Intrinsic value of NiSource - NI

Previous Close

$23.94

  Intrinsic Value

$23.71

stock screener

  Rating & Target

hold

-1%

Previous close

$23.94

 
Intrinsic value

$23.71

 
Up/down potential

-1%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  4,476
  4,785
  5,089
  5,405
  5,735
  6,078
  6,435
  6,808
  7,198
  7,604
  8,029
  8,472
  8,935
  9,420
  9,927
  10,457
  11,013
  11,594
  12,202
  12,840
  13,508
  14,208
  14,942
  15,711
  16,517
  17,363
  18,250
  19,180
  20,156
  21,179
  22,253
Variable operating expenses, $m
 
  4,052
  4,298
  4,555
  4,822
  5,100
  5,391
  5,693
  6,009
  6,339
  6,683
  6,874
  7,250
  7,643
  8,054
  8,485
  8,935
  9,407
  9,901
  10,418
  10,960
  11,528
  12,123
  12,747
  13,402
  14,088
  14,807
  15,562
  16,354
  17,184
  18,056
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
  4,052
  4,298
  4,555
  4,822
  5,100
  5,391
  5,693
  6,009
  6,339
  6,683
  6,874
  7,250
  7,643
  8,054
  8,485
  8,935
  9,407
  9,901
  10,418
  10,960
  11,528
  12,123
  12,747
  13,402
  14,088
  14,807
  15,562
  16,354
  17,184
  18,056
Operating income, $m
  858
  734
  791
  851
  913
  977
  1,045
  1,115
  1,189
  1,265
  1,345
  1,598
  1,686
  1,777
  1,873
  1,973
  2,077
  2,187
  2,302
  2,422
  2,548
  2,680
  2,819
  2,964
  3,116
  3,275
  3,443
  3,618
  3,802
  3,995
  4,198
EBITDA, $m
  1,405
  1,038
  1,103
  1,172
  1,243
  1,318
  1,395
  1,476
  1,561
  1,649
  1,741
  1,837
  1,938
  2,043
  2,153
  2,268
  2,388
  2,514
  2,646
  2,784
  2,929
  3,081
  3,240
  3,407
  3,582
  3,765
  3,957
  4,159
  4,371
  4,592
  4,825
Interest expense (income), $m
  338
  355
  397
  441
  487
  535
  585
  638
  692
  749
  808
  870
  935
  1,003
  1,073
  1,147
  1,225
  1,306
  1,391
  1,480
  1,573
  1,670
  1,773
  1,880
  1,992
  2,110
  2,233
  2,363
  2,499
  2,641
  2,791
Earnings before tax, $m
  510
  379
  394
  409
  425
  442
  459
  478
  497
  516
  537
  728
  751
  774
  799
  825
  852
  881
  911
  942
  975
  1,010
  1,046
  1,084
  1,124
  1,166
  1,209
  1,255
  1,304
  1,354
  1,407
Tax expense, $m
  182
  102
  106
  111
  115
  119
  124
  129
  134
  139
  145
  197
  203
  209
  216
  223
  230
  238
  246
  254
  263
  273
  282
  293
  303
  315
  327
  339
  352
  366
  380
Net income, $m
  332
  277
  288
  299
  311
  323
  335
  349
  362
  377
  392
  531
  548
  565
  583
  602
  622
  643
  665
  688
  712
  737
  764
  791
  820
  851
  883
  916
  952
  989
  1,027

