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 8 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
035810.KQEASY HOLDINGS Co., Ltd.9.64%$435.2887.39%
0623.HKSinoMedia Holding Limited9.64%$0.1944.98%
ITSA3.SAItaúsa S.A.9.64%$1.1780.68%
MFG.AXMagellan Financial Group Limited9.64%$0.9634.94%
PMTA.BKPM Thoresen Asia Holdings Public Company Limited9.64%$0.9860.98%
2989.TTokaido REIT, Inc.9.63%$11,143.4889.54%
SBMO.ASSBM Offshore N.V.9.63%$2.3853.44%
0576.HKZhejiang Expressway Co., Ltd.9.62%$0.6974.90%
INVEST.HEInvestors House Oyj9.62%$0.3663.41%
MFEC.BKMFEC Public Company Limited9.62%$0.5094.79%
PIKK.MEPJSC PIK-specialized homebuilder9.61%$45.9431.14%
6868.HKTenfu (Cayman) Holdings Company Limited9.60%$0.2693.07%
601077.SSChongqing Rural Commercial Bank Co., Ltd.9.58%$0.6286.18%
SIQ.AXSmartgroup Corporation Ltd9.58%$0.8777.09%
5012.KLTa Ann Holdings Berhad9.57%$0.4093.61%
PAC.AXPacific Current Group Limited9.57%$0.9623.44%
MTO.AXMotorCycle Holdings Limited9.56%$0.3068.86%
HME.VHemisphere Energy Corporation9.55%$0.1957.92%
0382.HKEdvantage Group Holdings Limited9.54%$0.1412.43%
0OQQ.LInfotel S.A.9.54%$4.0386.81%
VIE.PAVeolia Environnement S.A.9.53%$2.8797.23%
0QJX.LEFG International AG9.52%$1.8196.44%
601998.SSChina CITIC Bank Corporation Limited9.51%$0.7368.88%
0752.HKPico Far East Holdings Limited9.50%$0.2545.55%
MRN.PAMersen S.A.9.50%$2.3045.40%
MTS.AXMetcash Limited9.50%$0.3164.02%
SYNE3.SASYN prop e tech S.A.9.50%$0.4659.20%
TEXF.BRTexaf S.A.9.50%$3.4063.35%
601997.SSBank of Guiyang Co.,Ltd.9.49%$0.5639.86%
WMA.AXWam Alternative Assets Limited9.49%$0.109.12%
0135.HKKunlun Energy Company Limited9.48%$0.7052.47%
SC-R.BKSC Asset Corporation Public Company Limited9.47%$0.1648.63%
0DLI.LAcomo N.V.9.45%$2.4067.74%
AFYAAfya Limited9.45%$1.4117.69%
BBRI.JKPT Bank Rakyat Indonesia (Persero) Tbk9.44%$343.6092.61%
TEKA.BKTeka Construction Public Company Limited9.44%$0.1696.55%
8964.TFrontier Real Estate Investment Corporation9.39%$8,736.6196.39%
ALLA.BKAlla Public Company Limited9.39%$0.1177.39%
4333.SRTaleem REIT Fund9.38%$0.9670.19%
SHL.AXSonic Healthcare Limited9.38%$2.1198.90%
TQM-R.BKTQM Alpha Public Company Limited9.37%$1.0882.74%
0882.HKTianjin Development Holdings Limited9.36%$0.2321.27%
0O84.LDNB Bank ASA9.36%$17.5255.97%
4339.SRDerayah Financial - Derayah Reit Fund9.36%$0.4982.63%
601390.SSChina Railway Group Limited9.35%$0.5150.32%
CPACopa Holdings, S.A.9.35%$11.3970.44%
BRSR3.SABanco do Estado do Rio Grande do Sul S.A.9.34%$1.5649.87%
RET.BRRetail Estates N.V.9.34%$5.9746.68%
0265.HKGangyu Smart Urban Services Holdings Limited9.33%$0.1868.15%
KGKC.MEPJSC Kurgan Generation Company9.33%$4.0370.77%