Intrinsic value of Pinnacle West Capital - PNW

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$86.10

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$86.10

 
Intrinsic value

$56.36

 
Up/down potential

-35%

 
Rating

sell

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

We calculate the intrinsic value of PNW 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 9.6

 

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, %
  0.11
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,499
  3,569
  3,651
  3,745
  3,850
  3,967
  4,095
  4,235
  4,385
  4,548
  4,723
  4,909
  5,109
  5,321
  5,546
  5,786
  6,039
  6,307
  6,591
  6,891
  7,208
  7,542
  7,894
  8,266
  8,657
  9,069
  9,503
  9,960
  10,440
  10,946
  11,478
Variable operating expenses, $m
 
  1,784
  1,826
  1,872
  1,925
  1,983
  2,048
  2,117
  2,193
  2,274
  2,361
  2,455
  2,554
  2,660
  2,773
  2,893
  3,020
  3,154
  3,296
  3,446
  3,604
  3,771
  3,947
  4,133
  4,328
  4,535
  4,751
  4,980
  5,220
  5,473
  5,739
Fixed operating expenses, $m
 
  939
  962
  986
  1,011
  1,036
  1,062
  1,089
  1,116
  1,144
  1,173
  1,202
  1,232
  1,263
  1,294
  1,327
  1,360
  1,394
  1,429
  1,464
  1,501
  1,538
  1,577
  1,616
  1,657
  1,698
  1,741
  1,784
  1,829
  1,875
  1,921
Total operating expenses, $m
  2,643
  2,723
  2,788
  2,858
  2,936
  3,019
  3,110
  3,206
  3,309
  3,418
  3,534
  3,657
  3,786
  3,923
  4,067
  4,220
  4,380
  4,548
  4,725
  4,910
  5,105
  5,309
  5,524
  5,749
  5,985
  6,233
  6,492
  6,764
  7,049
  7,348
  7,660
Operating income, $m
  856
  846
  863
  886
  914
  947
  985
  1,028
  1,077
  1,130
  1,189
  1,253
  1,322
  1,398
  1,479
  1,566
  1,660
  1,760
  1,867
  1,981
  2,103
  2,232
  2,370
  2,516
  2,672
  2,836
  3,011
  3,196
  3,391
  3,598
  3,817
EBITDA, $m
  1,421
  1,055
  1,077
  1,105
  1,140
  1,180
  1,225
  1,277
  1,334
  1,397
  1,466
  1,541
  1,622
  1,709
  1,804
  1,905
  2,014
  2,130
  2,253
  2,385
  2,525
  2,674
  2,833
  3,001
  3,179
  3,368
  3,568
  3,779
  4,003
  4,240
  4,490
Interest expense (income), $m
  184
  194
  204
  216
  229
  244
  261
  280
  300
  321
  345
  370
  397
  425
  456
  488
  523
  559
  598
  639
  682
  727
  775
  826
  879
  936
  995
  1,057
  1,123
  1,192
  1,265
Earnings before tax, $m
  698
  651
  659
  670
  685
  703
  724
  749
  777
  809
  844
  883
  926
  972
  1,023
  1,078
  1,137
  1,201
  1,269
  1,343
  1,421
  1,505
  1,595
  1,690
  1,792
  1,901
  2,016
  2,138
  2,268
  2,406
  2,552
Tax expense, $m
  236
  176
  178
  181
  185
  190
  195
  202
  210
  218
  228
  238
  250
  263
  276
  291
  307
  324
  343
  362
  384
  406
  431
  456
  484
  513
  544
  577
  612
  650
  689
Net income, $m
  442
  476
  481
  489
  500
  513
  529
  547
  567
  590
  616
  645
  676
  710
  747
  787
  830
  877
  926
  980
  1,037
  1,099
  1,164
  1,234
  1,308
  1,387
  1,472
  1,561
  1,656
  1,757
  1,863

