Intrinsic value of Black Hills - BKH

Previous Close

$66.97

  Intrinsic Value

$80.79

stock screener

  Rating & Target

buy

+21%

  Value-price divergence*

-79%

Previous close

$66.97

 
Intrinsic value

$80.79

 
Up/down potential

+21%

 
Rating

buy

 
Value-price divergence*

-79%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BKH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.54
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  0
  1,685
  1,801
  1,921
  2,047
  2,177
  2,313
  2,455
  2,602
  2,756
  2,916
  3,083
  3,258
  3,440
  3,630
  3,829
  4,037
  4,255
  4,482
  4,721
  4,970
  5,231
  5,505
  5,792
  6,092
  6,407
  6,737
  7,083
  7,445
  7,826
  8,225
Variable operating expenses, $m
 
  437
  458
  480
  503
  527
  552
  578
  605
  633
  662
  562
  594
  628
  662
  699
  736
  776
  818
  861
  907
  954
  1,004
  1,056
  1,111
  1,169
  1,229
  1,292
  1,358
  1,428
  1,500
Fixed operating expenses, $m
 
  980
  1,004
  1,030
  1,055
  1,082
  1,109
  1,136
  1,165
  1,194
  1,224
  1,254
  1,286
  1,318
  1,351
  1,385
  1,419
  1,455
  1,491
  1,528
  1,567
  1,606
  1,646
  1,687
  1,729
  1,772
  1,817
  1,862
  1,909
  1,956
  2,005
Total operating expenses, $m
  1,350
  1,417
  1,462
  1,510
  1,558
  1,609
  1,661
  1,714
  1,770
  1,827
  1,886
  1,816
  1,880
  1,946
  2,013
  2,084
  2,155
  2,231
  2,309
  2,389
  2,474
  2,560
  2,650
  2,743
  2,840
  2,941
  3,046
  3,154
  3,267
  3,384
  3,505
Operating income, $m
  223
  268
  338
  412
  488
  569
  653
  741
  833
  929
  1,030
  1,266
  1,378
  1,495
  1,617
  1,746
  1,882
  2,024
  2,174
  2,331
  2,497
  2,671
  2,855
  3,048
  3,251
  3,466
  3,691
  3,929
  4,179
  4,442
  4,719
EBITDA, $m
  412
  398
  469
  543
  620
  700
  784
  872
  964
  1,061
  1,162
  1,268
  1,380
  1,497
  1,619
  1,748
  1,884
  2,027
  2,176
  2,334
  2,500
  2,674
  2,858
  3,052
  3,255
  3,469
  3,695
  3,933
  4,183
  4,447
  4,724
Interest expense (income), $m
  113
  142
  157
  172
  189
  205
  223
  241
  260
  280
  300
  321
  344
  367
  391
  417
  443
  471
  500
  531
  563
  596
  631
  667
  706
  746
  788
  832
  878
  927
  977
Earnings before tax, $m
  93
  126
  181
  239
  300
  363
  430
  500
  573
  650
  730
  945
  1,034
  1,127
  1,226
  1,329
  1,438
  1,553
  1,673
  1,800
  1,934
  2,075
  2,224
  2,381
  2,546
  2,720
  2,903
  3,097
  3,300
  3,515
  3,742
Tax expense, $m
  10
  34
  49
  65
  81
  98
  116
  135
  155
  175
  197
  255
  279
  304
  331
  359
  388
  419
  452
  486
  522
  560
  601
  643
  687
  734
  784
  836
  891
  949
  1,010
Net income, $m
  73
  92
  132
  175
  219
  265
  314
  365
  418
  474
  533
  690
  755
  823
  895
  970
  1,050
  1,133
  1,222
  1,314
  1,412
  1,515
  1,624
  1,738
  1,858
  1,985
  2,119
  2,261
  2,409
  2,566
  2,731

