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Definitive Analysis

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Page: Dividend Discount Model

NXG Cushing Midstream Energy Fund

Ticker: SRV | Industry: Asset Management | Sector: Financial Services
$39.85 +0.15 (0.38%)
As of: 2026-01-23

Master Data Export


Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$26.08 - $31.55$29.04
Multi-Stage DDM$30.21 - $34.15$32.13
Blended Fair Value$30.58
Stock Price$40.05

Dividend History (Last 10 Years)

Metric2024202320222021202020192018201720162015
DPS3.8295.3582.6401.4402.4824.3344.2534.3234.2060.000
YoY %-28.54%102.96%83.33%-41.97%-42.75%1.93%-1.64%2.78%0.00%0.00%
Yield9.561%13.379%6.592%3.596%6.197%10.823%10.618%10.795%10.503%0.000%

CAGRValue
5 Year-2.45%
10 Year0.00%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth-31.37% to -29.37%-30.37%
WACC9.00%9.00%
Fair Value$26.08 - $31.55$29.04

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income57.8057.8057.80
(=) Cash Required11.567.234.34
Cash Retained57.8057.8057.80
(-) Cash Required-11.56-7.23-4.34
(=) Excess Retained46.2450.5853.47
(/) Shares Outstanding4,016,7054,016,7054,016,705
(=) Excess Retained per Share11.5112.5913.31
LTM Dividend per Share3.8293.8293.829
(+) Excess Retained per Share11.5112.5913.31
(=) Adjusted Dividend15.34216.42117.140

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income57.8040.2528.0219.5113.589.46
Payout Ratio26.6%25.0%41.0%57.0%73.0%90.0%
Projected Dividends15.3810.0611.4911.129.928.51

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV9.509.649.78
Year 2 PV9.8110.1010.39
Year 3 PV8.588.979.36
Year 4 PV6.927.337.76
Year 5 PV5.375.786.20
TV PV81.1687.2493.69
Equity Value121.34129.05137.18
Fair Value$30.21$32.13$34.15
Stock Price$40.05$40.05$40.05

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