Sale of a 19.9% Ownership Interest in NIPSCO
PREMIUM VALUATION HIGHLIGHTS THE VALUE EMBEDDED IN NISOURCE
$2.40B Equity Raise at a Premium Valuation
18.4 x
NiSource²
P/E Multiple¹
-77%
premium
32.5 X
Transaction
Substantial premium to
NiSource's P/E and to
alternative sources of
financing
NIPSCO Benefits from NiSource's Full Operating Platform
■ Shared services across 4M customers delivering greater customer value
Enhanced purchasing power fueled by a robust capital plan across six
operating companies
Benefitting from energy diversification, particularly through the energy
transition
■ Regulatory diversification to support and grow safety and reliability initiatives
for our communities
Highlights Immense Value Embedded in NiSource
Columbia
Gas
59%
$ 11.3B
We exist to deliver safe, reliable energy that drives value to our customers
NiSource | NYSE: NI| nisource.com | ♥M
Equity Value
NiSource Market
Capitalization²
LTM
Operating
Earnings¹
$ 10.8B
NIPSCO Contribution to NiSource
NIPSCO
41%
Implied Value for 100% of
NIPSCO³
Columbia
Gas
53%
2022 Rate
Base
Implied value for 100%
of NIPSCO represents
-96% of NiSource
market capitalization,
despite NIPSCO
contributing <50% to
consolidated earnings
and rate base
NIPSCO
47%
¹LTM P/E multiple and earnings based on the LTM ended 31-Mar-2023. Transaction multiple shown reflects $2.15B investment at closing. 2 Market data as of 16-Jun-2023.3 Value for NIPSCO implied by upfront
consideration of $2.15B in exchange for 19.9% ownership of NIPSCO.
7View entire presentation