Only one of our models could value this stock with confidence, so use it as a guide.
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Valued as a utility: P/E comparison and EV/EBITDA comparison.
ACCE opinionNiSource Inc Common Stock (NI)
Fair value (2 models)
Not available
ACCE price target
$39.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 26 Sept 2026, 00:00 CEST.
Price used: $43.28 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
46
out of 100
Analysts
81% buy
16 covering
P/E
23.2x
forward 17.4x
1-year return
-1.3%
Dividend yield
1.35%
NiSource Inc Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
NiSource is a regulated gas and electric utility serving about 3.5 million customers across Indiana, Ohio, Pennsylvania, Virginia, Kentucky and Maryland, earning returns on its distribution pipes, transmission lines and generating assets as set by state commissions. Its moat is the rate base itself: regulators allow it to earn a return on growing infrastructure, and utilities of this scale are hard to replicate. The growth driver is a multi-year electric grid and gas safety replacement program that expands that rate base, with data-center and industrial load growth in Indiana adding demand. Revenue grew 4.6% and the forward P/E of 18.3 sits below the trailing 21.9, which suggests earnings are expected to step up. Against that, ROE of 8.6% is thin for a company carrying this much capital spend, so the deeper look should focus on whether allowed returns and rate case outcomes support the investment plan.