Black Hills Corp

Utilities
Electric Utilities: Central
www.blackhillscorp.com

Earnings Score
Moat Score
Safety Score

Market Cap $4.25B
PE 17
Debt $4.27B
Cash $19.60M
EV $8.50B
FCF $90.12M

Earnings

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Sales & Net Margins

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Earnings	$254.68M
EBIT	$476.33M
ROE	7%
ROA	5%
FCF	$90.12M
Equity	$3.53B
Growth Stability	100%
PE	16.7
PEG	2.49
PB	1.2
P/FCF	47.2
P/S	2
Price/Cash	0
Debt/Equity	1.21
Debt/FCF	47.34
Net Margins	11%
Op. Margins	22%
Earnings CAGR	17%
Sales Growth YoY	-1%
Sales Growth QoQ	-0%
Sales CAGR	7%
FCF CAGR	2%
Equity CAGR	11%
Earnings Stability	0.44
Earnings Growth YoY	-46%
Earnings Growth QoQ	7%
Earnings CAGR 5Y	7%

Sales CAGR 5Y	9%
FCF CAGR 5Y	1%
Equity CAGR 5Y	7%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	8%
Equity CAGR 3Y	8%
Market Cap	$4.25B
Revenue	$2.12B
Dividend Yield	4%
Payout Ratio	70%
Assets	$9.72B
Total Debt	$4.27B
Cash	$19.60M
Shares Outstanding	69.17M
EV	8.5B
Earnings Score	55%
Moat Score	77%
Safety Score	70%
Final Score	67%
Working Capital	63.3M
Current Ratio	1.12
Shares Growth 3y	3%
Equity Growth QoQ	3%
Equity Growth YoY	8%

Assets & ROA

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Stockholders Equity & ROE

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Black Hills Corp is a U.S.-based energy company that operates through its regulated Electric Utilities, regulated Gas Utilities, Power Generation and Mining segments. These segments operate in states in the Midwest and mountain regions in the U.S. The company's customers include residential, commercial, industrial, and municipal consumers. These customers are residential. Black Hills derives the majority of its revenue from its utilities business group, specifically from electric utilities.

SEC Filings

Direct access to Black Hills Corp (BKH) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Black Hills Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Black Hills Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 17%

Stability 44%

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Black Hills Corp Discounted Cash Flow

Fully customizable DCF calculator online for Black Hills Corp .

Years

Calculation mode

= $1.1B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$90M	$92M	$94M	$96M	$99M	$101M	$103M	$106M	$108M	$110M	$113M	$1.1B
DCF		$84M	$78M	$72M	$67M	$63M	$58M	$54M	$50M	$47M	$44M	$436M
Value	$1.1B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	9%	-2%	5%	11%	15%	11%	13%	12%	10%	11%	11%
ROA	-	1%	4%	6%	6%	5%	5%	4%	5%	5%	5%
ROE	-	-2%	4%	10%	11%	8%	9%	8%	8%	8%	7%

Good Net Margins (11.43%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-70.74	-21.43	32.48	85.22	-11.15	-16.68	-6.13	-211.76	11.32	47.34
Debt over Equity	1.32	1.33	1.91	1.82	1.37	1.42	1.41	1.57	1.34	1.33	1.21
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%	100%

Bad Debt/FCF ratio (47.34)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Neutral Debt/Equity ratio (1.21)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-6%	18%	9%	4%	-1%	-2%	15%	31%	-9%	9%
Earnings YoY growth	-	-125%	-327%	143%	46%	-23%	14%	4%	9%	1%	7%
Equity YoY growth	-	7%	18%	5%	26%	8%	8%	8%	7%	7%	7%
FCF YoY growth	-	-63%	462%	-166%	-64%	-950%	-28%	229%	-97%	-2K%	1%