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,515
  6,962
  7,441
  7,940
  8,458
  8,998
  9,559
  10,144
  10,753
  11,388
  12,050
  12,741
  13,462
  14,214
  15,001
  15,823
  16,683
  17,582
  18,523
  19,507
  20,538
  21,617
  22,748
  23,932
  25,173
  26,474
  27,838
  29,267
  30,766
  32,338
  33,987
Adjusted assets (=assets-cash), $m
  6,501
  6,962
  7,441
  7,940
  8,458
  8,998
  9,559
  10,144
  10,753
  11,388
  12,050
  12,741
  13,462
  14,214
  15,001
  15,823
  16,683
  17,582
  18,523
  19,507
  20,538
  21,617
  22,748
  23,932
  25,173
  26,474
  27,838
  29,267
  30,766
  32,338
  33,987
Revenue / Adjusted assets
  0.000
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
Average production assets, $m
  6
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  25
Working capital, $m
  -61
  30
  32
  35
  37
  39
  42
  44
  47
  50
  52
  55
  59
  62
  65
  69
  73
  77
  81
  85
  89
  94
  99
  104
  110
  115
  121
  127
  134
  141
  148
Total debt, $m
  3,314
  3,649
  4,010
  4,385
  4,775
  5,180
  5,603
  6,042
  6,500
  6,978
  7,475
  7,995
  8,537
  9,103
  9,695
  10,313
  10,959
  11,636
  12,343
  13,083
  13,858
  14,670
  15,520
  16,411
  17,344
  18,322
  19,348
  20,423
  21,550
  22,732
  23,972
Total liabilities, $m
  4,901
  5,235
  5,596
  5,971
  6,361
  6,766
  7,189
  7,628
  8,086
  8,564
  9,061
  9,581
  10,123
  10,689
  11,281
  11,899
  12,545
  13,222
  13,929
  14,669
  15,444
  16,256
  17,106
  17,997
  18,930
  19,908
  20,934
  22,009
  23,136
  24,318
  25,558
Total equity, $m
  1,615
  1,726
  1,845
  1,969
  2,098
  2,231
  2,371
  2,516
  2,667
  2,824
  2,988
  3,160
  3,338
  3,525
  3,720
  3,924
  4,137
  4,360
  4,594
  4,838
  5,093
  5,361
  5,641
  5,935
  6,243
  6,566
  6,904
  7,258
  7,630
  8,020
  8,429
Total liabilities and equity, $m
  6,516
  6,961
  7,441
  7,940
  8,459
  8,997
  9,560
  10,144
  10,753
  11,388
  12,049
  12,741
  13,461
  14,214
  15,001
  15,823
  16,682
  17,582
  18,523
  19,507
  20,537
  21,617
  22,747
  23,932
  25,173
  26,474
  27,838
  29,267
  30,766
  32,338
  33,987
Debt-to-equity ratio
  2.052
  2.110
  2.170
  2.230
  2.280
  2.320
  2.360
  2.400
  2.440
  2.470
  2.500
  2.530
  2.560
  2.580
  2.610
  2.630
  2.650
  2.670
  2.690
  2.700
  2.720
  2.740
  2.750
  2.770
  2.780
  2.790
  2.800
  2.810
  2.820
  2.830
  2.840
Adjusted equity ratio
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  92
  132
  175
  219
  265
  314
  365
  418
  474
  533
  690
  755
  823
  895
  970
  1,050
  1,133
  1,222
  1,314
  1,412
  1,515
  1,624
  1,738
  1,858
  1,985
  2,119
  2,261
  2,409
  2,566
  2,731
Depreciation, amort., depletion, $m
  189
  131
  131
  131
  131
  131
  131
  131
  131
  132
  132
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
Funds from operations, $m
  229
  223
  263
  306
  350
  396
  445
  496
  550
  606
  665
  692
  757
  825
  897
  973
  1,052
  1,136
  1,224
  1,317
  1,415
  1,518
  1,627
  1,741
  1,862
  1,989
  2,123
  2,265
  2,414
  2,571
  2,736
Change in working capital, $m
  -91
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Cash from operations, $m
  320
  221
  261
  303
  348
  394
  443
  494
  547
  603
  662
  689
  754
  822
  894
  969
  1,049
  1,132
  1,220
  1,313
  1,411
  1,514
  1,622
  1,736
  1,857
  1,984
  2,117
  2,259
  2,407
  2,564
  2,729
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
New CAPEX, $m
  -475
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -1,589
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
Free cash flow, $m
  -1,269
  220
  260
  302
  346
  393
  441
  492
  545
  601
  660
  686
  751
  819
  891
  966
  1,046
  1,129
  1,217
  1,310
  1,407
  1,510
  1,618
  1,732
  1,852
  1,979
  2,113
  2,253
  2,402
  2,558
  2,723
Issuance/(repayment) of debt, $m
  623
  349
  361
  375
  390
  406
  422
  440
  458
  477
  498
  519
  542
  566
  592
  618
  646
  676
  707
  740
  775
  812
  850
  891
  933
  978
  1,025
  1,075
  1,127
  1,182
  1,240
Issuance/(repurchase) of shares, $m
  122
  20
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  929
  369
  361
  375
  390
  406
  422
  440
  458
  477
  498
  519
  542
  566
  592
  618
  646
  676
  707
  740
  775
  812
  850
  891
  933
  978
  1,025
  1,075
  1,127
  1,182
  1,240
Total cash flow (excl. dividends), $m
  -339
  589
  620
  677
  736
  798
  863
  932
  1,003
  1,079
  1,158
  1,206
  1,293
  1,386
  1,482
  1,585
  1,692
  1,805
  1,924
  2,050
  2,182
  2,321
  2,468
  2,623
  2,786
  2,957
  3,138
  3,329
  3,529
  3,741
  3,963
Retained Cash Flow (-), $m
  -149
  -111
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -179
  -187
  -195
  -204
  -213
  -223
  -233
  -244
  -256
  -268
  -280
  -294
  -308
  -323
  -338
  -355
  -372
  -390
  -409
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  477
  501
  553
  608
  664
  724
  787
  852
  921
  994
  1,035
  1,115
  1,199
  1,287
  1,381
  1,479
  1,582
  1,691
  1,806
  1,926
  2,054
  2,188
  2,329
  2,478
  2,635
  2,800
  2,974
  3,157
  3,351
  3,554
Discount rate, %
 
