Merger Of Equals Will Create A Leading Regional Utility Platform

AN

AnalystConsensusTarget

AnalystConsensusTarget

Not Invested

Based on Analyst Price Targets

Published

03 Sep 24

Updated

10 Dec 25

Views

154

n/a

n/a

AnalystConsensusTarget's Fair Value

n/a

1Y

17.8%

7D

-4.5%

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1Y

17.8%

7D

-4.5%

You can edit this narrative until Dec 11 12:05 PM. Then, changes will post as Updates.

Author's Valuation

US$758.2% undervalued

AnalystConsensusTarget Fair Value

Shared on 10 Dec 25

Fair value Increased 2.04%

BKH: Future Multiples Will Likely Edge Higher While Fundamentals Stay Balanced

Analysts have modestly raised their price target on Black Hills to approximately $75.00 from about $73.50, reflecting slightly higher assumed future valuation multiples while keeping growth and margin expectations effectively unchanged. Valuation Changes Fair Value: increased slightly from approximately $73.50 to about $75.00 per share.

Shared on 26 Nov 25

BKH: Merger Integration Will Present Opportunities While Risks Remain Balanced

Analysts have maintained their price target for Black Hills at $73.50, citing stable financial outlooks and consistent performance metrics as the basis for their unchanged assessment. Valuation Changes Fair Value remains unchanged at $73.50 per share.

Shared on 09 Nov 25

Fair value Increased 5.38%

BKH: Merger Will Bring Integration Opportunities And Potential Execution Risks Ahead

Analysts have raised their fair value price target for Black Hills from $69.75 to $73.50, citing the anticipated accretive effects and positive outlook resulting from the recently announced all-stock merger of equals. Analyst Commentary Following the announcement of the all-stock merger between Black Hills and NorthWestern Energy, analysts have weighed both the potential upsides and risks associated with the deal.

Shared on 26 Oct 25

Fair value Increased 1.82%

The analyst fair value target for Black Hills has increased from $68.50 to $69.75, as analysts cite the positive impact of the recently announced all-stock merger of equals with NorthWestern Energy in their revised assessment. Analyst Commentary Analysts have provided updated perspectives on Black Hills in light of the proposed all-stock merger with NorthWestern Energy.

Shared on 26 Aug 25

Fair value Increased 5.06%

The consensus price target for Black Hills has increased to $68.50, primarily reflecting a sharp upward revision in forecast revenue growth despite a notable decline in net profit margin. What's in the News Black Hills and NorthWestern Energy Group announced an all-stock, tax-free merger to create a leading regional regulated utility with a pro forma market capitalization of approximately $7.8 billion; CEO Linn Evans will retire following transaction close.

Shared on 08 May 25

Fair value Decreased 1.69%

Shared on 30 Apr 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 23 Apr 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 17 Apr 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 09 Apr 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 02 Apr 25

Fair value Increased 2.42%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 26 Mar 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 19 Mar 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 11 Mar 25

Fair value Decreased 1.15%

AnalystConsensusTarget has decreased revenue growth from 5.2% to 3.1%.

AnalystConsensusTarget Fair Value

US$75

8.2% undervalued

Future estimation in

Growth p.a.

Growth p.a.

%

Decrease

Increase

Current revenue growth rate

8.81%

Other Utilities revenue growth rate

0.14%

Risk Level (Discount Rate)

Our default considers factors like the company's size, volatility, profitablity and country of operation.

%

0

Decrease

Increase

Current discount rate

6.96%

Calculation

US$382.96m

Earnings '28

x

21.09x

PE Ratio '28

=

US$8.08b

Market Cap '28

US$8.08b

Market Cap '28

/

88.33m

No. shares '28

=

US$91.42

Share Price '28

US$91.42 Share Price '28

Discounted to 2025 @ 6.96% p.a.

=

US$74.72

Fair Value '25