Equity IssuanceThe company completed its 2025 equity issuance totaling 3.7mm shares and $219.6mm of proceeds, which de-risks financing needs in 2025.
Merger BenefitsThe proposed BKH/NWE merger is seen as beneficial due to complementary service territories and a larger balance sheet, facilitating meaningful growth opportunities.
Valuation DiscountShares of BKH continue to trade at a ~23% discount to the group, creating a compelling risk/reward opportunity.