Intrinsic value of Avista - AVA

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$43.45

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AVA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.90
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  1,419
  1,498
  1,558
  1,622
  1,690
  1,763
  1,839
  1,921
  2,007
  2,097
  2,193
  2,295
  2,401
  2,514
  2,633
  2,758
  2,889
  3,028
  3,174
  3,327
  3,489
  3,658
  3,837
  4,025
  4,222
  4,429
  4,647
  4,876
  5,117
  5,370
  5,636
Variable operating expenses, $m
 
  1,242
  1,291
  1,344
  1,400
  1,460
  1,523
  1,590
  1,661
  1,736
  1,815
  1,893
  1,981
  2,074
  2,172
  2,275
  2,384
  2,498
  2,618
  2,745
  2,878
  3,018
  3,165
  3,320
  3,483
  3,654
  3,834
  4,023
  4,221
  4,430
  4,649
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,153
  1,242
  1,291
  1,344
  1,400
  1,460
  1,523
  1,590
  1,661
  1,736
  1,815
  1,893
  1,981
  2,074
  2,172
  2,275
  2,384
  2,498
  2,618
  2,745
  2,878
  3,018
  3,165
  3,320
  3,483
  3,654
  3,834
  4,023
  4,221
  4,430
  4,649
Operating income, $m
  290
  256
  267
  278
  290
  303
  316
  330
  345
  361
  378
  402
  420
  440
  461
  483
  506
  530
  555
  582
  611
  640
  672
  704
  739
  775
  813
  853
  896
  940
  986
EBITDA, $m
  455
  299
  311
  324
  337
  352
  367
  383
  400
  418
  437
  458
  479
  501
  525
  550
  576
  604
  633
  664
  696
  730
  765
  803
  842
  883
  927
  972
  1,020
  1,071
  1,124
Interest expense (income), $m
  86
  89
  95
  103
  111
  119
  128
  137
  147
  157
  168
  180
  192
  205
  219
  233
  249
  265
  281
  299
  318
  337
  358
  380
  403
  427
  452
  478
  506
  535
  566
Earnings before tax, $m
  215
  168
  172
  175
  180
  184
  189
  193
  199
  204
  210
  222
  228
  235
  242
  249
  257
  265
  274
  283
  293
  303
  313
  325
  336
  349
  362
  375
  389
  404
  420
Tax expense, $m
  78
  45
  46
  47
  48
  50
  51
  52
  54
  55
  57
  60
  62
  63
  65
  67
  69
  72
  74
  76
  79
  82
  85
  88
  91
  94
  98
  101
  105
  109
  113
Net income, $m
  137
  123
  125
  128
  131
  134
  138
  141
  145
  149
  153
  162
  166
  171
  177
  182
  188
  194
  200
  207
  214
  221
  229
  237
  246
  255
  264
  274
  284
  295
  307

