Morningstar

Morningstar, Inc.

Equity Bottom-Up

We are reaffirming our $27 per share fair value estimate after narrow-moat NiSource reported 2019 first-quarter operating EPS of $0.82 versus $0.77 in the same period last year
However, operating earnings exclude roughly $0.30 per share of estimated costs related to the tragic natural gas explosion north of Boston in September 2018. We suspect some of these expenses may be recovered by insurance claims or regulatory relief and reversed later.

Third-party claims and other expenses have climbed…

NiSource completed its separation from Columbia Pipeline Group in 2015 and now derives all of its operating revenue from its regulated electric and natural gas distribution utilities. About two thirds of operating income comes from its seven natural gas distribution utilities. The remaining third comes from its electric utility business in Indiana.NiSource's utilities have regulatory frameworks that include automatic rate tracker mechanisms for roughly 75% of planned capital expenditures…

United States

NiSource Inc. is an energy holding company. The Company's subsidiaries provide natural gas, electricity and other products and services to customers located within a corridor that runs from the Gulf Coast through the Midwest to New England.

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