Intrinsic value of IDACORP - IDA

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$86.46

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$86.46

 
Intrinsic value

$53.70

 
Up/down potential

-38%

 
Rating

sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of IDA 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 4.4

 

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, %
  -0.63
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  1,258
  1,360
  1,463
  1,569
  1,680
  1,794
  1,914
  2,038
  2,167
  2,302
  2,442
  2,588
  2,740
  2,898
  3,064
  3,237
  3,417
  3,606
  3,803
  4,009
  4,225
  4,450
  4,686
  4,934
  5,193
  5,464
  5,748
  6,046
  6,358
  6,685
  7,028
Variable operating expenses, $m
 
  1,058
  1,138
  1,221
  1,307
  1,396
  1,489
  1,585
  1,686
  1,791
  1,900
  2,013
  2,131
  2,255
  2,384
  2,518
  2,659
  2,805
  2,959
  3,119
  3,287
  3,462
  3,646
  3,838
  4,040
  4,251
  4,472
  4,704
  4,946
  5,201
  5,468
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
  990
  1,058
  1,138
  1,221
  1,307
  1,396
  1,489
  1,585
  1,686
  1,791
  1,900
  2,013
  2,131
  2,255
  2,384
  2,518
  2,659
  2,805
  2,959
  3,119
  3,287
  3,462
  3,646
  3,838
  4,040
  4,251
  4,472
  4,704
  4,946
  5,201
  5,468
Operating income, $m
  272
  302
  325
  348
  373
  398
  425
  452
  481
  511
  542
  574
  608
  643
  680
  719
  759
  800
  844
  890
  938
  988
  1,040
  1,095
  1,153
  1,213
  1,276
  1,342
  1,411
  1,484
  1,560
EBITDA, $m
  419
  394
  424
  455
  487
  520
  555
  591
  628
  667
  708
  750
  794
  840
  888
  938
  990
  1,045
  1,102
  1,162
  1,224
  1,290
  1,358
  1,430
  1,505
  1,583
  1,666
  1,752
  1,843
  1,937
  2,037
Interest expense (income), $m
  78
  77
  90
  105
  120
  136
  152
  170
  187
  206
  225
  245
  266
  288
  310
  334
  359
  385
  412
  440
  469
  500
  532
  566
  602
  639
  677
  718
  761
  805
  852
Earnings before tax, $m
  235
  225
  234
  243
  253
  262
  272
  283
  294
  305
  317
  329
  342
  356
  370
  384
  400
  416
  433
  450
  469
  488
  508
  529
  551
  574
  599
  624
  651
  679
  708
Tax expense, $m
  37
  61
  63
  66
  68
  71
  74
  76
  79
  82
  86
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  137
  143
  149
  155
  162
  169
  176
  183
  191
Net income, $m
  198
  164
  171
  178
  184
  191
  199
  207
  214
  223
  231
  240
  250
  260
  270
  281
  292
  304
  316
  329
  342
  356
  371
  386
  402
  419
  437
  456
  475
  496
  517

