Intrinsic value of NiSource - NI

Previous Close

$25.59

  Intrinsic Value

$7.81

stock screener

  Rating & Target

str. sell

-69%

Previous close

$25.59

 
Intrinsic value

$7.81

 
Up/down potential

-69%

 
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 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 9.3

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,972
  5,086
  5,217
  5,364
  5,527
  5,705
  5,899
  6,110
  6,336
  6,579
  6,839
  7,117
  7,413
  7,727
  8,060
  8,413
  8,787
  9,183
  9,600
  10,041
  10,507
  10,998
  11,515
  12,060
  12,634
  13,239
  13,875
  14,545
  15,249
  15,990
Variable operating expenses, $m
  4,019
  4,107
  4,207
  4,320
  4,445
  4,583
  4,732
  4,894
  5,068
  5,255
  5,263
  5,477
  5,704
  5,946
  6,203
  6,475
  6,762
  7,067
  7,388
  7,727
  8,086
  8,463
  8,862
  9,281
  9,723
  10,188
  10,678
  11,193
  11,735
  12,305
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
  4,019
  4,107
  4,207
  4,320
  4,445
  4,583
  4,732
  4,894
  5,068
  5,255
  5,263
  5,477
  5,704
  5,946
  6,203
  6,475
  6,762
  7,067
  7,388
  7,727
  8,086
  8,463
  8,862
  9,281
  9,723
  10,188
  10,678
  11,193
  11,735
  12,305
Operating income, $m
  954
  980
  1,010
  1,044
  1,081
  1,122
  1,167
  1,216
  1,268
  1,324
  1,576
  1,640
  1,708
  1,781
  1,857
  1,939
  2,025
  2,116
  2,212
  2,314
  2,421
  2,534
  2,654
  2,779
  2,911
  3,051
  3,197
  3,352
  3,514
  3,685
EBITDA, $m
  1,692
  1,731
  1,776
  1,825
  1,881
  1,942
  2,008
  2,079
  2,156
  2,239
  2,328
  2,422
  2,523
  2,630
  2,743
  2,863
  2,991
  3,125
  3,267
  3,417
  3,576
  3,743
  3,919
  4,104
  4,300
  4,506
  4,722
  4,950
  5,190
  5,442
Interest expense (income), $m
  338
  486
  504
  524
  547
  572
  600
  631
  665
  702
  741
  783
  828
  876
  928
  982
  1,040
  1,101
  1,166
  1,235
  1,307
  1,384
  1,464
  1,550
  1,639
  1,734
  1,834
  1,939
  2,049
  2,165
  2,287
Earnings before tax, $m
  467
  476
  486
  497
  509
  522
  536
  551
  566
  583
  793
  812
  832
  853
  875
  899
  924
  950
  978
  1,007
  1,037
  1,070
  1,104
  1,140
  1,177
  1,217
  1,259
  1,303
  1,349
  1,397
Tax expense, $m
  126
  128
  131
  134
  137
  141
  145
  149
  153
  157
  214
  219
  225
  230
  236
  243
  249
  256
  264
  272
  280
  289
  298
  308
  318
  329
  340
  352
  364
  377
Net income, $m
  341
  347
  355
  363
  372
  381
  391
  402
  413
  426
  579
  593
  607
  623
  639
  656
  674
  693
  714
  735
  757
  781
  806
  832
  860
  888
  919
  951
  985
  1,020

