On 12 Nov 2026 our base value for NiSource is $32.33 a share, 29.4% below its $45.81 close; 0 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | the free cash flow base is -7.11% of market cap (floor 1%) — the terminal value carries the answer, not the cash flows |
| Exit multiple (P/E) | $32.33 | -29.4% | earnings per share $2.06 valued at 18.45× (the stock's own median P/E) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $2.06 |
| Year 1 | 6.00% | $2.18 |
| Year 2 | 5.10% | $2.29 |
| Year 3 | 4.47% | $2.40 |
| Year 4 | 4.03% | $2.49 |
| Year 5 | 3.72% | $2.59 |
| Earnings per share in year 5 | $2.59 |
| Exit P/E (the stock's own median P/E) | 18.45× |
| Value in 5 years = earnings × P/E | $47.73 |
| Discounted at 8.10% over 5 years: ÷ 1.4761 | $32.33 |
The base value is the average of the methods kept in it:
| Method | Value |
|---|---|
| Exit multiple (P/E) | $32.33 |
One method is kept, so the base value is its value: $32.33
Base value $32.33 a share
One-year price simulation: a 10% chance the price is below $39.02 and a 10% chance it is above $61.17 in a year; a 64% chance it is higher than today's $45.81, from 17.45% volatility. The simulation assumes the price drifts up at our discount rate of 8.1% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $39.43 | $28.43 |
| 9 Oct 2026 | $40.76 | $28.45 |
| 16 Oct 2026 | $42.68 | $29.27 |
| 23 Oct 2026 | $43.28 | $29.44 |
| 30 Oct 2026 | $44.57 | $31.60 |
| 6 Nov 2026 | $44.15 | $32.73 |
| 12 Nov 2026 | $45.81 | $32.33 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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