Intrinsic value of NiSource - NI

Previous Close

$27.08

  Intrinsic Value

$15.01

stock screener

  Rating & Target

sell

-45%

Previous close

$27.08

 
Intrinsic value

$15.01

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of NI 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 8.8

 

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, %
  -3.42
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,476
  4,583
  4,688
  4,809
  4,944
  5,094
  5,258
  5,437
  5,631
  5,840
  6,064
  6,304
  6,560
  6,832
  7,122
  7,429
  7,755
  8,099
  8,464
  8,849
  9,255
  9,684
  10,137
  10,614
  11,116
  11,645
  12,203
  12,789
  13,406
  14,055
  14,738
Variable operating expenses, $m
 
  3,887
  3,973
  4,071
  4,181
  4,302
  4,436
  4,581
  4,738
  4,908
  5,089
  5,115
  5,322
  5,544
  5,778
  6,028
  6,292
  6,571
  6,867
  7,180
  7,509
  7,858
  8,225
  8,612
  9,019
  9,449
  9,901
  10,377
  10,877
  11,404
  11,958
Fixed operating expenses, $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
Total operating expenses, $m
  3,634
  3,887
  3,973
  4,071
  4,181
  4,302
  4,436
  4,581
  4,738
  4,908
  5,089
  5,115
  5,322
  5,544
  5,778
  6,028
  6,292
  6,571
  6,867
  7,180
  7,509
  7,858
  8,225
  8,612
  9,019
  9,449
  9,901
  10,377
  10,877
  11,404
  11,958
Operating income, $m
  858
  695
  715
  738
  764
  792
  823
  857
  893
  933
  975
  1,189
  1,237
  1,289
  1,343
  1,401
  1,463
  1,528
  1,597
  1,669
  1,746
  1,827
  1,912
  2,002
  2,097
  2,197
  2,302
  2,412
  2,529
  2,651
  2,780
EBITDA, $m
  1,405
  994
  1,017
  1,043
  1,072
  1,105
  1,140
  1,179
  1,221
  1,266
  1,315
  1,367
  1,422
  1,481
  1,544
  1,611
  1,681
  1,756
  1,835
  1,919
  2,007
  2,100
  2,198
  2,301
  2,410
  2,525
  2,646
  2,773
  2,907
  3,048
  3,196
Interest expense (income), $m
  338
  355
  367
  383
  400
  420
  442
  466
  492
  520
  551
  583
  618
  656
  696
  738
  783
  830
  881
  934
  990
  1,049
  1,112
  1,178
  1,248
  1,321
  1,398
  1,480
  1,565
  1,655
  1,750
Earnings before tax, $m
  510
  341
  348
  355
  363
  372
  381
  391
  401
  412
  424
  606
  619
  633
  648
  664
  680
  698
  716
  735
  756
  777
  800
  824
  849
  876
  903
  933
  964
  996
  1,030
Tax expense, $m
  182
  92
  94
  96
  98
  100
  103
  106
  108
  111
  115
  164
  167
  171
  175
  179
  184
  188
  193
  199
  204
  210
  216
  222
  229
  236
  244
  252
  260
  269
  278
Net income, $m
  332
  249
  254
  260
  265
  272
  278
  285
  293
  301
  310
  442
  452
  462
  473
  484
  496
  509
  523
  537
  552
  568
  584
  602
  620
  639
  660
  681
  703
  727
  752

