<p>黑山 (BKH) 刚刚在内布拉斯加州克服了一个关键的监管障碍，获得了新的天然气费率批准，这将锁定主要系统投资的回收和可观的基础费率增长。</p>
<p>请查看我们对黑山的最新分析。</p>
<p>这一监管胜利是在强劲势头的背景下取得的，年初至今股价回报率为 18.5%，一年总股东回报率为 23.1%，这表明投资者逐渐对黑山的增长和风险特征产生了兴趣。</p>
<p>如果这种类型的监管公用事业故事吸引你，值得扩大你的观察名单，探索那些内部持股比例高的快速增长股票，以寻找其他潜在的复合机会。</p>
<p>在黑山股价强劲反弹和监管利好后，当前交易价格约低于共识目标的 11%，投资者是否仍低估了其盈利能力，还是市场已经将下一阶段的增长价格纳入考虑？</p>
<h2>最受欢迎的叙述：8.2% 被低估</h2>
<p>黑山最近收盘价为 68.86 美元，而最受欢迎的叙述公允价值约为 75 美元，估值案例倾向于基于稳定基本面的适度上行，而非投机性重估。</p>
<blockquote>
<p><em>大规模资本投资，如怀俄明州的 Ready 输电扩展、Lange II 天然气发电和科罗拉多清洁能源计划可再生项目，预计将大幅扩大黑山的监管费率基础。这被描述为通过建设性的费率回收机制和创新的关税实现可预测的、超过行业平均水平的长期收益和净利润。成功执行监管策略，包括频繁的建设性费率审查和及时的附加机制，确保了最近超过 13 亿美元系统投资的快速回收。根据叙述，这预计将继续支持现金流稳定性和净利润扩张，因为资本项目在未来几年内逐步增加。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>叙述探讨了稳定的中个位数收益增长和仅有的适度利润变化如何仍然可以支持比今天更高的未来倍数。它还考察了哪些长期收入假设和折现率机制支撑了更高的公允价值，以及有多少取决于新监管资产的上线。完整叙述详细列出了逐年收益路径，以及将这些预测转化为特定价格目标的估值方法。</p>
<p><strong>结果：公允价值 75 美元（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，巨额资本支出和对波动性技术驱动负载的依赖意味着监管挫折或客户回撤可能迅速挑战乐观的盈利路径。</p>
<p>了解黑山叙述的关键风险。</p>
<h2>另一种价值视角</h2>
<p>在基于收益的指标上，情况不那么乐观。黑山的市盈率约为 18.3 倍，略高于全球综合公用事业平均的 17.9 倍，但低于同行的 19.3 倍，并低于我们 20.4 倍的公允比率。这暗示着只有适度的上行空间，如果增长放缓，几乎没有失望的余地。</p>
<p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/660f2c6f-8a10-470d-88b3-f1c8d121f266/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1640" height="650" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/660f2c6f-8a10-470d-88b3-f1c8d121f266/chart/pe-multiple-vs-industry"/></p>
<p>纽约证券交易所：BKH 截至 2025 年 12 月的市盈率</p>
<h2>构建你自己的黑山叙述</h2>
<p>如果你想自己深入研究数字或对故事有不同的看法，你可以在几分钟内构建一个自定义展望：按你的方式进行。</p>
<p>你对黑山研究的一个很好的起点是我们的分析，突出 3 个关键奖励和 3 个可能影响你投资决策的重要警示信号。</p>
<h2>准备好更多投资想法了吗？</h2>
<p>在你继续之前，通过使用 Simply Wall St 筛选器锁定你的下一个机会，发现你不想错过的聚焦股票想法。</p>
<ul>
<li>通过扫描这 10 只收益率超过 3% 的股息股票来捕捉收入潜力，这些股票可以通过可靠的现金回报增强你的投资组合。</li>
<li>通过跟踪这 902 只基于现金流的被低估股票，锁定价格失误，市场预期仍滞后于潜在现金流故事。</li>
<li>通过关注这 24 只人工智能便士股票，抓住强劲的创新趋势，这些股票有望从智能软件和自动化的快速采用中受益。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，覆盖任何地方。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

黑山

<p>黑山 (BKH) 在内布拉斯加州获得了新的天然气费率批准，确保了主要系统投资的回收。该股票表现强劲，年初至今股价上涨了 18.5%。尽管交易价格低于市场共识目标，但黑山被认为低估了 8.2%，公允价值为 75 美元。预计大规模资本投资将扩大其受监管的费率基础，支持长期盈利增长。然而，监管障碍可能带来风险。该股票的市盈率为 18.3 倍，略高于全球平均水平</p>

<p>Black Hills (BKH) just cleared a key regulatory hurdle in Nebraska, winning approval for new natural gas rates that lock in recovery of major system investments and a sizable base rate increase.</p>
<div class="lb-trans"><p>黑山 (BKH) 刚刚在内布拉斯加州克服了一个关键的监管障碍，获得了新的天然气费率批准，这将锁定主要系统投资的回收和可观的基础费率增长。</p>
</div><p>See our latest analysis for Black Hills.</p>
<div class="lb-trans"><p>请查看我们对黑山的最新分析。</p>
</div><p>The regulatory win lands against a backdrop of solid momentum, with an 18.5 percent year to date share price return and a 1 year total shareholder return of 23.1 percent, suggesting investors are gradually warming to Black Hills growth and risk profile.</p>