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
  20,377
  20,846
  21,382
  21,983
  22,650
  23,381
  24,177
  25,039
  25,968
  26,964
  28,031
  29,168
  30,380
  31,667
  33,033
  34,480
  36,013
  37,633
  39,345
  41,153
  43,061
  45,073
  47,193
  49,427
  51,780
  54,258
  56,866
  59,610
  62,496
  65,533
Adjusted assets (=assets-cash), $m
  20,377
  20,846
  21,382
  21,983
  22,650
  23,381
  24,177
  25,039
  25,968
  26,964
  28,031
  29,168
  30,380
  31,667
  33,033
  34,480
  36,013
  37,633
  39,345
  41,153
  43,061
  45,073
  47,193
  49,427
  51,780
  54,258
  56,866
  59,610
  62,496
  65,533
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
  14,971
  15,315
  15,709
  16,151
  16,640
  17,178
  17,763
  18,396
  19,078
  19,810
  20,594
  21,429
  22,319
  23,265
  24,269
  25,332
  26,458
  27,649
  28,907
  30,235
  31,636
  33,114
  34,672
  36,313
  38,042
  39,862
  41,778
  43,794
  45,915
  48,146
Working capital, $m
  35
  36
  37
  38
  39
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
  93
  97
  102
  107
  112
Total debt, $m
  9,337
  9,704
  10,124
  10,596
  11,118
  11,691
  12,316
  12,991
  13,719
  14,501
  15,337
  16,229
  17,178
  18,187
  19,258
  20,393
  21,595
  22,865
  24,207
  25,625
  27,120
  28,698
  30,360
  32,112
  33,956
  35,899
  37,943
  40,095
  42,358
  44,738
Total liabilities, $m
  15,976
  16,343
  16,763
  17,235
  17,757
  18,331
  18,955
  19,631
  20,359
  21,140
  21,976
  22,868
  23,818
  24,827
  25,898
  27,033
  28,234
  29,504
  30,847
  32,264
  33,760
  35,337
  36,999
  38,751
  40,596
  42,538
  44,583
  46,734
  48,997
  51,378
Total equity, $m
  4,402
  4,503
  4,618
  4,748
  4,892
  5,050
  5,222
  5,408
  5,609
  5,824
  6,055
  6,300
  6,562
  6,840
  7,135
  7,448
  7,779
  8,129
  8,499
  8,889
  9,301
  9,736
  10,194
  10,676
  11,185
  11,720
  12,283
  12,876
  13,499
  14,155
Total liabilities and equity, $m
  20,378
  20,846
  21,381
  21,983
  22,649
  23,381
  24,177
  25,039
  25,968
  26,964
  28,031
  29,168
  30,380
  31,667
  33,033
  34,481
  36,013
  37,633
  39,346
  41,153
  43,061
  45,073
  47,193
  49,427
  51,781
  54,258
  56,866
  59,610
  62,496
  65,533
Debt-to-equity ratio
  2.120
  2.160
  2.190
  2.230
  2.270
  2.310
  2.360
  2.400
  2.450
  2.490
  2.530
  2.580
  2.620
  2.660
  2.700
  2.740
  2.780
  2.810
  2.850
  2.880
  2.920
  2.950
  2.980
  3.010
  3.040
  3.060
  3.090
  3.110
  3.140
  3.160
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
  341
  347
  355
  363
  372
  381
  391
  402
  413
  426
  579
  593
  607
  623
  639
  656
  674
  693
  714
  735
  757
  781
  806
  832
  860
  888
  919
  951
  985
  1,020
Depreciation, amort., depletion, $m
  739
  751
  766
  782
  800
  819
  841
  864
  889
  915
  752
  782
  815
  849
  886
  925
  966
  1,009
  1,055
  1,103
  1,155
  1,209
  1,265
  1,325
  1,388
  1,455
  1,525
  1,598
  1,676
  1,757
Funds from operations, $m
  1,080
  1,098
  1,120
  1,145
  1,171
  1,200
  1,232
  1,266
  1,302
  1,341
  1,331
  1,375
  1,422
  1,472
  1,525
  1,581
  1,640
  1,702
  1,769
  1,838
  1,912
  1,989
  2,071
  2,157
  2,248
  2,343
  2,444
  2,549
  2,660
  2,777
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Cash from operations, $m
  1,079
  1,098
  1,119
  1,144
  1,170
  1,199
  1,230
  1,264
  1,300
  1,339
  1,329
  1,373
  1,420
  1,470
  1,522
  1,578
  1,637
  1,700
  1,766
  1,835
  1,909
  1,986
  2,068
  2,153
  2,244
  2,339
  2,439
  2,545
  2,655
  2,772
Maintenance CAPEX, $m
  -536
  -546
  -559
  -573
  -589
  -607
  -627
  -648
  -671
  -696
  -723
  -752
  -782
  -815
  -849
  -886
  -925
  -966
  -1,009
  -1,055
  -1,103
  -1,155
  -1,209
  -1,265
  -1,325
  -1,388
  -1,455
  -1,525
  -1,598
  -1,676
New CAPEX, $m
  -293
  -344
  -394
  -442
  -490
  -537
  -585
  -633
  -682
  -732
  -783
  -836
  -890
  -946
  -1,004
  -1,064
  -1,126
  -1,191
  -1,258
  -1,328
  -1,401
  -1,478
  -1,558
  -1,641
  -1,729
  -1,820
  -1,916
  -2,016
  -2,121
  -2,231
Cash from investing activities, $m
  -829
  -890
  -953
  -1,015
  -1,079
  -1,144
  -1,212
  -1,281
  -1,353
  -1,428
  -1,506
  -1,588
  -1,672
  -1,761
  -1,853
  -1,950
  -2,051
  -2,157
  -2,267
  -2,383
  -2,504
  -2,633
  -2,767
  -2,906
  -3,054
  -3,208
  -3,371
  -3,541
  -3,719
  -3,907
Free cash flow, $m
  250
  207
  167
  128
  91
  54
  18
  -17
  -53
  -89
  -178
  -215
  -252
  -291
  -330
  -371
  -413
  -456
  -501
  -548
  -596
  -647
  -699
  -753
  -810
  -870
  -931
  -996
  -1,064
  -1,135
Issuance/(repayment) of debt, $m
  334
  367
  420
  472
  523
  573
  624
  676
  728
  781
  836
  892
  950
  1,009
  1,071
  1,135
  1,201
  1,270
  1,342
  1,417
  1,496
  1,577
  1,662
  1,752
  1,845
  1,942
  2,044
  2,151
  2,263
  2,381
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  
  334
  367
  420
  472
  523
  573
  624
  676
  728
  781
  836
  892
  950
  1,009
  1,071
  1,135
  1,201
  1,270
  1,342
  1,417
  1,496
  1,577
  1,662
  1,752
  1,845
  1,942
  2,044
  2,151
  2,263
  2,381
Total cash flow (excl. dividends), $m
  584
  574
  587
  600
  613
  628
  643
  658
  675
  692
  658
  677
  697
  718
  741
  764
  788
  814
  841
  869
  899
  931
  964
  998
  1,035
  1,073
  1,113
  1,155
  1,200
  1,246
Retained Cash Flow (-), $m
  -81
  -101
  -116
  -130
  -144
  -158
  -172
  -186
  -201
  -215
  -230
  -246
  -262
  -278
  -295
  -313
  -331
  -350
  -370
  -390
  -412
  -435
  -458
  -483
  -508
  -535
  -563
  -593
  -624
  -656
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
  503
  473
  471
  470
  470
  470
  471
  472
  474
  477
  428
  432
  436
  440
  446
  451
  457
  464
  471
  479
  487
  496
  506
  516
  526
  538
  550
  562
  576
  590
Discount rate, %
  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
  43.22
PV of cash for distribution, $m
  455
  384
  339
  297
  258
  221
  187
  157
  129
  105
  75
  59
  46
  35
  26
  19
  14
  10
  7
  4
  3
  2
  1
  1
  0
  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 24.9
Price to Sales 1.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow -10.6
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 $4874.6 million for the last fiscal year's total revenue generated by NiSource. The default revenue input number comes from 0001 income statement of NiSource. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.5%, 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%.