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  26
  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
  18,692
  19,016
  19,453
  19,953
  20,515
  21,137
  21,819
  22,562
  23,366
  24,233
  25,163
  26,158
  27,220
  28,350
  29,551
  30,826
  32,177
  33,607
  35,119
  36,717
  38,404
  40,184
  42,061
  44,040
  46,125
  48,321
  50,633
  53,066
  55,627
  58,321
  61,155
Adjusted assets (=assets-cash), $m
  18,666
  19,016
  19,453
  19,953
  20,515
  21,137
  21,819
  22,562
  23,366
  24,233
  25,163
  26,158
  27,220
  28,350
  29,551
  30,826
  32,177
  33,607
  35,119
  36,717
  38,404
  40,184
  42,061
  44,040
  46,125
  48,321
  50,633
  53,066
  55,627
  58,321
  61,155
Revenue / Adjusted assets
  0.240
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
Average production assets, $m
  633
  646
  661
  678
  697
  718
  741
  767
  794
  823
  855
  889
  925
  963
  1,004
  1,047
  1,093
  1,142
  1,193
  1,248
  1,305
  1,365
  1,429
  1,497
  1,567
  1,642
  1,721
  1,803
  1,890
  1,982
  2,078
Working capital, $m
  -1,690
  137
  141
  144
  148
  153
  158
  163
  169
  175
  182
  189
  197
  205
  214
  223
  233
  243
  254
  265
  278
  291
  304
  318
  333
  349
  366
  384
  402
  422
  442
Total debt, $m
  7,909
  8,159
  8,501
  8,892
  9,330
  9,817
  10,350
  10,932
  11,561
  12,238
  12,965
  13,743
  14,574
  15,458
  16,397
  17,394
  18,450
  19,569
  20,751
  22,001
  23,320
  24,712
  26,180
  27,727
  29,358
  31,075
  32,883
  34,786
  36,788
  38,895
  41,111
Total liabilities, $m
  14,621
  14,871
  15,213
  15,604
  16,042
  16,529
  17,062
  17,644
  18,273
  18,950
  19,677
  20,455
  21,286
  22,170
  23,109
  24,106
  25,162
  26,281
  27,463
  28,713
  30,032
  31,424
  32,892
  34,439
  36,070
  37,787
  39,595
  41,498
  43,500
  45,607
  47,823
Total equity, $m
  4,071
  4,145
  4,241
  4,350
  4,472
  4,608
  4,757
  4,919
  5,094
  5,283
  5,486
  5,702
  5,934
  6,180
  6,442
  6,720
  7,015
  7,326
  7,656
  8,004
  8,372
  8,760
  9,169
  9,601
  10,055
  10,534
  11,038
  11,568
  12,127
  12,714
  13,332
Total liabilities and equity, $m
  18,692
  19,016
  19,454
  19,954
  20,514
  21,137
  21,819
  22,563
  23,367
  24,233
  25,163
  26,157
  27,220
  28,350
  29,551
  30,826
  32,177
  33,607
  35,119
  36,717
  38,404
  40,184
  42,061
  44,040
  46,125
  48,321
  50,633
  53,066
  55,627
  58,321
  61,155
Debt-to-equity ratio
  1.943
  1.970
  2.000
  2.040
  2.090
  2.130
  2.180
  2.220
  2.270
  2.320
  2.360
  2.410
  2.460
  2.500
  2.550
  2.590
  2.630
  2.670
  2.710
  2.750
  2.790
  2.820
  2.860
  2.890
  2.920
  2.950
  2.980
  3.010
  3.030
  3.060
  3.080
Adjusted equity ratio
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  332
  249
  254