<div class="lb-trans"><p>这一监管胜利是在强劲势头的背景下取得的，年初至今股价回报率为 18.5%，一年总股东回报率为 23.1%，这表明投资者逐渐对黑山的增长和风险特征产生了兴趣。</p>
</div><p>If this type of regulated utility story appeals, it could be worth broadening your watchlist and exploring fast growing stocks with high insider ownership for other quietly compounding opportunities.</p>
<div class="lb-trans"><p>如果这种类型的监管公用事业故事吸引你，值得扩大你的观察名单，探索那些内部持股比例高的快速增长股票，以寻找其他潜在的复合机会。</p>
</div><p>With Black Hills trading about 11 percent below consensus targets after a strong rebound and regulatory tailwinds, are investors still underestimating its earnings power, or has the market already priced in the next leg of growth?</p>
<div class="lb-trans"><p>在黑山股价强劲反弹和监管利好后，当前交易价格约低于共识目标的 11%，投资者是否仍低估了其盈利能力，还是市场已经将下一阶段的增长价格纳入考虑？</p>
</div><h2>Most Popular Narrative Narrative: 8.2% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：8.2% 被低估</h2>
</div><p>With Black Hills last closing at $68.86 versus a most popular narrative fair value of about $75, the valuation case leans toward moderate upside built on steady fundamentals rather than a speculative re rating.</p>
<div class="lb-trans"><p>黑山最近收盘价为 68.86 美元，而最受欢迎的叙述公允价值约为 75 美元，估值案例倾向于基于稳定基本面的适度上行，而非投机性重估。</p>
</div><blockquote>
<p><em>Large scale capital investments such as the Ready Wyoming transmission expansion, Lange II natural gas generation, and Colorado Clean Energy Plan renewables projects are expected to materially expand Black Hills' regulated rate base. This is described as enabling predictable, above sector average long term earnings and net margins through constructive rate recovery mechanisms and innovative tariffs. Successful execution of regulatory strategies including frequent, constructive rate reviews and timely rider mechanisms has ensured rapid recovery of over $1.3B in recent system investments. According to the narrative, this is expected to continue supporting cash flow stability and net margin expansion as capital projects ramp over the next several years.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>大规模资本投资，如怀俄明州的 Ready 输电扩展、Lange II 天然气发电和科罗拉多清洁能源计划可再生项目，预计将大幅扩大黑山的监管费率基础。这被描述为通过建设性的费率回收机制和创新的关税实现可预测的、超过行业平均水平的长期收益和净利润。成功执行监管策略，包括频繁的建设性费率审查和及时的附加机制，确保了最近超过 13 亿美元系统投资的快速回收。根据叙述，这预计将继续支持现金流稳定性和净利润扩张，因为资本项目在未来几年内逐步增加。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>The narrative explores how steady mid single digit earnings growth and only modest margin shifts can still be used to support a richer future multiple than today. It also examines which long term revenue assumptions and discount rate mechanics underpin that higher fair value, and how much depends on new regulated assets coming online. The full narrative lays out the detailed earnings path year by year, plus the valuation approach that translates those projections into that specific price target.</p>
<div class="lb-trans"><p>叙述探讨了稳定的中个位数收益增长和仅有的适度利润变化如何仍然可以支持比今天更高的未来倍数。它还考察了哪些长期收入假设和折现率机制支撑了更高的公允价值，以及有多少取决于新监管资产的上线。完整叙述详细列出了逐年收益路径，以及将这些预测转化为特定价格目标的估值方法。</p>