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
  16,004
  16,297
  16,672
  17,100
  17,581
  18,114
  18,699
  19,336
  20,025
  20,768
  21,565
  22,417
  23,327
  24,296
  25,325
  26,418
  27,576
  28,801
  30,097
  31,466
  32,912
  34,438
  36,047
  37,742
  39,529
  41,411
  43,392
  45,478
  47,672
  49,981
  52,410
Adjusted assets (=assets-cash), $m
  15,995
  16,297
  16,672
  17,100
  17,581
  18,114
  18,699
  19,336
  20,025
  20,768
  21,565
  22,417
  23,327
  24,296
  25,325
  26,418
  27,576
  28,801
  30,097
  31,466
  32,912
  34,438
  36,047
  37,742
  39,529
  41,411
  43,392
  45,478
  47,672
  49,981
  52,410
Revenue / Adjusted assets
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
Average production assets, $m
  1,025
  1,046
  1,070
  1,097
  1,128
  1,162
  1,200
  1,241
  1,285
  1,333
  1,384
  1,438
  1,497
  1,559
  1,625
  1,695
  1,769
  1,848
  1,931
  2,019
  2,112
  2,210
  2,313
  2,422
  2,536
  2,657
  2,784
  2,918
  3,059
  3,207
  3,363
Working capital, $m
  -471
  -182
  -186
  -191
  -196
  -202
  -209
  -216
  -224
  -232
  -241
  -250
  -261
  -271
  -283
  -295
  -308
  -322
  -336
  -351
  -368
  -385
  -403
  -422
  -442
  -463
  -485
  -508
  -532
  -558
  -585
Total debt, $m
  4,324
  4,532
  4,794
  5,094
  5,431
  5,804
  6,213
  6,659
  7,141
  7,661
  8,219
  8,816
  9,453
  10,131
  10,852
  11,616
  12,427
  13,285
  14,192
  15,150
  16,162
  17,230
  18,357
  19,544
  20,794
  22,112
  23,499
  24,958
  26,495
  28,111
  29,811
Total liabilities, $m
  11,201
  11,408
  11,670
  11,970
  12,307
  12,680
  13,089
  13,535
  14,017
  14,537
  15,095
  15,692
  16,329
  17,007
  17,728
  18,492
  19,303
  20,161
  21,068
  22,026
  23,038
  24,106
  25,233
  26,420
  27,670
  28,988
  30,375
  31,834
  33,371
  34,987
  36,687
Total equity, $m
  4,804
  4,889
  5,001
  5,130
  5,274
  5,434
  5,610
  5,801
  6,007
  6,230
  6,469
  6,725
  6,998
  7,289
  7,598
  7,925
  8,273
  8,640
  9,029
  9,440
  9,874
  10,331
  10,814
  11,323
  11,859
  12,423
  13,018
  13,643
  14,302
  14,994
  15,723
Total liabilities and equity, $m
  16,005
  16,297
  16,671
  17,100
  17,581
  18,114
  18,699
  19,336
  20,024
  20,767
  21,564
  22,417
  23,327
  24,296
  25,326
  26,417
  27,576
  28,801
  30,097
  31,466
  32,912
  34,437
  36,047
  37,743
  39,529
  41,411
  43,393
  45,477
  47,673
  49,981
  52,410
Debt-to-equity ratio
  0.900
  0.930
  0.960
  0.990
  1.030
  1.070
  1.110
  1.150
  1.190
  1.230
  1.270
  1.310
  1.350
  1.390
  1.430
  1.470
  1.500
  1.540
  1.570
  1.600
  1.640
  1.670
  1.700
  1.730
  1.750
  1.780
  1.810
  1.830
  1.850
  1.870
  1.900
Adjusted equity ratio
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  442
  476
  481
  489
  500
  513
  529
  547
  567
  590
  616
  645
  676
  710
  747
  787
  830
  877
  926
  980
  1,037
  1,099
  1,164
  1,234
  1,308
  1,387
  1,472
  1,561
  1,656
  1,757
  1,863
Depreciation, amort., depletion, $m
  565
  209
  214
  219
  226
  232
  240
  248
  257
  267
  277
  288
  299
  312
  325
  339
  354
  370
  386
  404
  422
  442
  463
  484
  507
  531
  557
  584
  612
  641
  673
Funds from operations, $m
  836
  685
  695
  709
  726
  745
  769
  795
  824
  857
  893
  932
  975
  1,022
  1,072
  1,126
  1,184
  1,246
  1,313
  1,384
  1,460
  1,541
  1,627
  1,718
  1,816
  1,919
  2,028
  2,145
  2,268
  2,398
  2,536
Change in working capital, $m
  -187
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
Cash from operations, $m
  1,023
  773
  699
  714
  731
  751
  775
  802
  832
  865
  902
  942
  985
  1,032
  1,083
  1,138
  1,197
  1,260
  1,327
  1,399
  1,476
  1,558
  1,645
  1,737
  1,836
  1,940
  2,051
  2,168
  2,292
  2,424
  2,563
Maintenance CAPEX, $m
  0
  -205
  -209
  -214
  -219
  -226
  -232
  -240
  -248
  -257
  -267
  -277
  -288
  -299
  -312
  -325
  -339
  -354
  -370
  -386
  -404
  -422
  -442
  -463
  -484
  -507
  -531
  -557
  -584
  -612
  -641
New CAPEX, $m
  -1,275
  -21
  -24
  -27
  -31
  -34
  -38
  -41
  -44
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
Cash from investing activities, $m
  -1,252
  -226
  -233
  -241
  -250
  -260
  -270
  -281
  -292
  -305
  -318
  -332
  -346
  -361
  -378
  -395
  -413
  -433
  -453
  -474
  -497
  -520
  -545
  -572
  -599
  -628
  -658
  -691
  -725
  -760
  -797
Free cash flow, $m
  -229
  548
  466
  472
  481
  492
  505
  521
  540
  561
  584
  610
  639
  671
  705
  743
  783
  827
  874
  925
  979
  1,037
  1,100
  1,166
  1,237
  1,312
  1,392
  1,477
  1,568
  1,664
  1,766
Issuance/(repayment) of debt, $m
  500
  217
  262
  300
  337
  373
  409
  446
  483
  520
  558
  597
  637
  678
  721
  765
  810
  858
  907
  959
  1,012
  1,068
  1,126
  1,187
  1,251
  1,317
  1,387
  1,460
  1,536
  1,616
  1,700
Issuance/(repurchase) of shares, $m
  -5
  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  
  472
  217
  262
  300
  337
  373
  409
  446
  483
  520
  558
  597
  637
  678
  721
  765
  810
  858
  907
  959
  1,012
  1,068
  1,126
  1,187
  1,251
  1,317
  1,387
  1,460
  1,536
  1,616
  1,700
Total cash flow (excl. dividends), $m
  243
  764
  729
  772
  817
  865
  914
  967
  1,022
  1,080
  1,142
  1,207
  1,276
  1,349
  1,426
  1,508
  1,594
  1,685
  1,782
  1,884
  1,991
  2,105
  2,226
  2,353
  2,487
  2,629
  2,779
  2,937
  3,104
  3,280
  3,466
Retained Cash Flow (-), $m
  -220
  -85
  -112
  -129
  -144
  -160
  -175
  -191
  -207
  -223
  -239
  -256
  -273
  -291
  -309
  -328
  -347
  -368
  -389
  -411
  -434
  -458
  -483
  -509
  -536
  -565
  -594
  -626
  -658
  -693
  -729
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
 