  260
  265
  272
  278
  285
  293
  301
  310
  442
  452
  462
  473
  484
  496
  509
  523
  537
  552
  568
  584
  602
  620
  639
  660
  681
  703
  727
  752
Depreciation, amort., depletion, $m
  547
  298
  301
  305
  309
  313
  317
  322
  328
  334
  340
  178
  185
  193
  201
  209
  219
  228
  239
  250
  261
  273
  286
  299
  313
  328
  344
  361
  378
  396
  416
Funds from operations, $m
  511
  547
  555
  564
  574
  584
  596
  608
  621
  635
  650
  620
  637
  655
  674
  694
  715
  738
  761
  786
  813
  841
  870
  901
  933
  968
  1,004
  1,042
  1,081
  1,123
  1,167
Change in working capital, $m
  -292
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  19
  20
Cash from operations, $m
  803
  544
  552
  561
  570
  580
  591
  602
  615
  629
  643
  613
  629
  647
  665
  685
  705
  727
  750
  775
  801
  828
  856
  887
  918
  952
  987
  1,024
  1,063
  1,104
  1,147
Maintenance CAPEX, $m
  0
  -127
  -129
  -132
  -136
  -139
  -144
  -148
  -153
  -159
  -165
  -171
  -178
  -185
  -193
  -201
  -209
  -219
  -228
  -239
  -250
  -261
  -273
  -286
  -299
  -313
  -328
  -344
  -361
  -378
  -396
New CAPEX, $m
  -1,585
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -96
Cash from investing activities, $m
  -1,583
  -141
  -144
  -149
  -155
  -160
  -167
  -173
  -180
  -188
  -197
  -205
  -214
  -223
  -234
  -244
  -255
  -268
  -279
  -293
  -307
  -321
  -337
  -353
  -370
  -388
  -407
  -427
  -448
  -470
  -492
Free cash flow, $m
  -780
  404
  408
  411
  415
  419
  424
  429
  434
  440
  447
  408
  415
  423
  432
  441
  450
  460
  471
  482
  494
  506
  519
  533
  548
  564
  580
  597
  615
  634
  654
Issuance/(repayment) of debt, $m
  982
  276
  342
  391
  439
  486
  534
  581
  629
  678
  727
  778
  830
  884
  939
  997
  1,056
  1,118
  1,183
  1,249
  1,319
  1,392
  1,468
  1,547
  1,630
  1,717
  1,808
  1,903
  2,003
  2,107
  2,216
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  997
  276
  342
  391
  439
  486
  534
  581
  629
  678
  727
  778
  830
  884
  939
  997
  1,056
  1,118
  1,183
  1,249
  1,319
  1,392
  1,468
  1,547
  1,630
  1,717
  1,808
  1,903
  2,003
  2,107
  2,216
Total cash flow (excl. dividends), $m
  217
  680
  750
  802
  854
  906
  957
  1,010
  1,063
  1,118
  1,174
  1,186
  1,246
  1,307
  1,371
  1,437
  1,506
  1,578
  1,653
  1,731
  1,813
  1,898
  1,988
  2,081
  2,179
  2,281
  2,388
  2,500
  2,618
  2,741
  2,870
Retained Cash Flow (-), $m
  -227
  -74
  -95
  -109
  -122
  -136
  -149
  -162
  -175
  -189
  -203
  -217
  -231
  -246
  -262
  -278
  -294
  -312
  -330
  -348
  -368
  -388
  -409
  -431
  -455
  -479
  -504
  -531
  -558
  -587
  -618
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
 
