Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Director Dave Goodin was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 02
Northwestern Energy Group, Inc. Declares Quarterly Common Stock Dividend, Payable on June 30, 2026 NorthWestern Energy Group’s Board of Directors has declared a quarterly common stock dividend of $0.67 per share payable on June 30, 2026, to shareholders of record as of June 15, 2026. Announcement • Apr 07
NorthWestern Energy Group, Inc. to Report Q1, 2026 Results on Apr 29, 2026 NorthWestern Energy Group, Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 29, 2026 Announcement • Mar 13
NorthWestern Energy Group, Inc., Annual General Meeting, Apr 30, 2026 NorthWestern Energy Group, Inc., Annual General Meeting, Apr 30, 2026. Announcement • Feb 12
NorthWestern Energy Group, Inc. Declares A Quarterly Common Stock Dividend Payable on March 31, 2026 NorthWestern Energy Group’s Board of Directors has declared a quarterly common stock dividend of $0.67 per share, representing a 1.5% increase over the previous quarter’s dividend. The dividend is payable on March 31, 2026, to shareholders of record as of March 13, 2026. Announcement • Jan 13
NorthWestern Energy Group, Inc. to Report Fiscal Year 2025 Results on Feb 11, 2026 NorthWestern Energy Group, Inc. announced that they will report fiscal year 2025 results at 4:00 PM, US Eastern Standard Time on Feb 11, 2026 Announcement • Oct 31
NorthWestern Energy Group, Inc. Affirms Earnings Guidance for the Year 2025 NorthWestern Energy Group, Inc. affirmed earnings guidance for the year 2025. For the period, Company is affirming earnings guidance range of $3.53 to $3.65. Announcement • Oct 30
NorthWestern Energy Group, Inc. Declares Quarterly Common Stock Dividend, Payable on December 31, 2025 NorthWestern Energy Group’s Board of Directors has declared a quarterly common stock dividend of $0.66 per share payable on December 31, 2025, to shareholders of record as of December 15, 2025. Announcement • Oct 08
NorthWestern Energy Group, Inc. to Report Q3, 2025 Results on Oct 29, 2025 NorthWestern Energy Group, Inc. announced that they will report Q3, 2025 results After-Market on Oct 29, 2025 Announcement • Aug 20
Black Hills Corp. and NorthWestern Energy Announces Leadership of the Combined Company Black Hills Corp. and NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy announced that each company’s board of directors has unanimously approved a definitive agreement to combine in an all-stock, tax-free merger that will create a premier regional regulated electric and natural gas utility company with a pro forma market capitalization of approximately $7.8 billion and a combined enterprise value of $15.4 billion, based on each company’s closing stock price as of August 18, 2025. The leadership of the combined company will reflect the strengths and capabilities of both companies. Upon closing of the transaction, Mr. Bird will serve as Chief Executive Officer of the combined company; Marne Jones, Black Hills Senior Vice President and Chief Utility Officer, will serve as Chief Operating Officer; Crystal Lail, NorthWestern Chief Financial Officer, will serve as Chief Financial Officer; and Kimberly Nooney, Black Hills Senior Vice President and Chief Financial Officer, will serve as Chief Integration Officer. Linn Evans will continue serving as Chief Executive Officer of Black Hills through the close of the transaction, at which point he will retire. The combined company’s 11-member board of directors will include six directors designated by Black Hills, and five directors designated by NorthWestern, including Mr. Bird and Linda Sullivan, Chair of the NorthWestern board. Steven Mills, Chair of the Black Hills board, will be Chair of the combined company’s board of directors. The combined company will have a new name and ticker symbol, to be determined prior to the close of the transaction. The operating companies are expected to maintain their current names at transaction closing. Announcement • Aug 19