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  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
  6,290
  6,702
  7,206
  7,729
  8,274
  8,839
  9,427
  10,039
  10,675
  11,338
  12,028
  12,747
  13,496
  14,277
  15,093
  15,944
  16,833
  17,762
  18,733
  19,749
  20,811
  21,922
  23,086
  24,303
  25,579
  26,915
  28,315
  29,782
  31,319
  32,931
  34,621
Adjusted assets (=assets-cash), $m
  6,229
  6,702
  7,206
  7,729
  8,274
  8,839
  9,427
  10,039
  10,675
  11,338
  12,028
  12,747
  13,496
  14,277
  15,093
  15,944
  16,833
  17,762
  18,733
  19,749
  20,811
  21,922
  23,086
  24,303
  25,579
  26,915
  28,315
  29,782
  31,319
  32,931
  34,621
Revenue / Adjusted assets
  0.202
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
Average production assets, $m
  428
  461
  496
  532
  569
  608
  649
  691
  735
  780
  828
  877
  929
  983
  1,039
  1,097
  1,158
  1,222
  1,289
  1,359
  1,432
  1,509
  1,589
  1,672
  1,760
  1,852
  1,949
  2,049
  2,155
  2,266
  2,383
Working capital, $m
  190
  163
  176
  188
  202
  215
  230
  245
  260
  276
  293
  311
  329
  348
  368
  388
  410
  433
  456
  481
  507
  534
  562
  592
  623
  656
  690
  725
  763
  802
  843
Total debt, $m
  1,767
  2,054
  2,387
  2,732
  3,092
  3,465
  3,853
  4,257
  4,677
  5,114
  5,569
  6,044
  6,538
  7,054
  7,592
  8,154
  8,741
  9,354
  9,995
  10,665
  11,366
  12,100
  12,867
  13,671
  14,513
  15,395
  16,319
  17,287
  18,302
  19,366
  20,481
Total liabilities, $m
  4,136
  4,423
  4,756
  5,101
  5,461
  5,834
  6,222
  6,626
  7,046
  7,483
  7,938
  8,413
  8,907
  9,423
  9,961
  10,523
  11,110
  11,723
  12,364
  13,034
  13,735
  14,469
  15,236
  16,040
  16,882
  17,764
  18,688
  19,656
  20,671
  21,735
  22,850
Total equity, $m
  2,154
  2,279
  2,450
  2,628
  2,813
  3,005
  3,205
  3,413
  3,630
  3,855
  4,089
  4,334
  4,589
  4,854
  5,132
  5,421
  5,723
  6,039
  6,369
  6,715
  7,076
  7,454
  7,849
  8,263
  8,697
  9,151
  9,627
  10,126
  10,649
  11,197
  11,771
Total liabilities and equity, $m
  6,290
  6,702
  7,206
  7,729
  8,274
  8,839
  9,427
  10,039
  10,676
  11,338
  12,027
  12,747
  13,496
  14,277
  15,093
  15,944
  16,833
  17,762
  18,733
  19,749
  20,811
  21,923
  23,085
  24,303
  25,579
  26,915
  28,315
  29,782
  31,320
  32,932
  34,621
Debt-to-equity ratio
  0.820
  0.900
  0.970
  1.040
  1.100
  1.150
  1.200
  1.250
  1.290
  1.330
  1.360
  1.390
  1.420
  1.450
  1.480
  1.500
  1.530
  1.550
  1.570
  1.590
  1.610
  1.620
  1.640
  1.650
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
  1.740
Adjusted equity ratio
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  198
  164
  171
  178
  184
  191
  199
  207
  214
  223
  231
  240
  250
  260
  270
  281
  292
  304
  316
  329
  342
  356
  371
  386
  402
  419
  437
  456
  475
  496
  517
Depreciation, amort., depletion, $m
  147
  92
  99
  106
  114
  122
  130
  138
  147
  156
  166
  175
  186
  197
  208
  219
  232
  244
  258
  272
  286
  302
  318
  334
  352
  370
  390
  410
  431
  453
  477
Funds from operations, $m
  340
  257
  270
  284
  298
  313
  329
  345
  361
  379
  397
  416
  436
  456
  478
  500
  524
  548
  574
  600
  629
  658
  689
  721
  754
  790
  827
  866
  906
  949
  993
Change in working capital, $m
  -8
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
Cash from operations, $m
  348
  247
  258
  271
  285
  299
  314
  330
  346
  363
  380
  398
  417
  437
  458
  479
  502
  525
  550
  576
  603
  631
  660
  691
  723
  757
  793
  830
  869
  910
  952
Maintenance CAPEX, $m
  0
  -86
  -92
  -99
  -106
  -114
  -122
  -130
  -138
  -147
  -156
  -166
  -175
  -186
  -197
  -208
  -219
  -232
  -244
  -258
  -272
  -286
  -302
  -318
  -334
  -352
  -370
  -390
  -410
  -431
  -453
New CAPEX, $m
  -297
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -49
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
Cash from investing activities, $m
  -297
  -119
  -127
  -135
  -143
  -153
  -162
  -172
  -182
  -193
  -203
  -215
  -227
  -240
  -253
  -267
  -280
  -296
  -311
  -328
  -345
  -362
  -382
  -402
  -422
  -444
  -466
  -491
  -516
  -542
  -569
Free cash flow, $m
  51
  128
  131
  136
  141
  147
  152
  158
  164
  170
  177
  183
  190
  198
  205
  213
  221
  230
  239
  248
  258
  268
  278
  290
  301
  313
  326
  339
  353
  368
  383
Issuance/(repayment) of debt, $m
  21
  310
  333
  346
  359
  373
  388
  404
  420
  437
  455
  474
  495
  516
  538
  562
  587
  613
  641
  670
  701
  734
  768
  804
  842
  882
  924
  968
  1,015
  1,064
  1,115
Issuance/(repurchase) of shares, $m
  -3
  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  
  1
  310
  333
  346
  359
  373
  388
  404
  420
  437
  455
  474
  495
  516
  538
  562
  587
  613
  641
  670
  701
  734
  768
  804
  842
  882
  924
  968
  1,015
  1,064
  1,115
Total cash flow (excl. dividends), $m
  52
  438
  464
  482
  500
  520
  540
  562
  584
  607
  632
  658
  685
  713
  743
  775
  808
  843
  880
  918
  959
  1,001
  1,046
  1,093
  1,143
  1,195
  1,250
  1,307
  1,368
  1,431
  1,498
Retained Cash Flow (-), $m
  -96
  -163
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -235
  -244
  -255
  -266
  -277
  -289
  -302
  -316
  -330
  -345
  -361
  -378
  -396
  -414
  -434
  -454
  -476
  -499
  -523
  -548
  -575
Prev. year cash balance distribution, $m
 
