Intrinsic value of NiSource - NI

Previous Close

$26.02

  Intrinsic Value

$36.81

stock screener

  Rating & Target

buy

+41%

  Value-price divergence*

+128%

Previous close

$26.02

 
Intrinsic value

$36.81

 
Up/down potential

+41%

 
Rating

buy

 
Value-price divergence*

+128%

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

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 8.5

 

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
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  4,476
  5,001
  5,534
  6,093
  6,678
  7,288
  7,923
  8,585
  9,273
  9,988
  10,731
  11,503
  12,306
  13,140
  14,008
  14,910
  15,849
  16,826
  17,844
  18,905
  20,011
  21,165
  22,369
  23,627
  24,940
  26,312
  27,747
  29,247
  30,817
  32,459
  34,178
Variable operating expenses, $m
 
  4,226
  4,659
  5,113
  5,587
  6,082
  6,598
  7,135
  7,693
  8,273
  8,876
  9,333
  9,985
  10,661
  11,365
  12,097
  12,859
  13,652
  14,478
  15,339
  16,236
  17,173
  18,150
  19,170
  20,235
  21,349
  22,513
  23,730
  25,003
  26,336
  27,731
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
  4,226
  4,659
  5,113
  5,587
  6,082
  6,598
  7,135
  7,693
  8,273
  8,876
  9,333
  9,985
  10,661
  11,365
  12,097
  12,859
  13,652
  14,478
  15,339
  16,236
  17,173
  18,150
  19,170
  20,235
  21,349
  22,513
  23,730
  25,003
  26,336
  27,731
Operating income, $m
  858
  774
  875
  980
  1,091
  1,206
  1,326
  1,450
  1,580
  1,715
  1,855
  2,170
  2,321
  2,479
  2,642
  2,813
  2,990
  3,174
  3,366
  3,566
  3,775
  3,993
  4,220
  4,457
  4,705
  4,963
  5,234
  5,517
  5,813
  6,123
  6,447
EBITDA, $m
  1,405
  1,014
  1,122
  1,235
  1,354
  1,478
  1,606
  1,740
  1,880
  2,025
  2,176
  2,332
  2,495
  2,664
  2,840
  3,023
  3,213
  3,411
  3,618
  3,833
  4,057
  4,291
  4,535
  4,790
  5,056
  5,334
  5,625
  5,929
  6,248
  6,581
  6,929
Interest expense (income), $m
  338
  355
  428
  506
  588
  673
  762
  855
  951
  1,052
  1,156
  1,265
  1,378
  1,495
  1,617
  1,743
  1,875
  2,012
  2,155
  2,304
  2,458
  2,620
  2,788
  2,964
  3,148
  3,340
  3,540
  3,749
  3,969
  4,198
  4,438
Earnings before tax, $m
  510
  419
  447
  474
  503
  533
  563
  595
  629
  663
  699
  905
  944
  984
  1,026
  1,069
  1,115
  1,162
  1,211
  1,263
  1,316
  1,373
  1,431
  1,493
  1,557
  1,624
  1,694
  1,768
  1,845
  1,925
  2,010
Tax expense, $m
  182
  113
  121
  128
  136
  144
  152
  161
  170
  179
  189
  244
  255
  266
  277
  289
  301
  314
  327
  341
  355
  371
  386
  403
  420
  438
  457
  477
  498
  520
  543
Net income, $m
  332
  306
  326
  346
  367
  389
  411
  435
  459
  484
  510
  661
  689
  718
  749
  781
  814
  848
  884
  922
  961
  1,002
  1,045
  1,090
  1,136
  1,185
  1,237
  1,290
  1,347
  1,405
  1,467