Black Hills Corporation (NYSE:BKH) entered into definitive agreement to combine with NorthWestern Energy Group, Inc. (NasdaqGS:NWE) for $3.6 billion. Black Hills Corporation (NYSE:BKH) entered into definitive agreement to combine with NorthWestern Energy Group, Inc. (NasdaqGS:NWE) for $3.6 billion on August 18, 2025. The consideration consists of common equity of Black Hills Corporation at a ratio of 0.98 per common equity of NorthWestern Energy Group, Inc. This all-stock, tax-free merger will create a premier regional regulated electric and natural gas utility company with a pro forma market capitalization of approximately $7.8 billion and a combined enterprise value of $15.4 billion. The merger is expected to be accretive to each company’s EPS in the first year following the close of transaction. Upon completion of the merger, Black Hills shareholders will own approximately 56% and NorthWestern shareholders will own approximately 44% of the combined company on a fully diluted basis. The combined company will have a new name and ticker symbol, to be determined prior to the close of the transaction. Upon closing of the transaction, Bird will serve as Chief Executive Officer; Marne Jones will serve as Chief Operating Officer; Crystal Lail will serve as Chief Financial Officer; and Kimberly Nooney will serve as Chief Integration Officer. Linn Evans will continue serving as Chief Executive Officer of Black Hills through the close of the transaction, at which point he will retire. The combined company will be headquartered in Rapid City, South Dakota. The combined company will have a new name and ticker symbol, to be determined prior to the close of the transaction. The operating companies are expected to maintain their current names at transaction closing. Either party would be required to pay to the other a termination fee equal to $100 million in cash, upon termination of the Merger Agreement in certain circumstances.
The transaction is subject to approval from subject to customary closing conditions, clearance under the Hart-Scott Rodino Act, approval from each company's shareholders, and regulatory approvals, including approval from commissions as well as the Federal Energy Regulatory Commission. The effectiveness of a registration statement on Form S-4, the authorization for listing of shares of Black Hills Common Stock to be issued in the Merger on a mutually agreed stock exchange. The deal has been unanimously approved by board of directors of NorthWestern Energy Group, Inc. and Black Hills Corporation, and is expected to close in 12 to 15 months.
Goldman Sachs & Co. LLC acted as financial advisor for Black Hills Corporation. John Marcil, Mike Stanchfield and Brandon Mason of Faegre Drinker Biddle & Reath LLP acted as legal advisor for Black Hills Corporation. Greenhill & Co., Inc. acted as financial advisor for NorthWestern Energy Group, Inc. John G. Klauberg, Morgan, R. Alec Dawson and Andrew L. Milano Lewis & Bockius LLP acted as legal advisor for NorthWestern Energy Group, Inc. Goldman Sachs & Co. LLC acted as financial opinion provider to Black Hills. Greenhill & Co., LLC acted as financial opinion provider to NorthWestern Energy Group. Announcement • Jul 31
NorthWestern Energy Group, Inc. Declares Quarterly Common Stock Dividend, Payable on September 30, 2025 The Board of Directors of NorthWestern Energy Group, Inc. has declared a quarterly common stock dividend of $0.66 per share payable on September 30, 2025, to shareholders of record as of September 15, 2025. Announcement • Jul 10
NorthWestern Energy Group, Inc. to Report Q2, 2025 Results on Jul 30, 2025 NorthWestern Energy Group, Inc. announced that they will report Q2, 2025 results on Jul 30, 2025 Announcement • Apr 30
NorthWestern Energy Group, Inc. Declares Quarterly Common Stock Dividend, Payable on June 30, 2025 The Board of Directors of NorthWestern Energy Group, Inc. declared a quarterly common stock dividend of $0.66 per share payable on June 30, 2025, to shareholders of record as of June 13, 2025. Announcement • Apr 04
NorthWestern Energy Group, Inc. to Report Q1, 2025 Results on Apr 29, 2025 NorthWestern Energy Group, Inc. announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Mar 13
NorthWestern Energy Group, Inc., Annual General Meeting, Apr 30, 2025 NorthWestern Energy Group, Inc., Annual General Meeting, Apr 30, 2025. Announcement • Jan 21
NorthWestern Energy Group, Inc. to Report Fiscal Year 2024 Results on Feb 12, 2025 NorthWestern Energy Group, Inc. announced that they will report fiscal year 2024 results on Feb 12, 2025 Announcement • Nov 22
