Intrinsic value of NiSource - NI

Previous Close

$27.60

  Intrinsic Value

$7.86

stock screener

  Rating & Target

str. sell

-72%

Previous close

$27.60

 
Intrinsic value

$7.86

 
Up/down potential

-72%

 
Rating

str. 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 2017), $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 9.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  5,289
  5,720
  6,169
  6,634
  7,119
  7,622
  8,144
  8,688
  9,253
  9,841
  10,454
  11,091
  11,755
  12,448
  13,170
  13,923
  14,710
  15,531
  16,389
  17,286
  18,224
  19,205
  20,231
  21,306
  22,430
  23,608
  24,842
  26,135
  27,489
  28,909
Variable operating expenses, $m
  4,263
  4,595
  4,939
  5,298
  5,670
  6,058
  6,460
  6,878
  7,313
  7,766
  8,045
  8,535
  9,047
  9,579
  10,135
  10,715
  11,320
  11,952
  12,613
  13,303
  14,025
  14,780
  15,569
  16,396
  17,262
  18,168
  19,118
  20,113
  21,155
  22,248
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
  4,263
  4,595
  4,939
  5,298
  5,670
  6,058
  6,460
  6,878
  7,313
  7,766
  8,045
  8,535
  9,047
  9,579
  10,135
  10,715
  11,320
  11,952
  12,613
  13,303
  14,025
  14,780
  15,569
  16,396
  17,262
  18,168
  19,118
  20,113
  21,155
  22,248
Operating income, $m
  1,027
  1,126
  1,229
  1,337
  1,448
  1,564
  1,684
  1,810
  1,940
  2,076
  2,409
  2,556
  2,709
  2,868
  3,035
  3,208
  3,389
  3,579
  3,776
  3,983
  4,199
  4,425
  4,662
  4,909
  5,169
  5,440
  5,724
  6,022
  6,334
  6,661
EBITDA, $m
  2,916
  3,154
  3,401
  3,658
  3,925
  4,202
  4,490
  4,790
  5,102
  5,426
  5,763
  6,115
  6,481
  6,863
  7,261
  7,676
  8,110
  8,563
  9,036
  9,530
  10,047
  10,588
  11,154
  11,746
  12,366
  13,016
  13,696
  14,409
  15,156
  15,938
Interest expense (income), $m
  338
  486
  559
  634
  712
  793
  877
  964
  1,055
  1,149
  1,247
  1,349
  1,455
  1,566
  1,681
  1,801
  1,927
  2,057
  2,194
  2,336
  2,485
  2,641
  2,803
  2,974
  3,152
  3,338
  3,533
  3,738
  3,952
  4,176
  4,411
Earnings before tax, $m
  540
  567
  595
  625
  655
  687
  721
  755
  791
  829
  1,060
  1,100
  1,143
  1,187
  1,233
  1,282
  1,332
  1,385
  1,440
  1,498
  1,559
  1,622
  1,688
  1,758
  1,830
  1,907
  1,987
  2,070
  2,158
  2,250
Tax expense, $m
  146
  153
  161
  169
  177
  186
  195
  204
  214
  224
  286
  297
  309
  321
  333
  346
  360
  374
  389
  404
  421
  438
  456
  475
  494
  515
  536
  559
  583
  608
Net income, $m
  395
  414
  434
  456
  479
  502
  526
  551
  577
  605
  774
  803
  834
  867
  900
  936
  973
  1,011
  1,051
  1,094
  1,138
  1,184
  1,232
  1,283
  1,336
  1,392
  1,450
  1,511
  1,575
  1,643