  605
  655
  693
  732
  770
  809
  848
  888
  929
  971
  969
  1,014
  1,061
  1,109
  1,159
  1,212
  1,267
  1,324
  1,383
  1,445
  1,510
  1,578
  1,649
  1,724
  1,802
  1,884
  1,970
  2,060
  2,154
  2,252
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  550
  536
  507
  472
  434
  393
  352
  310
  269
  230
  184
  152
  124
  99
  77
  59
  44
  32
  23
  16
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

NiSource Inc. is an energy holding company. The Company is engaged in the distribution of natural gas. The Company operates through two business segments: Gas Distribution Operations and Electric Operations. The Company's Gas Distribution Operations segment provides natural gas service and transportation for residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, Indiana and Massachusetts. As of December 31, 2016, the Company's Electric Operations segment provided electric services in 20 counties in the northern part of Indiana. The Company's electric operations segment generated, transmitted and distributed electricity through the Company's subsidiary NIPSCO to approximately 466,000 customers in 20 counties in the northern part of Indiana and engaged in wholesale and transmission transactions, as of December 31, 2016. NIPSCO owned and operated three coal-fired electric generating stations, as of December 31, 2016.

FINANCIAL RATIOS  of  NiSource (NI)

Valuation Ratios
P/E Ratio 26.4
Price to Sales 1.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow -11.2
Growth Rates
Sales Growth Rate -3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.5%
Cap. Spend. - 3 Yr. Gr. Rate -3.4%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 148.8%
Total Debt to Equity 194.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 7.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 31%
EBITDA Margin - 3 Yr. Avg. 28.6%
Operating Margin 19.1%
Oper. Margin - 3 Yr. Avg. 16.4%
Pre-Tax Margin 11.4%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 35.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.9%
Payout Ratio 62%

NI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NI stock intrinsic value calculation we used $4493 million for the last fiscal year's total revenue generated by NiSource. The default revenue input number comes from 2016 income statement of NiSource. 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 NI stock valuation model: a) initial revenue growth rate of 2% 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%, whose default value for NI is calculated based on our internal credit rating of NiSource, 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 NiSource.
    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 NI stock the variable cost ratio is equal to 84.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NI 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 4.5% for NiSource.

Corporate tax rate of 27% is the nominal tax rate for NiSource. 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 NI 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 NI are equal to 14.1%.

Life of production assets of 4.2 years is the average useful life of capital assets used in NiSource 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 NI is equal to 3%. 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 - $4071 million for NiSource - 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 325.956 million for NiSource 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 NiSource at the current share price and the inputted number of shares is $8.8 billion.

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COMPANY NEWS

▶ NiSource Issues $500 Million of 5-Year Notes   [Nov-17-17 12:46PM  PR Newswire]
▶ ETFs with exposure to NiSource, Inc. : November 13, 2017   [Nov-13-17 12:53PM  Capital Cube]
▶ NiSource Named a Best Place to Work for LGBTQ Equality   [Nov-09-17 12:00PM  PR Newswire]
▶ Nisource Earns RS Rating Upgrade   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to NiSource, Inc. : November 3, 2017   [Nov-03-17 12:23PM  Capital Cube]
▶ NiSource meets 3Q profit forecasts   [06:54AM  Associated Press]
▶ ETFs with exposure to NiSource, Inc. : September 26, 2017   [Sep-26-17 10:59AM  Capital Cube]
▶ NiSource Issues $750 Million Long-Term Notes   [Sep-14-17 12:00PM  PR Newswire]
▶ ETFs with exposure to NiSource, Inc. : August 31, 2017   [Aug-31-17 07:36PM  Capital Cube]
▶ US Utilities: How Are They Positioned for the Future?   [Aug-21-17 03:06PM  Market Realist]
▶ NiSource Declares Quarterly Common Dividend   [Aug-08-17 03:16PM  PR Newswire]
▶ NiSource reports 2Q loss   [Aug-02-17 10:37PM  Associated Press]
▶ Should You Buy NiSource (NI) Ahead of Earnings?   [Jul-31-17 08:49AM  Zacks]
▶ ETFs with exposure to NiSource, Inc. : July 24, 2017   [Jul-24-17 05:38PM  Capital Cube]
▶ ETFs with exposure to NiSource, Inc. : July 14, 2017   [Jul-14-17 03:53PM  Capital Cube]
▶ NiSource, Inc. Value Analysis (NYSE:NI) : July 10, 2017   [Jul-10-17 04:18PM  Capital Cube]
▶ Columbus CEOs join effort promoting diversity and inclusion in the workplace   [Jun-12-17 02:26PM  American City Business Journals]
▶ Which Stocks Are Showing Rising Relative Strength?   [Jun-07-17 03:45PM  Investor's Business Daily]
▶ Natural Gas Utility Stock May Be Laying Pipeline To New Breakout   [Jun-06-17 05:20PM  Investor's Business Daily]
▶ Energy Stocks And Industry News: Oil, Gas, Solar, Coal   [Jun-01-17 04:41PM  Investor's Business Daily]
▶ Utilities Head Toward Bull Market Highs   [12:56PM  Investopedia]
▶ NiSource Announces Pricing for its Cash Tender Offers   [May-25-17 04:36PM  PR Newswire]
▶ NiSource Declares Quarterly Common Dividend   [May-09-17 01:45PM  PR Newswire]
▶ ETFs with exposure to NiSource, Inc. : May 8, 2017   [May-08-17 04:58PM  Capital Cube]
▶ NiSource meets 1Q profit forecasts   [06:40AM  Associated Press]
Financial statements of NI
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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