Intrinsic value of Black Hills - BKH

Previous Close

$58.86

  Intrinsic Value

$37.61

stock screener

  Rating & Target

sell

-36%

Previous close

$58.86

 
Intrinsic value

$37.61

 
Up/down potential

-36%

 
Rating

sell

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 0001), $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 3.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
Revenue, $m
  1,749
  1,822
  1,900
  1,983
  2,070
  2,163
  2,261
  2,364
  2,473
  2,588
  2,709
  2,837
  2,972
  3,113
  3,263
  3,420
  3,585
  3,759
  3,942
  4,134
  4,336
  4,549
  4,772
  5,007
  5,254
  5,513
  5,786
  6,072
  6,373
  6,688
Variable operating expenses, $m
  749
  774
  802
  831
  862
  895
  929
  966
  1,004
  1,045
  957
  1,002
  1,050
  1,100
  1,152
  1,208
  1,266
  1,328
  1,392
  1,460
  1,532
  1,607
  1,686
  1,769
  1,856
  1,947
  2,044
  2,145
  2,251
  2,362
Fixed operating expenses, $m
  564
  577
  589
  602
  615
  629
  643
  657
  671
  686
  701
  717
  732
  749
  765
  782
  799
  817
  835
  853
  872
  891
  911
  931
  951
  972
  993
  1,015
  1,038
  1,060
Total operating expenses, $m
  1,313
  1,351
  1,391
  1,433
  1,477
  1,524
  1,572
  1,623
  1,675
  1,731
  1,658
  1,719
  1,782
  1,849
  1,917
  1,990
  2,065
  2,145
  2,227
  2,313
  2,404
  2,498
  2,597
  2,700
  2,807
  2,919
  3,037
  3,160
  3,289
  3,422
Operating income, $m
  436
  471
  509
  550
  593
  639
  689
  741
  797
  857
  1,051
  1,118
  1,190
  1,265
  1,345
  1,430
  1,520
  1,615
  1,715
  1,821
  1,933
  2,051
  2,176
  2,308
  2,447
  2,594
  2,749
  2,912
  3,084
  3,266
EBITDA, $m
  745
  787
  833
  882
  934
  989
  1,049
  1,112
  1,179
  1,250
  1,326
  1,406
  1,491
  1,581
  1,676
  1,777
  1,884
  1,996
  2,115
  2,241
  2,373
  2,513
  2,661
  2,816
  2,980
  3,154
  3,336
  3,528
  3,731
  3,945
Interest expense (income), $m
  113
  180
  191
  202
  215
  228
  242
  257
  272
  289
  306
  324
  344
  364
  385
  408
  432
  457
  483
  511
  540
  571
  603
  637
  672
  710
  749
  790
  833
  879
  927
Earnings before tax, $m
  257
  281
  307
  335
  365
  397
  432
  469
  509
  551
  727
  775
  826
  880
  937
  998
  1,063
  1,131
  1,204
  1,281
  1,362
  1,448
  1,539
  1,636
  1,737
  1,845
  1,959
  2,078
  2,205
  2,339
Tax expense, $m
  69
  76
  83
  90
  99
  107
  117
  127
  137
  149
  196
  209
  223
  238
  253
  270
  287
  305
  325
  346
  368
  391
  416
  442
  469
  498
  529
  561
  595
  631
Net income, $m
  188
  205
  224
  244
  266
  290
  315
  342
  371
  402
  530
  565
  603
  642
  684
  729
  776
  826
  879
  935
  994
  1,057
  1,124
  1,194
  1,268
  1,347
  1,430
  1,517
  1,610
  1,707

