Black Hills Corp (BKH) is slightly overvalued and NiSource Inc (NI) is slightly overvalued.
Both trade above our estimate of their intrinsic value. NI is the closer of the two: -6%, against -8% for BKH.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.2% (average of 3 methods) values the shares at $66.45; the price of $71.77 is 8% above that value, and 82% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 7.0% (average of 2 methods) values the shares at $37.59; the price of $39.88 is 6% above that value.
Leak Score 31/100 on 10 of 12 signals
| Metric | BKH | NI |
|---|---|---|
| Verdict | Slightly overvalued | Slightly overvalued |
| Price | $71.77 | $39.88 |
| Intrinsic value | $66.45 | $37.59 |
| Margin of safety | -8% | -6% |
| Leak Score | 14/100 (3/12) | 31/100 (10/12) |
| Market cap | $5.5B | $19.1B |
| Revenue growth, 5 years | 6.4% | 7.2% |
| Operating margin | 23.9% | 27.0% |
| Net margin | 13.0% | 13.2% |
| Return on equity | 7.9% | 9.8% |
| Debt to equity | 1.21 | 1.82 |
| P/E | 18.1x | 21.1x |
| Forward P/E | 15.7x | 17.7x |
| P/B | 1.4x | 2.0x |
| Dividend yield | 3.9% | 3.0% |