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 301.1%.

Life of production assets of 27.4 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 0.7%. 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 - $4320.1 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 363.037 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 $9.3 billion.

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COMPANY NEWS

▶ Columbia Gas parent company faces criminal probe over gas explosions   [10:16AM  American City Business Journals]
▶ NiSource: 3Q Earnings Snapshot   [07:49AM  Associated Press]
▶ NIPSCO Announces "Your Energy, Your Future" Initiative   [Oct-31-18 12:42PM  PR Newswire]
▶ Is Victory Nickel Inc (CNSX:NI) A Financially Sound Company?   [Oct-19-18 02:31PM  Simply Wall St.]
▶ [$$] Over-Pressurized Pipes Faulted in Massachusetts Blasts   [05:03PM  The Wall Street Journal]
▶ Columbia Gas withdraws planned rate hike in wake of disaster   [Sep-19-18 09:40PM  American City Business Journals]
▶ Columbia Gas hit with first lawsuit in likely barrage of claims   [08:48PM  American City Business Journals]
▶ Company News For Sep 17, 2018   [10:08AM  Zacks]
▶ [$$] Gas Explosions Traced to Too Much Pressure in Pipes   [Sep-16-18 10:42PM  The Wall Street Journal]
▶ [$$] Gas Explosions Traced to Too Much Pressure in Pipes   [06:57PM  The Wall Street Journal]

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