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
  21,678
  23,445
  25,281
  27,191
  29,174
  31,236
  33,379
  35,607
  37,923
  40,334
  42,843
  45,455
  48,178
  51,015
  53,974
  57,062
  60,285
  63,651
  67,168
  70,844
  74,688
  78,708
  82,915
  87,318
  91,928
  96,755
  101,811
  107,109
  112,661
  118,480
Adjusted assets (=assets-cash), $m
  21,678
  23,445
  25,281
  27,191
  29,174
  31,236
  33,379
  35,607
  37,923
  40,334
  42,843
  45,455
  48,178
  51,015
  53,974
  57,062
  60,285
  63,651
  67,168
  70,844
  74,688
  78,708
  82,915
  87,318
  91,928
  96,755
  101,811
  107,109
  112,661
  118,480
Revenue / Adjusted assets
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
Average production assets, $m
  16,974
  18,357
  19,795
  21,290
  22,843
  24,458
  26,136
  27,880
  29,694
  31,581
  33,546
  35,591
  37,723
  39,945
  42,262
  44,679
  47,203
  49,839
  52,592
  55,471
  58,480
  61,628
  64,922
  68,370
  71,979
  75,759
  79,718
  83,866
  88,213
  92,769
Working capital, $m
  -233
  -252
  -271
  -292
  -313
  -335
  -358
  -382
  -407
  -433
  -460
  -488
  -517
  -548
  -579
  -613
  -647
  -683
  -721
  -761
  -802
  -845
  -890
  -937
  -987
  -1,039
  -1,093
  -1,150
  -1,210
  -1,272
Total debt, $m
  10,356
  11,741
  13,181
  14,678
  16,233
  17,850
  19,530
  21,276
  23,092
  24,982
  26,949
  28,998
  31,132
  33,356
  35,676
  38,097
  40,624
  43,263
  46,020
  48,902
  51,916
  55,068
  58,366
  61,818
  65,432
  69,216
  73,181
  77,334
  81,687
  86,249
Total liabilities, $m
  16,995
  18,380
  19,821
  21,317
  22,873
  24,489
  26,169
  27,916
  29,732
  31,622
  33,589
  35,637
  37,771
  39,996
  42,316
  44,737
  47,263
  49,903
  52,660
  55,542
  58,555
  61,707
  65,005
  68,457
  72,071
  75,856
  79,820
  83,974
  88,326
  92,888
Total equity, $m
  4,682
  5,064
  5,461
  5,873
  6,302
  6,747
  7,210
  7,691
  8,191
  8,712
  9,254
  9,818
  10,406
  11,019
  11,658
  12,325
  13,022
  13,749
  14,508
  15,302
  16,133
  17,001
  17,910
  18,861
  19,856
  20,899
  21,991
  23,136
  24,335
  25,592
Total liabilities and equity, $m
  21,677
  23,444
  25,282
  27,190
  29,175
  31,236
  33,379
  35,607
  37,923
  40,334
  42,843
  45,455
  48,177
  51,015
  53,974
  57,062
  60,285
  63,652
  67,168
  70,844
  74,688
  78,708
  82,915
  87,318
  91,927
  96,755
  101,811
  107,110
  112,661
  118,480
Debt-to-equity ratio
  2.210
  2.320
  2.410
  2.500
  2.580
  2.650
  2.710
  2.770
  2.820
  2.870
  2.910
  2.950
  2.990
  3.030
  3.060
  3.090
  3.120
  3.150
  3.170
  3.200
  3.220
  3.240
  3.260
  3.280
  3.300
  3.310
  3.330
  3.340
  3.360
  3.370
Adjusted equity ratio
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  395
  414
  434
  456
  479
  502
  526
  551
  577
  605
  774
  803
  834
  867
  900
  936
  973
  1,011
  1,051
  1,094
  1,138
  1,184
  1,232
  1,283
  1,336
  1,392
  1,450
  1,511
  1,575
  1,643
Depreciation, amort., depletion, $m
  1,890
  2,028
  2,172
  2,321
  2,477
  2,638
  2,806
  2,980
  3,162
  3,350
  3,355
  3,559
  3,772
  3,994
  4,226
  4,468
  4,720
  4,984
  5,259
  5,547
  5,848
  6,163
  6,492
  6,837
  7,198
  7,576
  7,972
  8,387
  8,821
  9,277
Funds from operations, $m
  2,284
  2,442
  2,606
  2,777
  2,955
  3,140
  3,332
  3,531
  3,739
  3,955
  4,128
  4,362
  4,607
  4,861
  5,127
  5,404
  5,693
  5,995
  6,311
  6,641
  6,986
  7,347
  7,725
  8,120
  8,534
  8,968
  9,422
  9,898
  10,397
  10,920
Change in working capital, $m
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
Cash from operations, $m
  2,302
  2,461
  2,626
  2,798
  2,976
  3,162
  3,355
  3,555
  3,764
  3,981
  4,155
  4,390
  4,636
  4,892
  5,158
  5,437
  5,727
  6,031
  6,348
  6,680
  7,027
  7,390
  7,770
  8,167
  8,584
  9,020
  9,476
  9,955
  10,456
  10,982
Maintenance CAPEX, $m
  -1,564
  -1,697
  -1,836
  -1,980
  -2,129
  -2,284
  -2,446
  -2,614
  -2,788
  -2,969
  -3,158
  -3,355
  -3,559
  -3,772
  -3,994
  -4,226
  -4,468
  -4,720
  -4,984
  -5,259
  -5,547
  -5,848
  -6,163
  -6,492
  -6,837
  -7,198
  -7,576
  -7,972
  -8,387
  -8,821
New CAPEX, $m
  -1,332
  -1,383
  -1,438
  -1,495
  -1,553
  -1,614
  -1,678
  -1,744
  -1,814
  -1,887
  -1,964
  -2,046
  -2,131
  -2,222
  -2,317
  -2,418
  -2,524
  -2,636
  -2,754
  -2,878
  -3,010
  -3,148
  -3,294
  -3,447
  -3,609
  -3,780
  -3,959
  -4,148
  -4,347
  -4,556
Cash from investing activities, $m
  -2,896
  -3,080
  -3,274
  -3,475
  -3,682
  -3,898
  -4,124
  -4,358
  -4,602
  -4,856
  -5,122
  -5,401
  -5,690
  -5,994
  -6,311
  -6,644
  -6,992
  -7,356
  -7,738
  -8,137
  -8,557
  -8,996
  -9,457
  -9,939
  -10,446
  -10,978
  -11,535
  -12,120
  -12,734
  -13,377
Free cash flow, $m
  -594
  -620
  -648
  -677
  -706
  -737
  -769
  -802
  -838
  -876
  -967
  -1,010
  -1,055
  -1,102
  -1,153
  -1,207
  -1,264
  -1,325
  -1,389
  -1,457
  -1,530
  -1,606
  -1,687
  -1,772
  -1,863
  -1,958
  -2,059
  -2,165
  -2,277
  -2,395
Issuance/(repayment) of debt, $m
  1,354
  1,385
  1,440
  1,497
  1,555
  1,616
  1,680
  1,747
  1,816
  1,890
  1,967
  2,048
  2,134
  2,225
  2,320
  2,421
  2,527
  2,639
  2,757
  2,882
  3,013
  3,152
  3,298
  3,452
  3,614
  3,785
  3,964
  4,153
  4,352
  4,562
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  
  1,354
  1,385
  1,440
  1,497
  1,555
  1,616
  1,680
  1,747
  1,816
  1,890
  1,967
  2,048
  2,134
  2,225
  2,320
  2,421
  2,527
  2,639
  2,757
  2,882
  3,013
  3,152
  3,298
  3,452
  3,614
  3,785
  3,964
  4,153
  4,352
  4,562
Total cash flow (excl. dividends), $m
  760
  765
  792
  820
  849
  880
  911
  944
  978
  1,014
  1,000
  1,039
  1,079
  1,122
  1,167
  1,214
  1,263
  1,314
  1,368
  1,425
  1,484
  1,546
  1,611
  1,679
  1,751
  1,826
  1,905
  1,988
  2,075
  2,167
Retained Cash Flow (-), $m
  -362
  -382
  -397
  -412
  -429
  -445
  -463
  -481
  -500
  -521
  -542
  -564
  -588
  -613
  -639
  -667
  -696
  -727
  -760
  -794
  -830
  -868
  -909
  -951
  -996
  -1,043
  -1,092
  -1,144
  -1,199
  -1,257
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
  39
  42
  46
  49
  53
  57
  61
  65
  70
  74
  79
  84
  89
  94
  100
  105
  111
  118
  124
  131
  138
  146
  154
  162
  170
  179
  189
  199
  209
  220
Cash available for distribution, $m
  398
  383
  395
  408
  421
  434
  448
  463
  478
  493
  458
  474
  491
  509
  528
  547
  567
  587
  608
  631
  654
  678
  702
  728
  756
  784
  813
  844
  876
  910
Discount rate, %
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
  360
  312
  285
  259
  232
  206
  180
  155
  132
  111
  82
  66
  53
  42
  32
  24
  17
  13
  9
  6
  4
  3
  2
  1
  1
  0
  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