NorthWestern Energy Group, Inc. Announces the Election of David L. Goodin as a Director, Effective December 1, 2024 NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy announced that its board of directors recently elected David L. Goodin as a director to a term commencing December 1, 2024. Goodin brings extensive utility operations and executive experience to the independent board. Goodin has over 40 years of experience in the utility industry with MDU Resources Group, Inc. On Jan. 5, 2024, he retired as MDU's president and chief executive officer, and on May 14, 2024, he retired from MDU's board of directors. Before becoming CEO in 2013 and over the course of his career with MDU, he served in various leadership roles in the organization, including president and chief executive officer of the Utility Group, president of Cascade Natural Gas, and executive vice president of operations and acquisitions at MDU. Mr. Goodin has been appointed to a number of boards during his career. In addition to MDU’s board, he has shared his leadership experience as a member of the U.S. Bank Western North Dakota Advisory Board, the Sanford West Medical Board, and the Boards of the NDSU Foundation and Alumni Association and the Bismarck State College Foundation. His utility expertise has allowed him to serve on the Boards of the Edison Electric Institute, American Gas Association, North Central Electric Association, and Midwest Energy Association. The addition of Goodin will increase temporarily the NorthWestern Energy board to ten members. On January 1, 2025, the board will return to nine members following the previously announced resignation of current board member Tony Clark on December 31, 2024, as part of his transition to becoming the Executive Director of the National Association of Regulatory Utility Commissioners. Only one board member, CEO Brian Bird, is an employee of the company, with the others representing a broad range of experience across the utility industry. Announcement • Oct 29
Northwestern Energy Group Declares Quarterly Common Stock Dividend, Payable on December 31, 2024 NorthWestern Energy Group's Board of Directors declared a quarterly common stock dividend of $0.65 per share payable December 31, 2024 to common shareholders of record as of December 13, 2024. While currently above their targeted 60%-70% dividend payout range, over the longer-term they expect to maintain a payout within the range. Announcement • Oct 08
NorthWestern Energy Group, Inc. to Report Q3, 2024 Results on Oct 28, 2024 NorthWestern Energy Group, Inc. announced that they will report Q3, 2024 results on Oct 28, 2024 Announcement • Jul 31
NorthWestern Energy Group, Inc. (NasdaqGS:NWE) entered into an asset purchase agreement to acquire Natural gas utility distribution system and operations of Energy West Montana Inc. for approximately $39.0 million. NorthWestern Energy Group, Inc. (NasdaqGS:NWE) entered into an asset purchase agreement to acquire Natural gas utility distribution system and operations of Energy West Montana Inc. for approximately $39.0 million on July 29, 2024. Consideration will be paid in cash and is subject to certain working capital and other agreed upon closing adjustments. Upon closing of the transaction, Energy West Montana’s employees will become NorthWestern Energy employees. The proposed transaction will be reviewed and is subject to approval by the Montana Public Service Commission. The transaction is expected to be completed by the end of the first quarter of 2025. Announcement • Jul 10
NorthWestern Energy Group, Inc. to Report Q2, 2024 Results on Jul 30, 2024 NorthWestern Energy Group, Inc. announced that they will report Q2, 2024 results After-Market on Jul 30, 2024 Announcement • Apr 10
NorthWestern Energy Group, Inc. to Report Q1, 2024 Results on Apr 25, 2024 NorthWestern Energy Group, Inc. announced that they will report Q1, 2024 results on Apr 25, 2024 Announcement • Jan 16
NorthWestern Energy Group, Inc. to Report Fiscal Year 2023 Results on Feb 14, 2024 NorthWestern Energy Group, Inc. announced that they will report fiscal year 2023 results on Feb 14, 2024 Announcement • Oct 10
NorthWestern Energy Group, Inc. to Report Q3, 2023 Results on Oct 26, 2023 NorthWestern Energy Group, Inc. announced that they will report Q3, 2023 results on Oct 26, 2023 Announcement • Oct 05
