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ONE Gas has delivered a 24.5% total return over the past five years, yet its Dividend Discount Model (DDM) intrinsic value estimate currently points to the stock trading at a premium, which sits awkwardly beside a broader appraisal that already leans expensive.

• Over five years, ONE Gas has returned 24.5%, which suggests the stock has already rewarded patient holders and may have priced in a fair amount of optimism.

• Expectations for steady utility cash flows can support today’s price, while any pressure on allowed returns or…