Company Valuation: NiSource, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,843 11,136 10,976 17,159 19,928 19,125 - -
Change - 2.71% -1.44% 56.33% 16.14% -4.03% - -
Enterprise Value (EV) 1 20,549 22,376 22,823 30,920 36,005 38,357 41,091 44,242
Change - 8.89% 2% 35.48% 16.45% 6.53% 7.13% 7.67%
P/E 21.7x 16.1x 17.9x 22.7x 21.4x 19.7x 17.7x 16.1x
PBR 1.61x 1.49x 1.44x 1.99x 2.11x 1.72x 1.6x 1.49x
PEG - 0.5x -1.4x 2.4x 1.1x 4.84x 1.6x 1.65x
Capitalization / Revenue 2.21x 1.91x 1.97x 3.11x 3.01x 2.63x 2.5x 2.38x
EV / Revenue 4.19x 3.84x 4.1x 5.61x 5.45x 5.28x 5.37x 5.5x
EV / EBITDA 11.3x 11.4x 10.1x 12.1x 12.1x 11.3x 11x 10.5x
EV / EBIT 19.3x 19.5x 16.8x 20.4x 20x 19.2x 18.3x 17.2x
EV / FCF -33.1x -28.2x -32.1x -37.1x -85.8x -23.3x -20.5x -22.7x
FCF Yield -3.02% -3.55% -3.11% -2.69% -1.17% -4.29% -4.87% -4.41%
Dividend per Share 2 0.895 - 1.015 1.06 1.12 1.198 1.285 1.372
Rate of return 3.24% - 3.82% 2.88% 2.68% 3% 3.22% 3.44%
EPS 2 1.27 1.7 1.48 1.62 1.95 2.029 2.255 2.475
Distribution rate 70.5% - 68.6% 65.4% 57.4% 59% 57% 55.4%
Net sales 1 4,901 5,834 5,566 5,516 6,610 7,269 7,651 8,040
EBITDA 1 1,811 1,968 2,264 2,559 2,970 3,380 3,732 4,198
EBIT 1 1,063 1,147 1,356 1,516 1,803 1,994 2,246 2,571
Net income 1 529.8 749 661.7 739.7 929.5 976.6 1,114 1,251
Net Debt 1 9,707 11,240 11,847 13,762 16,078 19,232 21,966 25,117
Reference price 2 27.61 27.42 26.55 36.76 41.76 39.88 39.88 39.88
Nbr of stocks (in thousands) 392,705 406,134 413,415 466,779 477,196 479,560 - -
Announcement Date 23/02/22 22/02/23 21/02/24 12/02/25 11/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.89x5.57x11.91x4.32% 76.38B
12.58x1.43x7.45x5.94% 66.23B
16.09x6.27x14.43x3.25% 52.95B
15.93x1.12x9.31x3.38% 52.26B
20.06x2.71x9.37x2.17% 49.1B
16.74x5x9.66x4.5% 37.43B
16.42x4.69x12.28x3.86% 34.45B
59.24x19.06x33.94x0.26% 35.2B
18.83x5.5x12.49x2.96% 28.14B
Average 20.98x 5.70x 13.43x 3.4% 48.02B
Weighted average by Cap. 19.19x 5.13x 12.60x 3.64%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation NiSource, Inc.
-40%: Exceptional extension
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