NorthWestern Corporation Common Stock to Delist from Nasdaq NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) (Old NWE") previously disclosed that its board of directors had authorized management to evaluate and pursue a holding company reorganization. On October 2, 2023, Old NWE created a new public holding company, NorthWestern Energy Group Inc., a Delaware corporation (New NWE"), by implementing a holding company reorganization (the Merger"). Following the Merger, New NWE became the successor issuer to Old NWE pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the Exchange Act"). In connection with the Merger, Old NWE notified the Nasdaq that the Merger had been completed. Following the consummation of the Merger, shares of New NWE common stock, par value $0.01 per share (the New NWE Common Stock"), continue to trade on the Nasdaq on an uninterrupted basis under the symbol NWE." In addition, the Nasdaq is expected to file with the Securities and Exchange Commission (the Commission") an application on Form 25 to delist shares of Old NWE's common stock, par value $0.01 per share (the Old NWE Common Stock"), from the Nasdaq and deregister the Old NWE Common Stock under Section 12(b) of the Exchange Act. Old NWE intends to file with the Commission a certificate on Form 15 requesting that the Old NWE Common Stock be deregistered under the Exchange Act, and that Old NWE's reporting obligations under Section 15(d) of the Exchange Act be suspended (except to the extent of the succession of New NWE to the Exchange Act Section 12(b) registration and reporting obligations of Old NWE). Upcoming Dividend • Sep 07
Upcoming dividend of US$0.64 per share at 5.2% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.8%). Reported Earnings • Jul 25
Second quarter 2023 earnings released: EPS: US$0.32 (vs US$0.55 in 2Q 2022) Second quarter 2023 results: EPS: US$0.32 (down from US$0.55 in 2Q 2022). Revenue: US$290.5m (down 10% from 2Q 2022). Net income: US$19.1m (down 36% from 2Q 2022). Profit margin: 6.6% (down from 9.2% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Announcement • Jul 25
Northwestern Corporation Declares A Quarterly Common Stock Dividend, Payable on September 29, 2023 NorthWestern Corporation declared a quarterly common stock dividend of $0.64 per share payable September 29, 2023 to common shareholders of record as of September 15, 2023. Announcement • Jul 07
NorthWestern Corporation to Report Q2, 2023 Results on Jul 24, 2023 NorthWestern Corporation announced that they will report Q2, 2023 results on Jul 24, 2023 Upcoming Dividend • Jun 07
Upcoming dividend of US$0.64 per share at 4.4% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 30 June 2023. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.7%). Recent Insider Transactions • May 19
Independent Director recently sold €65k worth of stock On the 16th of May, Britt Ide sold around 1k shares on-market at roughly €54.00 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €150k. Insiders have been net sellers, collectively disposing of €800k more than they bought in the last 12 months. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: US$1.05 (vs US$1.09 in 1Q 2022) First quarter 2023 results: EPS: US$1.05. Revenue: US$454.5m (up 15% from 1Q 2022). Net income: US$62.5m (up 5.8% from 1Q 2022). Profit margin: 14% (down from 15% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Integrated Utilities industry in Europe are expected to remain flat. Recent Insider Transactions • Mar 09
Independent Director recently sold €150k worth of stock On the 6th of March, Jan Horsfall sold around 3k shares on-market at roughly €53.61 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €735k more than they bought in the last 12 months. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.64 per share at 4.4% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 31 March 2023. Payout ratio is on the higher end at 77% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.8%). Recent Insider Transactions • Feb 28
Independent Director recently sold €82k worth of stock On the 23rd of February, Britt Ide sold around 2k shares on-market at roughly €54.44 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €698k more than they bought in the last 12 months. Announcement • Feb 18
NorthWestern Declares Quarterly Common Dividend, Payable on March 31, 2023 NorthWestern's Board of Directors declared a quarterly common dividend of $0.64 per share (a 1.6% increase over the prior quarter's dividend) payable March 31, 2023 to common shareholders of record as of March 15, 2023. Over the longer-term, The company expects to maintain a dividend payout ratio within a targeted 60-70% range. Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: US$3.28 (vs US$3.61 in FY 2021) Full year 2022 results: EPS: US$3.28 (down from US$3.61 in FY 2021). Revenue: US$1.48b (up 7.7% from FY 2021). Net income: US$183.0m (down 2.1% from FY 2021). Profit margin: 12% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Director Kent Larson was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.63 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 30 December 2022. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.9%). Recent Insider Transactions • Oct 29