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,310
  5,508
  5,729
  5,965
  6,215
  6,481
  6,763
  7,061
  7,377
  7,711
  8,064
  8,436
  8,829
  9,243
  9,679
  10,139
  10,623
  11,132
  11,668
  12,233
  12,826
  13,450
  14,106
  14,797
  15,522
  16,284
  17,086
  17,928
  18,813
  19,743
  20,720
Adjusted assets (=assets-cash), $m
  5,301
  5,508
  5,729
  5,965
  6,215
  6,481
  6,763
  7,061
  7,377
  7,711
  8,064
  8,436
  8,829
  9,243
  9,679
  10,139
  10,623
  11,132
  11,668
  12,233
  12,826
  13,450
  14,106
  14,797
  15,522
  16,284
  17,086
  17,928
  18,813
  19,743
  20,720
Revenue / Adjusted assets
  0.268
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
Average production assets, $m
  177
  183
  190
  198
  206
  215
  224
  234
  245
  256
  268
  280
  293
  307
  321
  336
  353
  369
  387
  406
  426
  446
  468
  491
  515
  540
  567
  595
  624
  655
  688
Working capital, $m
  -57
  60
  62
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  140
  146
  153
  161
  169
  177
  186
  195
  205
  215
  225
Total debt, $m
  1,854
  1,988
  2,140
  2,303
  2,475
  2,658
  2,853
  3,058
  3,276
  3,506
  3,749
  4,006
  4,276
  4,561
  4,862
  5,179
  5,512
  5,863
  6,233
  6,621
  7,030
  7,460
  7,912
  8,388
  8,888
  9,413
  9,965
  10,545
  11,155
  11,796
  12,469
Total liabilities, $m
  3,661
  3,795
  3,947
  4,110
  4,282
  4,465
  4,660
  4,865
  5,083
  5,313
  5,556
  5,813
  6,083
  6,368
  6,669
  6,986
  7,319
  7,670
  8,040
  8,428
  8,837
  9,267
  9,719
  10,195
  10,695
  11,220
  11,772
  12,352
  12,962
  13,603
  14,276
Total equity, $m
  1,649
  1,713
  1,782
  1,855
  1,933
  2,016
  2,103
  2,196
  2,294
  2,398
  2,508
  2,624
  2,746
  2,875
  3,010
  3,153
  3,304
  3,462
  3,629
  3,804
  3,989
  4,183
  4,387
  4,602
  4,827
  5,064
  5,314
  5,576
  5,851
  6,140
  6,444
Total liabilities and equity, $m
  5,310
  5,508
  5,729
  5,965
  6,215
  6,481
  6,763
  7,061
  7,377
  7,711
  8,064
  8,437
  8,829
  9,243
  9,679
  10,139
  10,623
  11,132
  11,669
  12,232
  12,826
  13,450
  14,106
  14,797
  15,522
  16,284
  17,086
  17,928
  18,813
  19,743
  20,720
Debt-to-equity ratio
  1.124
  1.160
  1.200
  1.240
  1.280
  1.320
  1.360
  1.390
  1.430
  1.460
  1.490
  1.530
  1.560
  1.590
  1.620
  1.640
  1.670
  1.690
  1.720
  1.740
  1.760
  1.780
  1.800
  1.820
  1.840
  1.860
  1.880
  1.890
  1.910
  1.920
  1.940
Adjusted equity ratio
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  137
  123
  125
  128
  131
  134
  138
  141
  145
  149
  153
  162
  166
  171
  177
  182
  188
  194
  200
  207
  214
  221
  229
  237
  246
  255
  264
  274
  284
  295
  307
Depreciation, amort., depletion, $m
  165
  42
  44
  45
  47
  49
  51
  53
  55
  57
  59
  56
  59
  61
  64
  67
  71
  74
  77
  81
  85
  89
  94
  98
  103
  108
  113
  119
  125
  131
  138
Funds from operations, $m
  330
  165
  169
  173
  178
  183
  188
  194
  200
  206
  212
  218
  225
  233
  241
  249
  258
  268
  278
  288
  299
  310
  322
  335
  349
  363
  377
  393
  409
  426
  444
Change in working capital, $m
  -28
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
Cash from operations, $m
  358
  136
  167
  171
  175
  180
  185
  191
  196
  202
  209
  214
  221
  228
  236
  244
  253
  262
  272
  282
  292
  304
  315
  328
  341
  354
  369
  384
  400
  416
  434
Maintenance CAPEX, $m
  0
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
New CAPEX, $m
  -407
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
Cash from investing activities, $m
  -432
  -41
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -75
  -79
  -83
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -163
Free cash flow, $m
  -74
  95
  123
  125
  127
  130
  133
  136
  139
  142
  146
  148
  152
  156
  160
  165
  170
  175
  180
  186
  192
  198
  204
  211
  218
  226
  234
  242
  251
  260
  270
Issuance/(repayment) of debt, $m
  97
  143
  152
  162
  173
  183
  194
  206
  218
  230
  243
  256
  271
  285
  301
  317
  333
  351
  369
  389
  409
  430
  452
  475
  500
  525
  552
  580
  610
  641
  673
Issuance/(repurchase) of shares, $m
  67
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  159
  143
  152
  162
  173
  183
  194
  206
  218
  230
  243
  256
  271
  285
  301
  317
  333
  351
  369
  389
  409
  430
  452
  475
  500
  525
  552
  580
  610
  641
  673
Total cash flow (excl. dividends), $m
  85
  238
  275
  287
  300
  313
  327
  342
  357
  372
  389
  404
  422
  441
  461
  481
  503
  526
  549
  574
  600
  628
  656
  687
  718
  751
  786
  823
  861
  901
  943
Retained Cash Flow (-), $m
  -120
  -64
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -185
  -194
  -204
  -215
  -226
  -237
  -249
  -262
  -275
  -289
  -304
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  174
  206
  214
  222
  231
  239
  249
  258
  268
  279
  289
  300
  312
  325
  339
  353
  367
  383
  399
  416
  434
  452
  472
  493
  514
  537
  561
  586
  612
  639
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  161
  175
  166
  155
  144
  133
  121
  109
  97
  85
  74
  63
  53
  44
  36
  29
  23
  18
  14
  10
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Avista Corporation operates as an electric and natural gas utility company. It operates in two segments, Avista Utilities, and Alaska Electric Light and Power Company. The Avista Utilities segment generates, transmits, and distributes electricity, as well as distributes natural gas in eastern Washington, northern Idaho, northeastern and southwestern Oregon, and Montana. This segment also engages in wholesale purchase and sales of electricity and natural gas. It owns hydroelectric, thermal, and wind generation facilities with a total capacity of 1,862 megawatts (MW). As of December 31, 2016, this segment supplied retail electric services to 377,000 customers and retail natural gas services to 340,000 customers. The Alaska Electric Light and Power Company segment owns and operates electric generation, transmission, and distribution facilities located in Juneau, Alaska. As of December 31, 2016, it operated five hydroelectric generation facilities with 102.7 MW of hydroelectric generation capacity; and had 107.5 MW of diesel generating capacity. This segment served approximately 17,000 customers, including city, state, and federal governmental entities located in Juneau, as well as a mine located in the Juneau area. The company also engages in the sheet metal fabrication of electronic enclosures, parts, and systems for the computer, construction, telecom, renewable energy, and medical industries; and investment of commercial and retail office space, as well as emerging technology venture capital funds. Avista Corporation was founded in 1889 and is headquartered in Spokane, Washington.