</div><p><strong>Result: Fair Value of $75 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值 75 美元（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, sizable capital spending and reliance on volatile tech driven load mean that regulatory setbacks or customer pullbacks could quickly challenge the optimistic earnings path.</p>
<div class="lb-trans"><p>然而，巨额资本支出和对波动性技术驱动负载的依赖意味着监管挫折或客户回撤可能迅速挑战乐观的盈利路径。</p>
</div><p>Find out about the key risks to this Black Hills narrative.</p>
<div class="lb-trans"><p>了解黑山叙述的关键风险。</p>
</div><h2>Another Lens On Value</h2>
<div class="lb-trans"><h2>另一种价值视角</h2>
</div><p>On earnings based measures, the picture is less generous. Black Hills trades at about 18.3 times earnings, slightly richer than the global integrated utilities average of 17.9 times but below peers at 19.3 times and under our 20.4 times fair ratio. This hints at only modest upside and little margin for disappointment if growth cools.</p>
<div class="lb-trans"><p>在基于收益的指标上，情况不那么乐观。黑山的市盈率约为 18.3 倍，略高于全球综合公用事业平均的 17.9 倍，但低于同行的 19.3 倍，并低于我们 20.4 倍的公允比率。这暗示着只有适度的上行空间，如果增长放缓，几乎没有失望的余地。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/660f2c6f-8a10-470d-88b3-f1c8d121f266/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/660f2c6f-8a10-470d-88b3-f1c8d121f266/chart/pe-multiple-vs-industry"/></p>
<p>NYSE:BKH PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>纽约证券交易所：BKH 截至 2025 年 12 月的市盈率</p>
</div><h2>Build Your Own Black Hills Narrative</h2>
<div class="lb-trans"><h2>构建你自己的黑山叙述</h2>
</div><p>If you want to dig into the numbers yourself or take a different view on the story, you can build a custom outlook in just a few minutes: Do it your way.</p>
<div class="lb-trans"><p>如果你想自己深入研究数字或对故事有不同的看法，你可以在几分钟内构建一个自定义展望：按你的方式进行。</p>
</div><p>A great starting point for your Black Hills research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>你对黑山研究的一个很好的起点是我们的分析，突出 3 个关键奖励和 3 个可能影响你投资决策的重要警示信号。</p>
</div><h2>Ready for more investment ideas?</h2>
<div class="lb-trans"><h2>准备好更多投资想法了吗？</h2>
</div><p>Before you move on, lock in your next opportunities now by using the Simply Wall St Screener to uncover focused stock ideas you will not want to overlook.</p>
<div class="lb-trans"><p>在你继续之前，通过使用 Simply Wall St 筛选器锁定你的下一个机会，发现你不想错过的聚焦股票想法。</p>
</div><ul>
<li>Capture income potential by scanning these 10 dividend stocks with yields &gt; 3% that can strengthen your portfolio with reliable cash returns.</li>
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</ul>
<div class="lb-trans"><ul>
<li>通过扫描这 10 只收益率超过 3% 的股息股票来捕捉收入潜力，这些股票可以通过可靠的现金回报增强你的投资组合。</li>
<li>通过跟踪这 902 只基于现金流的被低估股票，锁定价格失误，市场预期仍滞后于潜在现金流故事。</li>
<li>通过关注这 24 只人工智能便士股票，抓住强劲的创新趋势，这些股票有望从智能软件和自动化的快速采用中受益。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，覆盖任何地方。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

黑山（BKH）：在内布拉斯加费率和解确保主要天然气系统投资回收后，评估其估值