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
  19,855
  21,116
  22,428
  23,795
  25,219
  26,703
  28,251
  29,866
  31,552
  33,313
  35,153
  37,076
  39,087
  41,191
  43,392
  45,695
  48,107
  50,633
  53,278
  56,050
  58,955
  61,999
  65,191
  68,537
  72,046
  75,726
  79,585
  83,634
  87,882
  92,338
Adjusted assets (=assets-cash), $m
  18,666
  19,855
  21,116
  22,428
  23,795
  25,219
  26,703
  28,251
  29,866
  31,552
  33,313
  35,153
  37,076
  39,087
  41,191
  43,392
  45,695
  48,107
  50,633
  53,278
  56,050
  58,955
  61,999
  65,191
  68,537
  72,046
  75,726
  79,585
  83,634
  87,882
  92,338
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
  675
  718
  762
  809
  857
  907
  960
  1,015
  1,072
  1,132
  1,195
  1,260
  1,328
  1,400
  1,474
  1,553
  1,635
  1,721
  1,810
  1,905
  2,003
  2,107
  2,215
  2,329
  2,448
  2,573
  2,704
  2,842
  2,986
  3,138
Working capital, $m
  -1,690
  144
  153
  162
  172
  182
  193
  204
  216
  228
  241
  254
  268
  283
  298
  314
  330
  348
  366
  385
  405
  426
  448
  471
  496
  521
  547
  575
  605
  635
  668
Total debt, $m
  7,909
  8,815
  9,801
  10,827
  11,895
  13,009
  14,170
  15,380
  16,643
  17,962
  19,339
  20,778
  22,282
  23,854
  25,499
  27,220
  29,022
  30,908
  32,883
  34,952
  37,119
  39,391
  41,771
  44,267
  46,884
  49,628
  52,506
  55,524
  58,690
  62,011
  65,496
Total liabilities, $m
  14,621
  15,527
  16,513
  17,539
  18,607
  19,721
  20,882
  22,092
  23,355
  24,674
  26,051
  27,490
  28,994
  30,566
  32,211
  33,932
  35,734
  37,620
  39,595
  41,664
  43,831
  46,103
  48,483
  50,979
  53,596
  56,340
  59,218
  62,236
  65,402
  68,723
  72,208
Total equity, $m
  4,071
  4,328
  4,603
  4,889
  5,187
  5,498
  5,821
  6,159
  6,511
  6,878
  7,262
  7,663
  8,083
  8,521
  8,980
  9,459
  9,962
  10,487
  11,038
  11,615
  12,219
  12,852
  13,516
  14,212
  14,941
  15,706
  16,508
  17,350
  18,232
  19,158
  20,130
Total liabilities and equity, $m
  18,692
  19,855
  21,116
  22,428
  23,794
  25,219
  26,703
  28,251
  29,866
  31,552
  33,313
  35,153
  37,077
  39,087
  41,191
  43,391
  45,696
  48,107
  50,633
  53,279
  56,050
  58,955
  61,999
  65,191
  68,537
  72,046
  75,726
  79,586
  83,634
  87,881
  92,338
Debt-to-equity ratio
  1.943
  2.040
  2.130
  2.210
  2.290
  2.370
  2.430
  2.500
  2.560
  2.610
  2.660
  2.710
  2.760
  2.800
  2.840
  2.880
  2.910
  2.950
  2.980
  3.010
  3.040
  3.060
  3.090
  3.110
  3.140
  3.160
  3.180
  3.200
  3.220
  3.240
  3.250
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
  277
  288
  299
  311
  323
  335
  349
  362
  377
  392
  531
  548
  565
  583
  602
  622
  643
  665
  688
  712
  737
  764
  791
  820
  851
  883
  916
  952
  989
  1,027
Depreciation, amort., depletion, $m
  547
  304
  313
  322
  331
  340
  351
  361
  372
  384
  396
  239
  252
  266
  280
  295
  311
  327
  344
  362
  381
  401
  421
  443
  466
  490
  515
  541
  568
  597
  628
Funds from operations, $m
  511
  581
  600
  620
  641
  663
  686
  710
  735
  760
  788
  770
  800
  831
  863
  897
  933
  970
  1,009
  1,050
  1,093
  1,138
  1,185
  1,234
  1,286
  1,340
  1,397
  1,457
  1,520
  1,586
  1,655
Change in working capital, $m
  -292
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
Cash from operations, $m
  803
  572
  591
  611
  632
  653
  675
  699
  723
  748
  775
