NiSource Inc (NI) is slightly overvalued and UGI Corp (UGI) is slightly undervalued.
Against our estimates of intrinsic value, UGI trades at the wider discount: a margin of safety of +10%, against -6% for NI.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $41.00; the price of $36.85 is 10% below that value, and 80% of that value comes from beyond year five.
Leak Score 35/100 on 3 of 12 signals
| Metric | NI | UGI |
|---|---|---|
| Verdict | Slightly overvalued | Slightly undervalued |
| Price | $39.88 | $36.85 |
| Intrinsic value | $37.59 | $41.00 |
| Margin of safety | -6% | +10% |
| Leak Score | 31/100 (10/12) | 35/100 (3/12) |
| Market cap | $19.1B | $7.9B |
| Revenue growth, 5 years | 7.2% | 2.2% |
| Operating margin | 27.0% | 14.5% |
| Net margin | 13.2% | 9.2% |
| Return on equity | 9.8% | 13.3% |
| Debt to equity | 1.82 | 1.35 |
| P/E | 21.1x | 12.3x |
| Forward P/E | 17.7x | 11.4x |
| P/B | 2.0x | 1.5x |
| Dividend yield | 3.0% | 4.1% |