Share4.574.574.57
(+) Excess Retained per Share-0.86-0.51-0.28
(=) Adjusted Dividend3.714.064.29
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.32%6.32%7.32%
Fair Value$333.88$862.28$920.12
Upside / Downside309.57%957.75%1,028.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)271.70288.86307.11326.51347.13369.06380.13
Payout Ratio98.60%96.88%95.16%93.44%91.72%90.00%92.50%
Projected Dividends (M)267.90279.85292.25305.09318.39332.16351.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate5.32%6.32%7.32%
Year 1 PV (M)260.34262.81265.28
Year 2 PV (M)252.90257.73262.60
Year 3 PV (M)245.60252.67259.86
Year 4 PV (M)238.44247.62257.07
Year 5 PV (M)231.39242.59254.22
PV of Terminal Value (M)7,026.267,366.237,719.24
Equity Value (M)8,254.938,629.659,018.27
Shares Outstanding (M)58.6358.6358.63
Fair Value$140.81$147.20$153.83
Upside / Downside72.73%80.57%88.70%

High-Yield Dividend Screener

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