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
  20,750
  22,964
  25,284
  27,709
  30,240
  32,877
  35,622
  38,476
  41,443
  44,527
  47,732
  51,062
  54,523
  58,123
  61,867
  65,762
  69,818
  74,043
  78,445
  83,035
  87,822
  92,819
  98,036
  103,485
  109,179
  115,132
  121,357
  127,870
  134,685
  141,819
Adjusted assets (=assets-cash), $m
  18,666
  20,750
  22,964
  25,284
  27,709
  30,240
  32,877
  35,622
  38,476
  41,443
  44,527
  47,732
  51,062
  54,523
  58,123
  61,867
  65,762
  69,818
  74,043
  78,445
  83,035
  87,822
  92,819
  98,036
  103,485
  109,179
  115,132
  121,357
  127,870
  134,685
  141,819
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
  705
  780
  859
  942
  1,028
  1,117
  1,210
  1,307
  1,408
  1,513
  1,622
  1,735
  1,853
  1,975
  2,102
  2,235
  2,372
  2,516
  2,666
  2,822
  2,984
  3,154
  3,331
  3,517
  3,710
  3,912
  4,124
  4,345
  4,577
  4,819
Working capital, $m
  -1,690
  150
  166
  183
  200
  219
  238
  258
  278
  300
  322
  345
  369
  394
  420
  447
  475
  505
  535
  567
  600
  635
  671
  709
  748
  789
  832
  877
  924
  974
  1,025
Total debt, $m
  7,909
  9,514
  11,246
  13,060
  14,957
  16,936
  18,998
  21,144
  23,376
  25,697
  28,108
  30,614
  33,218
  35,925
  38,740
  41,668
  44,714
  47,886
  51,189
  54,632
  58,221
  61,965
  65,872
  69,952
  74,213
  78,666
  83,321
  88,189
  93,282
  98,611
  104,190
Total liabilities, $m
  14,621
  16,226
  17,958
  19,772
  21,669
  23,648
  25,710
  27,856
  30,088
  32,409
  34,820
  37,326
  39,930
  42,637
  45,452
  48,380
  51,426
  54,598
  57,901
  61,344
  64,933
  68,677
  72,584
  76,664
  80,925
  85,378
  90,033
  94,901
  99,994
  105,323
  110,902
Total equity, $m
  4,071
  4,523
  5,006
  5,512
  6,041
  6,592
  7,167
  7,766
  8,388
  9,035
  9,707
  10,405
  11,131
  11,886
  12,671
  13,487
  14,336
  15,220
  16,141
  17,101
  18,102
  19,145
  20,235
  21,372
  22,560
  23,801
  25,099
  26,456
  27,876
  29,361
  30,916
Total liabilities and equity, $m
  18,692
  20,749
  22,964
  25,284
  27,710
  30,240
  32,877
  35,622
  38,476
  41,444
  44,527
  47,731
  51,061
  54,523
  58,123
  61,867
  65,762
  69,818
  74,042
  78,445
  83,035
  87,822
  92,819
  98,036
  103,485
  109,179
  115,132
  121,357
  127,870
  134,684
  141,818
Debt-to-equity ratio
  1.943
  2.100
  2.250
  2.370
  2.480
  2.570
  2.650
  2.720
  2.790
  2.840
  2.900
  2.940
  2.980
  3.020
  3.060
  3.090
  3.120
  3.150
  3.170
  3.190
  3.220
  3.240
  3.260
  3.270
  3.290
  3.310
  3.320
  3.330
  3.350
  3.360
  3.370
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
  306
  326
  346
  367
  389
  411
  435
  459
  484
  510
  661
  689
  718
  749
  781
  814
  848
  884
  922
  961
  1,002
  1,045
  1,090
  1,136
  1,185
  1,237
  1,290
  1,347
  1,405
  1,467
Depreciation, amort., depletion, $m
  547
  240
  247
  255
  263
  272
  281
  290
  300
  310
  320
  162
  174
  185
  198
  210
  223
  237
  252
  267
  282
  298
  315
  333
  352
  371
  391
  412
  435
  458
  482
Funds from operations, $m
  511
  546
  573
  601
  630
  661
  692
  725
  759
  794
  831
  823
  862
  904
  946
  991
  1,037
  1,085
  1,136
  1,188
  1,243
  1,300
  1,360
  1,423
  1,488
  1,556
  1,628
  1,703
  1,781
  1,863
  1,949
Change in working capital, $m
  -292
  15
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  52
Cash from operations, $m
  803
  531
  557
  584
  613
  642
  673
  705
  738
  772
  808
  800
  838
  878
  920
  964
  1,009
  1,056
  1,105
  1,156
  1,210
  1,266
  1,324
  1,385
  1,449
  1,515
  1,585
  1,658
  1,734
  1,814
  1,897
Maintenance CAPEX, $m
  0
  -63
  -71
  -78
  -86
  -94
  -103
  -112
  -121
  -131
  -141
  -151
  -162
  -174
  -185
  -198
  -210
  -223
  -237
  -252
  -267
  -282
  -298
  -315
  -333
  -352
  -371
  -391
  -412
  -435
  -458
New CAPEX, $m
  -1,585
  -73
  -75
  -79
  -82
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -138
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -212
  -221
  -232
  -242
Cash from investing activities, $m
  -1,583
  -136
  -146
  -157
  -168
  -180
  -193
  -205
  -218
  -232
  -246
  -260
  -275
  -292
  -307
  -325
  -342
  -361
  -381
  -402
  -423
  -445
  -468
  -492
  -518
  -545
  -573
  -603
  -633
  -667
  -700
Free cash flow, $m
  -780
  395
  411
  428
  445
  462
  481
  500
  520
  541
  563
  540
  563
  587
  613
  639
  666
  695
  724
  755
  787
  821
  856
  892
  930
  970
  1,012
  1,055
  1,100
  1,148
  1,197
Issuance/(repayment) of debt, $m
  982
  1,631
  1,731
  1,814
  1,897
  1,979
  2,062
  2,146
  2,232
  2,320
  2,411
  2,506
  2,604
  2,707
  2,815
  2,928
  3,047
  3,172
  3,304
  3,443
  3,589
  3,744
  3,907
  4,080
  4,261
  4,453
  4,655
  4,868
  5,093
  5,329
  5,579
Issuance/(repurchase) of shares, $m
  14
  146
  157
  160
  162
  163
  164
  164
  163
  163
  162
  38
  37
  36
  36
  36
  36
  36
  37
  38
  40
  42
  44
  48
  52
  56
  61
  67
  73
  80
  88
Cash from financing (excl. dividends), $m  
  997
  1,777
  1,888
  1,974
  2,059
  2,142
  2,226
  2,310
  2,395
  2,483
  2,573
  2,544
  2,641
  2,743
  2,851
  2,964
  3,083
  3,208
  3,341
  3,481
  3,629
  3,786
  3,951
  4,128
  4,313
  4,509
  4,716
  4,935
  5,166
  5,409
  5,667
Total cash flow (excl. dividends), $m
  217
  2,172
  2,299
  2,401
  2,503
  2,604
  2,706
  2,810
  2,916
  3,024
  3,136
  3,083
  3,204
  3,331
  3,463
  3,602
  3,748
  3,902
  4,065
  4,236
  4,416
  4,607
  4,808
  5,020
  5,243
  5,479
  5,728
  5,990
  6,266
  6,557
  6,864
Retained Cash Flow (-), $m
  -227
  -452
  -483
  -506
  -529
  -552
  -575
  -598
  -622
  -647
  -672
  -699
  -726
  -755
  -785
  -816
  -849
  -884
  -921
  -960
  -1,001
  -1,044
  -1,089
  -1,137
  -1,188
  -1,241
  -1,298
  -1,357
  -1,420
  -1,486
  -1,555
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
 