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  6,941
  7,232
  7,541
  7,868
  8,215
  8,582
  8,971
  9,380
  9,813
  10,270
  10,751
  11,258
  11,792
  12,355
  12,947
  13,571
  14,226
  14,916
  15,642
  16,405
  17,207
  18,051
  18,937
  19,869
  20,848
  21,877
  22,959
  24,094
  25,288
  26,541
Adjusted assets (=assets-cash), $m
  6,941
  7,232
  7,541
  7,868
  8,215
  8,582
  8,971
  9,380
  9,813
  10,270
  10,751
  11,258
  11,792
  12,355
  12,947
  13,571
  14,226
  14,916
  15,642
  16,405
  17,207
  18,051
  18,937
  19,869
  20,848
  21,877
  22,959
  24,094
  25,288
  26,541
Revenue / Adjusted assets
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
Average production assets, $m
  5,328
  5,551
  5,788
  6,040
  6,306
  6,588
  6,886
  7,200
  7,532
  7,883
  8,252
  8,642
  9,052
  9,484
  9,938
  10,417
  10,920
  11,450
  12,007
  12,592
  13,208
  13,856
  14,536
  15,251
  16,003
  16,793
  17,623
  18,495
  19,411
  20,373
Working capital, $m
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  271
  284
  298
  312
  328
  344
  361
  378
  397
  417
  437
  459
  482
Total debt, $m
  3,534
  3,750
  3,979
  4,223
  4,481
  4,753
  5,042
  5,346
  5,668
  6,007
  6,364
  6,741
  7,138
  7,556
  7,996
  8,459
  8,947
  9,459
  9,999
  10,566
  11,162
  11,788
  12,447
  13,139
  13,867
  14,631
  15,435
  16,279
  17,165
  18,097
Total liabilities, $m
  5,157
  5,373
  5,603
  5,846
  6,104
  6,377
  6,665
  6,970
  7,291
  7,630
  7,988
  8,365
  8,762
  9,180
  9,620
  10,083
  10,570
  11,083
  11,622
  12,189
  12,785
  13,412
  14,071
  14,763
  15,490
  16,255
  17,058
  17,902
  18,789
  19,720
Total equity, $m
  1,784
  1,859
  1,938
  2,022
  2,111
  2,206
  2,305
  2,411
  2,522
  2,639
  2,763
  2,893
  3,031
  3,175
  3,327
  3,488
  3,656
  3,834
  4,020
  4,216
  4,422
  4,639
  4,867
  5,106
  5,358
  5,622
  5,900
  6,192
  6,499
  6,821
Total liabilities and equity, $m
  6,941
  7,232
  7,541
  7,868
  8,215
  8,583
  8,970
  9,381
  9,813
  10,269
  10,751
  11,258
  11,793
  12,355
  12,947
  13,571
  14,226
  14,917
  15,642
  16,405
  17,207
  18,051
  18,938
  19,869
  20,848
  21,877
  22,958
  24,094
  25,288
  26,541
Debt-to-equity ratio
  1.980
  2.020
  2.050
  2.090
  2.120
  2.160
  2.190
  2.220
  2.250
  2.280
  2.300
  2.330
  2.360
  2.380
  2.400
  2.430
  2.450
  2.470
  2.490
  2.510
  2.520
  2.540
  2.560
  2.570
  2.590
  2.600
  2.620
  2.630
  2.640
  2.650
Adjusted equity ratio
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  188
  205
  224
  244
  266
  290
  315
  342
  371
  402
  530
  565
  603
  642
  684
  729
  776
  826
  879
  935
  994
  1,057
  1,124
  1,194
  1,268
  1,347
  1,430
  1,517
  1,610
  1,707
Depreciation, amort., depletion, $m
  308
  316
  324
  332
  341
  350
  360
  371
  382
  393
  275
  288
  302
  316
  331
  347
  364
  382
  400
  420
  440
  462
  485
  508
  533
  560
  587
  616
  647
  679
Funds from operations, $m
  496
  521
  547
  576
  607
  640
  676
  713
  753
  796
  806
  853
  904
  958
  1,015
  1,076
  1,140
  1,208
  1,279
  1,355
  1,435
  1,519
  1,608
  1,702
  1,802
  1,907
  2,017
  2,134
  2,257
  2,386
Change in working capital, $m
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  491
  515
  542
  570
  601
  634
  668
  706
  745
  787
  797
  844
  895
  948
  1,005
  1,065
  1,128
  1,195
  1,266
  1,341
  1,420
  1,504
  1,592
  1,686
  1,784
  1,888
  1,998
  2,113
  2,235
  2,364
Maintenance CAPEX, $m
  -171
  -178
  -185
  -193
  -201
  -210
  -220
  -230
  -240
  -251
  -263
  -275
  -288
  -302
  -316
  -331
  -347
  -364
  -382
  -400
  -420
  -440
  -462
  -485
  -508
  -533
  -560
  -587
  -616
  -647
New CAPEX, $m
  -210
  -223
  -237
  -251
  -266
  -282
  -298
  -315
  -332
  -350
  -369
  -389
  -410
  -432
  -455
  -478
  -503
  -530
  -557
  -586
  -616
  -647
  -681
  -715
  -752
  -790
  -830
  -872
  -916
  -962
Cash from investing activities, $m
  -381
  -401
  -422
  -444
  -467
  -492
  -518
  -545
  -572
  -601
  -632
  -664
  -698
  -734
  -771
  -809
  -850
  -894
  -939
  -986
  -1,036
  -1,087
  -1,143
  -1,200
  -1,260
  -1,323
  -1,390
  -1,459
  -1,532
  -1,609
Free cash flow, $m
  110
  115
  120
  126
  133
  142
  151
  161
  173
  186
  165
  180
  196
  214
  234
  255
  277
  301
  327
  355
  385
  416
  450
  486
  524
  565
  608
  654
  703
  754
Issuance/(repayment) of debt, $m
  207
  216
  229
  243
  258
  273
  288
  305
  321
  339
  358
  377
  397
  418
  440
  463
  487
  513
  539
  567
  596
  627
  659
  692
  728
  765
  803
  844
  887
  931
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  207
  216
  229
  243
  258
  273
  288
  305
  321
  339
  358
  377
  397
  418
  440
  463
  487
  513
  539
  567
  596
  627
  659
  692
  728
  765
  803
  844
  887
  931
Total cash flow (excl. dividends), $m
  317
  331
  349
  369
  391
  414
  439
  466
  495
  525
  522
  557
  593
  633
  674
  718
  765
  814
  867
  922
  981
  1,043
  1,109
  1,178
  1,252
  1,329
  1,411
  1,498
  1,589
  1,686
Retained Cash Flow (-), $m
  -75
  -75
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -124
  -130
  -137
  -145
  -152
  -160
  -169
  -177
  -186
  -196
  -206
  -217
  -228
  -239
  -252
  -264
  -278
  -292
  -307
  -322
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
  242
  256
  270
  285
  302
  320
  340
  361
  383
  408
  398
  426
  456
  488
  522
  558
  596
  637
  680
  726
  775
  826
  881
  939
  1,000
  1,065
  1,133
  1,206
  1,283
  1,364
Discount rate, %
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
  221
  210
  198
  186
  172
  158
  143
  128
  114
  99
  78
  66
  55
  45
  36
  29
  22
  17
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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