Insider recently sold €91k worth of stock On the 28th of October, Michael Cashell sold around 2k shares on-market at roughly €53.49 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €474k more than they bought in the last 12 months. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: US$0.49 (vs US$0.68 in 3Q 2021) Third quarter 2022 results: EPS: US$0.49 (down from US$0.68 in 3Q 2021). Revenue: US$335.1m (up 2.8% from 3Q 2021). Net income: US$27.4m (down 22% from 3Q 2021). Profit margin: 8.2% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Integrated Utilities industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Announcement • Oct 25
NorthWestern Corporation Declares Quarterly Common Stock Dividend, Payable on December 30, 2022 NorthWestern Corporation announced that Board of Directors declared a quarterly common stock dividend of $0.63 per share payable December30, 2022 to common shareholders of record as of December 15, 2022. Announcement • Oct 06
NorthWestern Corporation to Report Q3, 2022 Results on Oct 24, 2022 NorthWestern Corporation announced that they will report Q3, 2022 results After-Market on Oct 24, 2022 Upcoming Dividend • Sep 07
Upcoming dividend of US$0.63 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 30 September 2022. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (5.2%). Announcement • Sep 01
NorthWestern Energy Announces Executive Changes NorthWestern Corporation announced that Heather Grahame will retire as general counsel and vice president – regulatory and federal government affairs, effective January 1, 2023. NorthWestern also announced several executive officer appointments, as part of a planned succession process. Effective January 1, 2023, Shannon Heim will join the executive team as vice president and general counsel, and Cyndee Fang will join the executive team as vice president – regulatory. Heim currently serves as NorthWestern’s director – regulatory corporate counsel, and Fang currently serves as director – regulatory affairs. Effective September 1, 2022, Curt Pohl, who has served as a NorthWestern executive for the past 24 years, including as vice president – distribution over the past 11 years, will become vice president – asset management & business development, which is a new executive leadership role for NorthWestern. At the same time, Jason Merkel will move into an executive leadership role and succeed Pohl as vice president – distribution, after serving in multiple lead operational roles for the company over the past 29 years, including most recently as general manager – operations and construction. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.55 (vs US$0.73 in 2Q 2021) Second quarter 2022 results: EPS: US$0.55 (down from US$0.73 in 2Q 2021). Revenue: US$323.0m (up 8.3% from 2Q 2021). Net income: US$29.8m (down 20% from 2Q 2021). Profit margin: 9.2% (down from 13% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.4%, compared to a 7.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Announcement • Jul 08
NorthWestern Corporation to Report Q2, 2022 Results on Jul 27, 2022 NorthWestern Corporation announced that they will report Q2, 2022 results After-Market on Jul 27, 2022 Upcoming Dividend • Jun 07
Upcoming dividend of US$0.63 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.8%). Reported Earnings • May 01
First quarter 2022 earnings released: EPS: US$1.09 (vs US$1.25 in 1Q 2021) First quarter 2022 results: EPS: US$1.09 (down from US$1.25 in 1Q 2021). Revenue: US$394.5m (down 1.6% from 1Q 2021). Net income: US$59.1m (down 6.3% from 1Q 2021). Profit margin: 15% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 2.4%, compared to a 1.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Buying Opportunity • Apr 23
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €71.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has declined by 7.1%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings is also forecast to grow by 5.6% per annum over the same time period. Announcement • Apr 07
NorthWestern Corporation to Report Q1, 2022 Results on Apr 28, 2022 NorthWestern Corporation announced that they will report Q1, 2022 results After-Market on Apr 28, 2022 Buying Opportunity • Mar 10
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be US$69.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% per annum over the last 3 years. Earnings per share has declined by 7.1% per annum over the last 3 years. Recent Insider Transactions • Mar 08