FINANCIAL RATIOS  of  Avista (AVA)

Valuation Ratios
P/E Ratio 20.4
Price to Sales 1.9
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow -56.9
Growth Rates
Sales Growth Rate -2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 105%
Total Debt to Equity 112.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 29.2%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 14.9%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 9.5%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 63.5%

AVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVA stock intrinsic value calculation we used $1442 million for the last fiscal year's total revenue generated by Avista. The default revenue input number comes from 2016 income statement of Avista. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AVA stock valuation model: a) initial revenue growth rate of 3.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for AVA is calculated based on our internal credit rating of Avista, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Avista.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AVA stock the variable cost ratio is equal to 82.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AVA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.8% for Avista.

Corporate tax rate of 27% is the nominal tax rate for Avista. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AVA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AVA are equal to 12.2%.

Life of production assets of 1.4 years is the average useful life of capital assets used in Avista operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AVA is equal to 4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1649 million for Avista - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 64.622 million for Avista is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Avista at the current share price and the inputted number of shares is $2.8 billion.


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COMPANY NEWS

▶ Is Avista a Great Stock for Value Investors?   [May-17-17 09:30AM  Zacks]
▶ Avista Corp. Board Declares Common Stock Dividend   [May-11-17 04:05PM  Marketwired]
▶ Avista posts 1Q profit   [06:20AM  Associated Press]
▶ New Strong Sell Stocks for March 24th   [Mar-24-17 08:47AM  Zacks]
▶ Seven Dividend Stocks Rewarding Shareholders With A Raise   [Feb-13-17 12:39PM  at Insider Monkey]
▶ Avista Corp. Board Increases Common Stock Dividend   [Feb-03-17 06:00PM  Marketwired]
▶ Is Nabors Industries Ltd. (NBR) A Good Stock To Buy?   [Dec-01-16 12:43PM  at Insider Monkey]
▶ Is Sinclair Broadcast Group Inc. (SBGI) A Good Stock To Buy?   [Nov-25-16 08:33PM  at Insider Monkey]
▶ Avista Corp. Board Declares Common Stock Dividend   [Nov-04-16 07:05AM  Marketwired]
▶ Avista reaches settlement in Idaho electric rate request   [Oct-24-16 07:05AM  Marketwired]
▶ Washington State Gas Utilities Challenge New Air Rule   [Sep-27-16 04:10PM  Marketwired]
▶ Avista Requests Natural Gas Price Decrease in Idaho   [Aug-29-16 04:05PM  Marketwired]
▶ Avista Corp. Board Declares Common Stock Dividend   [Aug-18-16 07:05AM  Marketwired]
Stock chart of AVA Financial statements of AVA Annual reports of AVA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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