  757
  786
  816
  848
  881
  916
  953
  991
  1,031
  1,073
  1,117
  1,163
  1,211
  1,262
  1,315
  1,371
  1,429
  1,491
  1,555
  1,623
Maintenance CAPEX, $m
  0
  -127
  -135
  -144
  -152
  -162
  -171
  -181
  -192
  -203
  -214
  -226
  -239
  -252
  -266
  -280
  -295
  -311
  -327
  -344
  -362
  -381
  -401
  -421
  -443
  -466
  -490
  -515
  -541
  -568
  -597
New CAPEX, $m
  -1,585
  -42
  -43
  -45
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
  -131
  -138
  -144
  -151
Cash from investing activities, $m
  -1,583
  -169
  -178
  -189
  -198
  -210
  -221
  -234
  -247
  -260
  -274
  -289
  -304
  -320
  -337
  -355
  -373
  -393
  -413
  -434
  -456
  -480
  -504
  -529
  -557
  -585
  -615
  -646
  -679
  -712
  -748
Free cash flow, $m
  -780
  403
  413
  423
  433
  443
  453
  464
  476
  488
  501
  468
  482
  496
  511
  527
  543
  560
  578
  597
  617
  637
  659
  681
  705
  730
  756
  784
  812
  842
  874
Issuance/(repayment) of debt, $m
  982
  932
  986
  1,026
  1,069
  1,114
  1,161
  1,211
  1,263
  1,319
  1,377
  1,439
  1,504
  1,573
  1,645
  1,721
  1,801
  1,886
  1,975
  2,069
  2,168
  2,271
  2,381
  2,496
  2,617
  2,744
  2,878
  3,018
  3,166
  3,321
  3,485
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
  932
  986
  1,026
  1,069
  1,114
  1,161
  1,211
  1,263
  1,319
  1,377
  1,439
  1,504
  1,573
  1,645
  1,721
  1,801
  1,886
  1,975
  2,069
  2,168
  2,271
  2,381
  2,496
  2,617
  2,744
  2,878
  3,018
  3,166
  3,321
  3,485
Total cash flow (excl. dividends), $m
  217
  1,335
  1,399
  1,449
  1,501
  1,556
  1,614
  1,675
  1,739
  1,807
  1,878
  1,907
  1,986
  2,069
  2,156
  2,248
  2,344
  2,446
  2,553
  2,666
  2,784
  2,909
  3,040
  3,177
  3,322
  3,474
  3,634
  3,802
  3,978
  4,164
  4,359
Retained Cash Flow (-), $m
  -227
  -257
  -275
  -286
  -298
  -310
  -324
  -337
  -352
  -368
  -384
  -401
  -419
  -438
  -459
  -480
  -502
  -526
  -551
  -577
  -604
  -633
  -664
  -696
  -729
  -765
  -802
  -841
  -883
  -926
  -971
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
 
  1,077
  1,125
  1,163
  1,203
  1,246
  1,291
  1,338
  1,387
  1,439
  1,494
  1,506
  1,566
  1,630
  1,697
  1,768
  1,842
  1,920
  2,003
  2,089
  2,180
  2,275
  2,376
  2,481
  2,592
  2,709
  2,832
  2,960
  3,096
  3,238
  3,387
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
 
  979
  921
  850
  776
  702
  628
  555
  484
  416
  353
  286
  236
  190
  151
  118
  90
  67
  49
  35
  24
  16
  11
  7
  4
  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 23.3
Price to Sales 1.7
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow -9.9
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 6.5% 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 335.411 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 $8.0 billion.

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COMPANY NEWS

▶ Goldman Sachs' 3 Top Utilities Stocks In 2018   [Jan-11-18 12:02PM  Benzinga]
▶ ETFs with exposure to NiSource, Inc. : December 25, 2017   [Dec-25-17 12:13PM  Capital Cube]
▶ NiSource applauds new federal tax reform bill   [Dec-21-17 04:10PM  PR Newswire]
▶ ETFs with exposure to NiSource, Inc. : December 12, 2017   [Dec-12-17 01:48PM  Capital Cube]
▶ 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]
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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