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 22,380 - -
Change - 2.71% -1.44% 56.33% 16.14% 12.31% - -
Enterprise Value (EV) 1 20,549 22,376 22,823 30,920 36,005 41,406 44,085 46,911
Change - 8.89% 2% 35.48% 16.45% 15% 6.47% 6.41%
P/E 21.7x 16.1x 17.9x 22.7x 21.4x 22.7x 20.7x 18.8x
PBR 1.61x 1.49x 1.44x 1.99x 2.11x 1.93x 1.82x 1.71x
PEG - 0.5x -1.4x 2.4x 1.1x 4.27x 2.09x 1.93x
Capitalization / Revenue 2.21x 1.91x 1.97x 3.11x 3.01x 3.12x 2.95x 2.8x
EV / Revenue 4.19x 3.84x 4.1x 5.61x 5.45x 5.78x 5.81x 5.86x
EV / EBITDA 11.3x 11.4x 10.1x 12.1x 12.1x 12.4x 11.8x 11.2x
EV / EBIT 19.3x 19.5x 16.8x 20.4x 20x 20.4x 19.3x 18x
EV / FCF -33.1x -28.2x -32.1x -37.1x -85.8x -17.7x -20x -21.8x
FCF Yield -3.02% -3.55% -3.11% -2.69% -1.17% -5.64% -5.01% -4.58%
Dividend per Share 2 0.895 - 1.015 1.06 1.12 1.215 1.302 1.395
Rate of return 3.24% - 3.82% 2.88% 2.68% 2.6% 2.79% 2.99%
EPS 2 1.27 1.7 1.48 1.62 1.95 2.054 2.257 2.477
Distribution rate 70.5% - 68.6% 65.4% 57.4% 59.2% 57.7% 56.3%
Net sales 1 4,901 5,834 5,566 5,516 6,610 7,165 7,592 8,004
EBITDA 1 1,811 1,968 2,264 2,559 2,970 3,351 3,741 4,191
EBIT 1 1,063 1,147 1,356 1,516 1,803 2,033 2,287 2,610
Net income 1 529.8 749 661.7 739.7 929.5 991.9 1,116 1,255
Net Debt 1 9,707 11,240 11,847 13,762 16,078 19,026 21,705 24,530
Reference price 2 27.61 27.42 26.55 36.76 41.76 46.68 46.68 46.68
Nbr of stocks (in thousands) 392,705 406,134 413,415 466,779 477,196 479,439 - -
Announcement Date 2/23/22 2/22/23 2/21/24 2/12/25 2/11/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.73x5.78x12.36x2.6% 22.38B
13.83x5.72x12.34x4% 82.15B
37.07x6.33x17.08x1.65% 81.42B
14.72x1.59x8.16x5% 76.95B
18.48x7.04x14.72x2.83% 60.78B
17.77x1.21x10.03x3.01% 58.33B
23.67x2.67x9.71x2.23% 47.24B
18.43x5.21x13.32x3.34% 39.77B
58.91x21.14x34.73x0.3% 39.6B
15.95x4.89x9.52x4.61% 36.35B
Average 24.16x 6.16x 14.20x 2.96% 54.5B
Weighted average by Cap. 23.34x 5.66x 13.76x 3.07%

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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