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 26.9
Price to Sales 2
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow -11.4
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 $4875 million for the last fiscal year's total revenue generated by NiSource. The default revenue input number comes from 2017 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 8.5% 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 10.4%, 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 80.9%.

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 5.4% 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 0.8%.

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 320.9%.

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 -4.4%. 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 - $4320 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 329 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 $9.1 billion.

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COMPANY NEWS

▶ NiSource Declares Common and Preferred Dividends   [Aug-07-18 04:10PM  PR Newswire]
▶ 7 Utility Stocks Going Crazy   [09:12AM  InvestorPlace]
▶ NiSource: 2Q Earnings Snapshot   [07:59AM  Associated Press]
▶ NiSource Announces Cash Tender Offers for Certain Notes   [Jun-04-18 11:00AM  PR Newswire]
▶ Heavy Insider Buying Says These 3 Stocks Are Ultra Cheap   [May-31-18 08:44AM  Insider Monkey]
▶ NiSource Declares Quarterly Common Dividend   [May-08-18 04:10PM  PR Newswire]
▶ Utility Favorites From Aqua to Xcel   [10:00AM  Investopedia]
▶ NiSource: 1Q Earnings Snapshot   [07:03AM  Associated Press]
▶ NiSource Inc (NYSE:NI): Whats The Analyst Consensus Outlook?   [Mar-28-18 08:38AM  Simply Wall St.]
▶ NiSource Declares Quarterly Common Dividend   [Mar-27-18 04:11PM  PR Newswire]
▶ Columbia Gas asks state for rate increase approval   [Mar-19-18 08:50AM  American City Business Journals]
▶ 1 Under-the-Radar Utility Stock You Should Know About   [Mar-08-18 09:03AM  Motley Fool]
▶ NiSource reports 4Q loss   [07:09AM  Associated Press]
▶ NiSource Reports 2017 Earnings   [06:30AM  PR Newswire]
▶ NiSource Named to 2018 Bloomberg Gender-Equality Index   [Jan-22-18 02:00PM  PR Newswire]
▶ 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]
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