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Definitive Analysis

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Page: Dividend Discount Model

Spire Inc.

Ticker: SR-PA | Industry: Regulated Gas | Sector: Utilities
$25.30 +0.02 (0.08%)
As of: 2026-01-23

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Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$63.08 - $86.04$73.93
Multi-Stage DDM$49.03 - $53.88$51.41
Blended Fair Value$62.67
Stock Price$24.55

Dividend History (Last 10 Years)

Metric2025202420232022202120202019201820172016
DPS3.1042.9682.8652.7242.5762.4952.3432.2052.0471.923
YoY %4.58%3.60%5.19%5.71%3.26%6.51%6.24%7.72%6.42%5.41%
Yield12.643%12.090%11.670%11.094%10.495%10.163%9.542%8.981%8.337%7.834%

CAGRValue
5 Year4.46%
10 Year5.46%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth-1.62% to 0.38%-0.62%
WACC9.00%9.00%
Fair Value$63.08 - $86.04$73.93

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income271.70271.70271.70
(=) Cash Required54.3433.9620.38
Cash Retained271.70271.70271.70
(-) Cash Required-54.34-33.96-20.38
(=) Excess Retained217.36237.74251.32
(/) Shares Outstanding58,700,00058,700,00058,700,000
(=) Excess Retained per Share3.704.054.28
LTM Dividend per Share3.1043.1043.104
(+) Excess Retained per Share3.704.054.28
(=) Adjusted Dividend6.8077.1547.385

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income271.70270.02268.36266.70265.06263.42
Payout Ratio67.1%25.0%41.0%57.0%73.0%90.0%
Projected Dividends182.2067.51110.03152.02193.49237.08

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV64.0164.6665.31
Year 2 PV94.7596.6898.64
Year 3 PV118.89122.56126.29
Year 4 PV137.44143.11148.96
Year 5 PV152.94160.87169.13
TV PV2,309.992,429.802,554.53
Equity Value2,878.023,017.683,162.86
Fair Value$49.03$51.41$53.88
Stock Price$24.55$24.55$24.55

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