  1,720
  1,817
  1,896
  1,974
  2,052
  2,131
  2,212
  2,293
  2,377
  2,464
  2,385
  2,478
  2,576
  2,679
  2,786
  2,899
  3,018
  3,144
  3,276
  3,416
  3,563
  3,718
  3,882
  4,055
  4,238
  4,430
  4,633
  4,846
  5,072
  5,309
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
 
  1,564
  1,488
  1,385
  1,274
  1,157
  1,037
  917
  800
  688
  583
  453
  373
  301
  239
  185
  141
  105
  77
  54
  38
  25
  17
  11
  7
  4
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  98.3
  96.7
  95.2
  93.9
  92.7
  91.6
  90.6
  89.7
  88.9
  88.1
  87.9
  87.8
  87.7
  87.5
  87.4
  87.3
  87.2
  87.1
  87.0
  86.9
  86.8
  86.7
  86.6
  86.5
  86.4
  86.3
  86.2
  86.1
  86.0
  85.8

NiSource Inc., an energy holding company, operates as a regulated natural gas and electric utility company in the United States. The company operates through two segments, Gas Distribution Operations and Electric Operations. It provides natural gas service and transportation to residential, commercial, and industrial customers; generates, transmits, and distributes electricity; and provides wholesale and transmission transaction services. The company serves approximately 3.4 million natural gas customers and 466,000 electricity customers in Ohio, Pennsylvania, Virginia, Kentucky, Maryland, Indiana, and Massachusetts. It also owns and operates three coal-fired electric generating stations with a net capability of 2,540 megawatts (MW), three gas-fired generating units with a net capability of 196 MW, and two hydroelectric generating plants with a net capability of 10 MW, as well as a combined cycle gas turbine plant with a capacity of 535 MW. The company was formerly known as NIPSCO Industries, Inc. and changed its name to NiSource Inc. in April 1999. NiSource Inc. was founded in 1912 and is headquartered in Merrillville, Indiana.

FINANCIAL RATIOS  of  NiSource (NI)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 1.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow -10.8
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 11.3% 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 10 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 325.105 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 $8.5 billion.

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COMPANY NEWS

▶ 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]
▶ NiSource Issues 2016 Integrated Annual Report   [Apr-06-17 07:00AM  PR Newswire]
▶ NiSource Declares Quarterly Common Dividend   [Mar-21-17 02:56PM  PR Newswire]
▶ NiSource Reports 2016 Earnings   [06:30AM  PR Newswire]
▶ Mark Kempic Named NiSource Chief Transformation Officer   [Jan-31-17 09:00AM  PR Newswire]
▶ NiSource Increases Dividend 6.1 Percent   [12:15PM  PR Newswire]
▶ NiSource Inc. (NI): Are Hedge Funds Right About This Stock?   [Dec-01-16 02:40PM  at Insider Monkey]
Stock chart of NI Financial statements of NI Annual reports 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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