` Comparison: BKH, NG - Alpha Spread

BKH
vs
NG

Over the past 12 months, BKH has underperformed NG, delivering a return of +19% compared to the NG's +24% growth.

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BKH
NG
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Stocks Compared:
BKH NG
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Valuation Comparison

BKH Intrinsic Value
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NG Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Black Hills Corp
NYSE:BKH
72.63 USD
National Grid PLC
LSE:NG
1 126.5 GBX
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Valuation Scenario:
Bear Case
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Growth Comparison

Growth Over Time
BKH, NG

BKH
NG
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Black Hills Corp
Revenue
National Grid PLC
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
BKH, NG

BKH
NG
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Black Hills Corp
NYSE:BKH
National Grid PLC
LSE:NG
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What is Free Cash Flow?

Gross Margin

BKH
0%
NG
0%
LTM 3Y Avg 5Y Avg 10Y Avg
Black Hills Corp
National Grid PLC

Operating Margin

BKH
23.3%
NG
29.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Black Hills Corp
National Grid PLC

Net Margin

BKH
12.5%
NG
16.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Black Hills Corp
National Grid PLC

FCF Margin

BKH
-4.6%
NG
-10.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Black Hills Corp
National Grid PLC

ROE

BKH
7.9%
NG
7.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Black Hills Corp
National Grid PLC

ROA

BKH
2.8%
NG
2.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Black Hills Corp
National Grid PLC

ROIC

BKH
4.8%
NG
4.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Black Hills Corp
National Grid PLC

ROCE

BKH
5.6%
NG
5.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Black Hills Corp
National Grid PLC

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
BKH, NG

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NG
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Performance Gap
BKH, NG

Performance Gap Between BKH and NG
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Performance By Year
BKH, NG

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BKH
NG
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