  38
  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
 
  314
  292
  304
  315
  328
  340
  354
  368
  382
  397
  413
  430
  448
  466
  485
  506
  527
  549
  573
  598
  624
  651
  679
  709
  741
  774
  809
  845
  883
  924
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  292
  252
  240
  227
  213
  198
  182
  166
  150
  134
  118
  103
  88
  75
  62
  51
  41
  33
  25
  19
  14
  11
  7
  5
  4
  2
  1
  1
  1
  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

IDACORP, Inc., through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon. As of December 31, 2016, the company provided electric service to approximately 535,000 general business customers; and had a network of approximately 4,861 pole-miles of high-voltage transmission lines, 24 step-up transmission substations located at power plants, 24 transmission substations, 10 switching stations, 223 energized distribution substations, and approximately 27,263 pole-miles of distribution lines. Its principal commercial and industrial customers are involved in food processing, electronics and general manufacturing, agriculture, health care, and winter recreation. The company, through its other subsidiaries, invests in housing and other real estate investments. IDACORP, Inc. was founded in 1915 and is headquartered in Boise, Idaho.

FINANCIAL RATIOS  of  IDACORP (IDA)

Valuation Ratios
P/E Ratio 22
Price to Sales 3.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 85.4
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.6
LT Debt to Equity 81%
Total Debt to Equity 82%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 36.5%
EBITDA Margin - 3 Yr. Avg. 35.3%
Operating Margin 21.6%
Oper. Margin - 3 Yr. Avg. 21.2%
Pre-Tax Margin 18.6%
Pre-Tax Margin - 3 Yr. Avg. 18%
Net Profit Margin 15.7%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 15.7%
Eff/ Tax Rate - 3 Yr. Avg. 14.3%
Payout Ratio 53%

IDA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IDA stock intrinsic value calculation we used $1262 million for the last fiscal year's total revenue generated by IDACORP. The default revenue input number comes from 2016 income statement of IDACORP. 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 IDA stock valuation model: a) initial revenue growth rate of 7.8% 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 7.4%, whose default value for IDA is calculated based on our internal credit rating of IDACORP, 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 IDACORP.
    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 IDA stock the variable cost ratio is equal to 77.8%.

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 IDA 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 4.4% for IDACORP.

Corporate tax rate of 27% is the nominal tax rate for IDACORP. 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 IDA 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 IDA are equal to 33.9%.

Life of production assets of 2.9 years is the average useful life of capital assets used in IDACORP 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 IDA is equal to 12%. 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 - $2154 million for IDACORP - 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 50.631 million for IDACORP 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 IDACORP at the current share price and the inputted number of shares is $4.4 billion.


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COMPANY NEWS

▶ IDACORP, Inc. Value Analysis (NYSE:IDA) : May 5, 2017   [May-05-17 05:05PM  Capital Cube]
▶ IDACORP, Inc. Declares Dividend   [Apr-20-17 05:28PM  PR Newswire]
▶ Billionaire Ken Fishers Monster Q4 Moves   [Feb-14-17 12:38PM  Insider Monkey]
▶ Billionaire Ken Fishers Monster Q4 Moves   [12:38PM  at Insider Monkey]
▶ IDACORP, Inc. Declares Dividend   [Jan-19-17 05:26PM  PR Newswire]
▶ Is IDACORP Inc (IDA) A Good Stock to Buy?   [Dec-16-16 10:45PM  at Insider Monkey]
▶ Smart Money Is Going Crazy for CoreCivic Inc (CXW)   [Nov-26-16 09:29PM  at Insider Monkey]
▶ IDACORP, Inc. Declares Dividend   [Oct-20-16 06:25PM  PR Newswire]
▶ IDACORP, Inc. Declares Dividend   [Jul-21-16 05:31PM  PR Newswire]
▶ IdaCorp posts 1Q profit   [Apr-28-16 11:01AM  AP]
▶ IDACORP, Inc. Declares Dividend   [Apr-21-16 05:37PM  PR Newswire]
▶ /C O R R E C T I O N -- IDACORP, Inc./   [Apr-13-16 01:15PM  PR Newswire]
Stock chart of IDA Financial statements of IDA Annual reports of IDA
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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