  679
  616
  643
  673
  705
  739
  776
  815
  858
  903
  951
  1,003
  1,058
  1,117
  1,180
  1,247
  1,317
  1,393
  1,473
  1,558
  1,648
  1,743
  1,844
  1,951
  2,065
  2,184
  2,311
  2,445
  2,587
  2,737
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  634
  534
  513
  491
  466
  439
  411
  381
  349
  318
  285
  254
  222
  192
  164
  138
  114
  92
  74
  57
  44
  33
  24
  17
  12
  8
  5
  3
  2
  1
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

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the State of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million customers. It owns or leases approximately 6,186 megawatts of regulated generation capacity. The company was founded in 1920 and is headquartered in Phoenix, Arizona.

FINANCIAL RATIOS  of  Pinnacle West Capital (PNW)

Valuation Ratios
P/E Ratio 21.7
Price to Sales 2.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow -38
Growth Rates
Sales Growth Rate 0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.5%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 83.7%
Total Debt to Equity 90%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41.4%
EBITDA Margin - 3 Yr. Avg. 40.1%
Operating Margin 24.5%
Oper. Margin - 3 Yr. Avg. 24.1%
Pre-Tax Margin 19.9%
Pre-Tax Margin - 3 Yr. Avg. 19.4%
Net Profit Margin 12.6%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 33.8%
Eff/ Tax Rate - 3 Yr. Avg. 34.1%
Payout Ratio 62%

PNW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PNW stock intrinsic value calculation we used $3499 million for the last fiscal year's total revenue generated by Pinnacle West Capital. The default revenue input number comes from 2016 income statement of Pinnacle West Capital. 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 PNW stock valuation model: a) initial revenue growth rate of 2% 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 7.1%, whose default value for PNW is calculated based on our internal credit rating of Pinnacle West Capital, 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 Pinnacle West Capital.
    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 PNW stock the variable cost ratio is equal to 50%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $916 million in the base year in the intrinsic value calculation for PNW 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 4.5% for Pinnacle West Capital.

Corporate tax rate of 27% is the nominal tax rate for Pinnacle West Capital. 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 PNW 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 PNW are equal to 29.3%.

Life of production assets of 1.8 years is the average useful life of capital assets used in Pinnacle West Capital 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 PNW is equal to -5.1%. 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 - $4804 million for Pinnacle West Capital - 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 111.418 million for Pinnacle West Capital 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 Pinnacle West Capital at the current share price and the inputted number of shares is $9.6 billion.


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COMPANY NEWS

▶ APS Prepared to Meet Summer 2017 Customer Demand   [Apr-25-17 05:19PM  Business Wire]
▶ Pinnacle West Declares Quarterly Dividend   [Apr-19-17 05:27PM  Business Wire]
▶ APS Issues RFP for Peaking Capacity   [05:00PM  Business Wire]
▶ Options Traders: Which Utility Stocks Are Favorites?   [Mar-29-17 11:31AM  Market Realist]
▶ APS, solar industry, stakeholders agree on rate case   [Mar-01-17 04:55PM  at bizjournals.com]
▶ Pinnacle West Declares Quarterly Dividend   [Dec-21-16 04:09PM  Business Wire]
▶ APS shows gains with third quarter 2016 earnings   [Nov-03-16 04:55PM  at bizjournals.com]
▶ Pinnacle West Reports Third-Quarter Earnings   [08:40AM  Business Wire]
▶ Pinnacle West Increases Quarterly Dividend   [Oct-20-16 05:07PM  Business Wire]
Stock chart of PNW Financial statements of PNW
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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