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 43
Price to Sales 2
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow -20.3
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 $1680.266 million for the last fiscal year's total revenue generated by Black Hills. The default revenue input number comes from 0001 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 4.1% 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 9.8%, 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 43.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $552 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 5.4% 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 304.6%.

Life of production assets of 30.7 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 7.2%. 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 - $1708.974 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 53.595 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 $3.2 billion.

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COMPANY NEWS

▶ Black Hills Corporation to Host Earnings Call   [Aug-07-18 09:00AM  ACCESSWIRE]
▶ Black Hills: 2Q Earnings Snapshot   [Aug-06-18 07:03PM  Associated Press]
▶ Black Hills Corp. Announces Quarterly Dividend   [Jul-25-18 04:21PM  GlobeNewswire]
▶ Best NYSE Dividend Payers   [09:02AM  Simply Wall St.]
▶ Black Hills: 1Q Earnings Snapshot   [May-04-18 05:04AM  Associated Press]
▶ Black Hills Corp. Reports Solid First Quarter 2018 Results   [May-03-18 05:37PM  GlobeNewswire]
▶ Black Hills Corp. Announces Quarterly Dividend   [Apr-23-18 05:37PM  GlobeNewswire]
▶ April Top Dividend Stock   [Apr-12-18 09:02AM  Simply Wall St.]
▶ Best Dividend Stocks This Month   [Mar-12-18 09:02AM  Simply Wall St.]
▶ Top Dividend Stocks For The Week   [Feb-09-18 08:02AM  Simply Wall St.]
▶ Black Hills Corporation to Host Earnings Call   [Feb-02-18 07:40AM  ACCESSWIRE]
▶ Black Hills misses 4Q profit forecasts   [05:01AM  Associated Press]
▶ New Strong Sell Stocks for January 3rd   [Jan-03-18 05:01AM  Zacks]
▶ New Strong Sell Stocks for December 28th   [Dec-28-17 09:30AM  Zacks]
▶ Black Hills misses 3Q profit forecasts   [Nov-06-17 05:38AM  Associated Press]
▶ 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]

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