CEO & Director recently sold €114k worth of stock On the 7th of March, Robert Rowe sold around 2k shares on-market at roughly €56.76 per share. In the last 3 months, there was an even bigger sale from another insider worth €143k. This was Robert's only on-market trade for the last 12 months. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.63 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 31 March 2022. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 4.1%. Within top quartile of German dividend payers (3.5%). Higher than average of industry peers (3.4%). Recent Insider Transactions • Feb 24
Independent Director recently sold €126k worth of stock On the 23rd of February, Jan Horsfall sold around 2k shares on-market at roughly €51.70 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.6m more than they bought in the last 12 months. Announcement • Feb 12
NorthWestern Corporation Declares Quarterly Common Dividend, Payable March 31, 2022 NorthWestern Corporation declared quarterly common dividend of $0.63 per share (1.6% increase over the prior quarter's dividend) payable on March 31, 2022 to common shareholders of record as of March 15, 2022. Over the longer-term, The company expects to maintain a dividend payout ratio within a targeted 60%-70% range. Announcement • Feb 11
NorthWestern Corporation Affirms Earnings Guidance for the Fiscal Year 2022 NorthWestern Corporation affirmed earnings guidance for the fiscal year 2022. For the period the company expects earnings range of $3.20 - $3.40 per diluted share based upon, but not limited to, the following major assumptions and expectations: Normal weather in the company's electric and natural gas service territories; Continued delay, or elimination, of the fixed cost recovery mechanism for Montana electric; A consolidated income tax rate of approximately 0% to 3% of pre-tax income; and Diluted shares outstanding of approximately 55.6 million to 56.2 million. Reported Earnings • Feb 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$3.61 (up from US$3.07 in FY 2020). Revenue: US$1.37b (up 14% from FY 2020). Net income: US$186.8m (up 20% from FY 2020). Profit margin: 14% (in line with FY 2020). Revenue exceeded analyst estimates by 3.6%. Over the next year, revenue is forecast to stay flat compared to a 2.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.62 per share Eligible shareholders must have bought the stock before 14 December 2021. Payment date: 31 December 2021. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 4.4%. Within top quartile of German dividend payers (3.4%). Higher than average of industry peers (3.2%). Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS US$0.68 (vs US$0.58 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: US$326.0m (up 16% from 3Q 2020). Net income: US$35.2m (up 19% from 3Q 2020). Profit margin: 11% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.62 per share Eligible shareholders must have bought the stock before 14 September 2021. Payment date: 30 September 2021. Trailing yield: 3.9%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.3%). Recent Insider Transactions • Aug 26
Insider recently sold €109k worth of stock On the 23rd of August, Curtis Pohl sold around 2k shares on-market at roughly €54.35 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.5m more than they bought in the last 12 months. Recent Insider Transactions • Aug 08
Vice President of Customer Care recently sold €58k worth of stock On the 5th of August, Bobbi Schroeppel sold around 1k shares on-market at roughly €52.82 per share. In the last 3 months, there was an even bigger sale from another insider worth €118k. Insiders have been net sellers, collectively disposing of €1.4m more than they bought in the last 12 months. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS US$0.73 (vs US$0.42 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$298.2m (up 11% from 2Q 2020). Net income: US$37.2m (up 73% from 2Q 2020). Profit margin: 13% (up from 8.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.62 per share Eligible shareholders must have bought the stock before 14 June 2021. Payment date: 30 June 2021. Trailing yield: 3.9%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.5%). Recent Insider Transactions • May 15
