Intrinsic Value
BLACK HILLS CORP /SD/ · BKH
Conservative
More adverse but historically defensible assumptions.
$4.99
Base
The model's central intrinsic-value estimate.
$9.79
Optimistic
More favorable but historically defensible assumptions.
$27.03
Scenarios are the same model run under different but historically defensible assumptions. They are not price targets. Where a valuation gap is shown it is a comparison with a recent close, not a forecast return; where the price is stale, no gap is shown at all.
Model confidence: 77%Valuation as of Sep 21, 2026Latest filing used Feb 11, 2026
Confidence reflects data completeness, accounting quality, and model reliability. It is not a probability of future price.
Valuation drivers
- Normalized operating margin
- 22.4%
- Normalized NOPAT margin
- 19.8%
- Revenue growth
- 4.4%
- WACC
- 6.82%
- Terminal growth
- 2.50%
- Reinvestment method
- capital turnover
- Terminal-value share
- 78.3%
Model notes (4)
- Terminal value is 78% of enterprise value (Base case)
- Terminal value is 126% of enterprise value (Optimistic case)
- Minority interest not reported
- Preferred equity not reported
Model details
- Normalization
- V1
- Scenario
- V2
- Confidence
- V1
- Engine version
- valuation-1.0.1-share-units-terminal
- Data snapshot
- filed:2026-02-11