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
 
  433
  408
  401
  387
  368
  345
  318
  289
  257
  226
  188
  159
  132
  107
  85
  66
  50
  37
  27
  19
  13
  9
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5

Black Hills Corporation is a holding company. The Company is an integrated energy company, which is focused primarily on regulated utilities. The Company operates through segments, including Electric Utilities, Gas Utilities, Power Generation, Mining, Oil and Gas, and Corporate. As of December 31, 2016, the Electric Utilities segment generated, transmitted and distributed electricity to approximately 208,500 customers in South Dakota, Wyoming, Colorado and Montana. The Gas Utilities Segment includes the natural gas operations of Cheyenne Light. The Power Generation segment produces electric power from its generating plants and sells the electric capacity and energy principally to its utilities under long-term contracts. The Mining segment operates through its Wyodak Resources Development Corp. (WRDC) subsidiary. The Company's Oil and Gas segment acquires, explores for, develops and produces natural gas and crude oil in the United States primarily in the Rocky Mountain region.

FINANCIAL RATIOS  of  Black Hills (BKH)

Valuation Ratios
P/E Ratio 49
Price to Sales 2.3
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow -23.1
Growth Rates
Sales Growth Rate 20.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.4%
Cap. Spend. - 3 Yr. Gr. Rate 6%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 198.8%
Total Debt to Equity 205.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 4.7%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 25.1%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 14.2%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 5.9%
Pre-Tax Margin - 3 Yr. Avg. 5.3%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 10.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 120.5%

BKH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKH stock intrinsic value calculation we used $1573 million for the last fiscal year's total revenue generated by Black Hills. The default revenue input number comes from 2016 income statement of Black Hills. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BKH stock valuation model: a) initial revenue growth rate of 7.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.3%, whose default value for BKH is calculated based on our internal credit rating of Black Hills, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Black Hills.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BKH stock the variable cost ratio is equal to 26.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $956 million in the base year in the intrinsic value calculation for BKH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.3% for Black Hills.

Corporate tax rate of 27% is the nominal tax rate for Black Hills. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BKH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BKH are equal to 0.3%.

Life of production assets of 4.4 years is the average useful life of capital assets used in Black Hills operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BKH is equal to 1.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1615 million for Black Hills - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53.404 million for Black Hills is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Black Hills at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ Black Hills Corp. Announces Analyst Day Presentation Topics   [Oct-04-17 04:31PM  GlobeNewswire]
▶ Four Utility Buys In A High-Priced Sector   [Sep-18-17 03:53PM  Forbes]
▶ ETFs with exposure to Black Hills Corp. : August 31, 2017   [Aug-31-17 05:31PM  Capital Cube]
▶ Black Hills posts 2Q profit   [Aug-05-17 01:10AM  Associated Press]
▶ Black Hills Corp. Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  GlobeNewswire]
▶ Black Hills Corp. Announces Quarterly Dividend   [Jul-26-17 05:32PM  GlobeNewswire]
▶ The Best Stock in South Dakota: Black Hills Corp.   [Jul-21-17 12:20PM  Kiplinger]
▶ ETFs with exposure to Black Hills Corp. : July 13, 2017   [Jul-13-17 03:39PM  Capital Cube]
▶ How Are ETF Inflows Affecting Small Cap Stocks?   [Jun-08-17 03:29PM  Barrons.com]
▶ ETFs with exposure to Black Hills Corp. : May 9, 2017   [May-09-17 04:22PM  Capital Cube]
▶ Black Hills posts 1Q profit   [May-04-17 05:02AM  Associated Press]
▶ Black Hills Corp. Reports First Quarter 2017 Results   [May-03-17 04:15PM  GlobeNewswire]
▶ Kansas City Southern: Coal Led the Pack in Week 16   [May-01-17 07:40AM  Market Realist]
▶ Kansas City Southern: Coal Growth Story Is Intact in Week 15   [Apr-21-17 02:35PM  Market Realist]
▶ Kansas City Southern: Coal Pushed Volumes Up in Week 14   [Apr-18-17 05:35PM  Market Realist]
▶ A Revival In The Rockies For Natural Gas   [Feb-15-17 11:12AM  at Forbes]
▶ Hickenlooper's picks for Colorado PUC sail through Senate confirmation   [05:11PM  American City Business Journals]
▶ Black Hills beats 4Q profit forecasts   [Feb-01-17 06:22PM  Associated Press]
▶ Is Black Hills Corp (BKH) Going to Burn Investors?   [Dec-08-16 03:00PM  at Insider Monkey]
▶ Chairman of Colorado Public Utilities Commission to resign   [Dec-06-16 03:40PM  at bizjournals.com]
▶ Microsoft announces largest wind energy purchase to date   [Nov-14-16 06:00AM  PR Newswire]
▶ Black Hills Corp. Announces Quarterly Dividend   [Oct-25-16 04:12PM  GlobeNewswire]
▶ Trump Had A Point About His Own Taxes In The Debate   [Oct-20-16 05:43PM  at Forbes]
Financial statements of BKH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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