Independent Director recently sold €118k worth of stock On the 14th of May, Jan Horsfall sold around 2k shares on-market at roughly €53.68 per share. In the last 3 months, there was an even bigger sale from another insider worth €394k. Insiders have been net sellers, collectively disposing of €1.3m more than they bought in the last 12 months. Recent Insider Transactions • Apr 29
Insider recently sold €193k worth of stock On the 26th of April, Heather Grahame sold around 3k shares on-market at roughly €55.82 per share. In the last 3 months, they made an even bigger sale worth €394k. Insiders have been net sellers, collectively disposing of €1.1m more than they bought in the last 12 months. Announcement • Apr 24
NorthWestern Corporation Re-Affirms Earnings Guidance for the Full Year of 2021 and Provides Earnings Guidance for the Period from Second Quarter to Fourth Quarter of 2021 NorthWestern Corporation re-affirmed earnings guidance for the full year of 2021 and provided earnings guidance for the period from second quarter to fourth quarter of 2021. For the period, the company expects reported GAAP EPS to be in the range of $3.38 to $3.58 per share. The company affirmed adjusted Non GAAP EPS to be in the range of $3.40 to $3.60 per diluted share.
For second quarter to fourth quarter of 2021, the company expects to report GAAP EPS to be in the range of $2.14 to $2.34. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS US$1.25 (vs US$1.00 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: US$400.8m (up 20% from 1Q 2020). Net income: US$63.1m (up 24% from 1Q 2020). Profit margin: 16% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 05
New 90-day high: €49.40 The company is up 7.0% from its price of €46.20 on 04 December 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Integrated Utilities industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €51.71 per share. Upcoming Dividend • Mar 05
Upcoming Dividend of US$0.62 Per Share Will be paid on the 31st of March to those who are registered shareholders by the 12th of March. The trailing yield of 4.2% is in the top quartile of German dividend payers (3.4%), and it is higher than industry peers (3.8%). Recent Insider Transactions • Mar 03
CEO & Director recently sold €148k worth of stock On the 1st of March, Robert Rowe sold around 3k shares on-market at roughly €49.45 per share. This was the largest sale by an insider in the last 3 months. Robert has been a seller over the last 12 months, reducing personal holdings by €200k. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS US$3.07 (vs US$4.01 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.20b (down 4.7% from FY 2019). Net income: US$155.2m (down 23% from FY 2019). Profit margin: 13% (down from 16% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue misses expectations Revenue missed analyst estimates by 3.6%. Over the next year, revenue is forecast to grow 9.2%, compared to a 5.7% growth forecast for the Integrated Utilities industry in Germany. Announcement • Jan 13
NorthWestern Corporation to Report Fiscal Year 2020 Results on Feb 11, 2021 NorthWestern Corporation announced that they will report fiscal year 2020 results After-Market on Feb 11, 2021 Upcoming Dividend • Dec 07
Upcoming Dividend of US$0.60 Per Share Will be paid on the 31st of December to those who are registered shareholders by the 14th of December. The trailing yield of 4.2% is in the top quartile of German dividend payers (3.6%), and it is higher than industry peers (3.5%). Is New 90 Day High Low • Nov 11
New 90-day high: €47.80 The company is up 2.0% from its price of €47.00 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Integrated Utilities industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €54.24 per share. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of US$161.6m, down 23% from the prior year. Total revenue was US$1.21b over the last 12 months, down 2.1% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 22
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 2.9% at US$280.6m. Revenue is forecast to grow 6.9% over the next year, compared to a 6.2% growth forecast for the Integrated Utilities industry in Germany. Announcement • Oct 07
NorthWestern Corporation to Report Q3, 2020 Results on Oct 21, 2020 NorthWestern Corporation announced that they will report Q3, 2020 results on Oct 21, 2020 Is New 90 Day High Low • Sep 25
New 90-day low: €40.80 The company is down 11% from its price of €46.00 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Integrated Utilities industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €43.90 per share. 
