Intrinsic value of Pinnacle West Capital - PNW

Previous Close

$89.27

  Intrinsic Value

$65.45

stock screener

  Rating & Target

sell

-27%

  Value-price divergence*

-6%

Previous close

$89.27

 
Intrinsic value

$65.45

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence*

-6%

*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 10.0

 

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
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  3,499
  3,614
  3,740
  3,875
  4,021
  4,177
  4,344
  4,522
  4,712
  4,913
  5,126
  5,352
  5,591
  5,844
  6,111
  6,392
  6,690
  7,003
  7,333
  7,681
  8,048
  8,433
  8,839
  9,267
  9,716
  10,188
  10,685
  11,208
  11,757
  12,335
  12,942
Variable operating expenses, $m
 
  1,807
  1,870
  1,938
  2,011
  2,089
  2,172
  2,261
  2,356
  2,456
  2,563
  2,676
  2,795
  2,922
  3,055
  3,196
  3,345
  3,501
  3,667
  3,841
  4,024
  4,217
  4,420
  4,633
  4,858
  5,094
  5,343
  5,604
  5,879
  6,167
  6,471
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
  2,746
  2,832
  2,924
  3,022
  3,125
  3,234
  3,350
  3,472
  3,600
  3,736
  3,878
  4,027
  4,185
  4,349
  4,523
  4,705
  4,895
  5,096
  5,305
  5,525
  5,755
  5,997
  6,249
  6,515
  6,792
  7,084
  7,388
  7,708
  8,042
  8,392
Operating income, $m
  856
  868
  908
  951
  999
  1,052
  1,110
  1,172
  1,240
  1,312
  1,390
  1,474
  1,564
  1,659
  1,761
  1,870
  1,985
  2,108
  2,238
  2,376
  2,523
  2,678
  2,843
  3,017
  3,201
  3,396
  3,602
  3,820
  4,050
  4,293
  4,549
EBITDA, $m
  1,421
  1,080
  1,127
  1,178
  1,235
  1,297
  1,364
  1,437
  1,516
  1,600
  1,691
  1,788
  1,891
  2,002
  2,119
  2,244
  2,377
  2,518
  2,668
  2,826
  2,994
  3,172
  3,361
  3,560
  3,770
  3,993
  4,228
  4,477
  4,739
  5,016
  5,308
Interest expense (income), $m
  184
  194
  210
  229
  248
  269
  291
  315
  341
  368
  397
  428
  460
  495
  531
  569
  610
  653
  698
  745
  795
  848
  904
  962
  1,023
  1,088
  1,156
  1,228
  1,303
  1,382
  1,465
Earnings before tax, $m
  698
  674
  697
  723
  751
  783
  818
  857
  899
  944
  993
  1,046
  1,103
  1,164
  1,230
  1,300
  1,375
  1,455
  1,540
  1,631
  1,727
  1,830
  1,939
  2,055
  2,178
  2,308
  2,446
  2,592
  2,747
  2,911
  3,085
Tax expense, $m
  236
  182
  188
  195
  203
  212
  221
  231
  243
  255
  268
  282
  298
  314
  332
  351
  371
  393
  416
  440
  466
  494
  524
  555
  588
  623
  660
  700
  742
  786
  833
Net income, $m
  442
  492
  509
  528
  549
  572
  597
  625
  656
  689
  725
  764
  805
  850
  898
  949
  1,004
  1,062
  1,124
  1,191
  1,261
  1,336
  1,416
  1,500
  1,590
  1,685
  1,786
  1,892
  2,005
  2,125
  2,252

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
  16,504
  17,077
  17,696
  18,361
  19,075
  19,837
  20,649
  21,514
  22,432
  23,406
  24,438
  25,529
  26,683
  27,902
  29,189
  30,546
  31,977
  33,485
  35,074
  36,747
  38,508
  40,362
  42,313
  44,365
  46,523
  48,792
  51,178
  53,686
  56,323
  59,094
Adjusted assets (=assets-cash), $m
  15,995
  16,504
  17,077
  17,696
  18,361
  19,075
  19,837
  20,649
  21,514
  22,432
  23,406
  24,438
  25,529
  26,683
  27,902
  29,189
  30,546
  31,977
  33,485
  35,074
  36,747
  38,508
  40,362
  42,313
  44,365
  46,523
  48,792
  51,178
  53,686
  56,323
  59,094
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
  1,059
  1,096
  1,135
  1,178
  1,224
  1,273
  1,325
  1,380
  1,439
  1,502
  1,568
  1,638
  1,712
  1,790
  1,873
  1,960
  2,052
  2,149
  2,251
  2,358
  2,471
  2,590
  2,715
  2,847
  2,985
  3,131
  3,284
  3,445
  3,614
  3,792
Working capital, $m
  -471
  -184
  -191
  -198
  -205
  -213
  -222
  -231
  -240
  -251
  -261
  -273
  -285
  -298
  -312
  -326
  -341
  -357
  -374
  -392
  -410
  -430
  -451
  -473
  -496
  -520
  -545
  -572
  -600
  -629
  -660
Total debt, $m
  4,324
  4,677
  5,078
  5,511
  5,977
  6,476
  7,010
  7,579
  8,184
  8,827
  9,508
  10,230
  10,994
  11,802
  12,655
  13,556
  14,506
  15,508
  16,564
  17,676
  18,847
  20,080
  21,378
  22,743
  24,179
  25,690
  27,278
  28,949
  30,705
  32,550
  34,490
Total liabilities, $m
  11,201
  11,553
  11,954
  12,387
  12,853
  13,352
  13,886
  14,455
  15,060
  15,703
  16,384
  17,106
  17,870
  18,678
  19,531
  20,432
  21,382
  22,384
  23,440
  24,552
  25,723
  26,956
  28,254
  29,619
  31,055
  32,566
  34,154
  35,825
  37,581
  39,426
  41,366
Total equity, $m
  4,804
  4,951
  5,123
  5,309
  5,508
  5,722
  5,951
  6,195
  6,454
  6,730
  7,022
  7,331
  7,659
  8,005
  8,371
  8,757
  9,164
  9,593
  10,046
  10,522
  11,024
  11,553
  12,109
  12,694
  13,309
  13,957
  14,638
  15,353
  16,106
  16,897
  17,728
Total liabilities and equity, $m
  16,005
  16,504
  17,077
  17,696
  18,361
  19,074
  19,837
  20,650
  21,514
  22,433
  23,406
  24,437
  25,529
  26,683
  27,902
  29,189
  30,546
  31,977
  33,486
  35,074
  36,747
  38,509
  40,363
  42,313
  44,364
  46,523
  48,792
  51,178
  53,687
  56,323
  59,094
Debt-to-equity ratio
  0.900
  0.940
  0.990
  1.040
  1.090
  1.130
  1.180
  1.220
  1.270
  1.310
  1.350
  1.400
  1.440
  1.470
  1.510
  1.550
  1.580
  1.620
  1.650
  1.680
  1.710
  1.740
  1.770
  1.790
  1.820
  1.840
  1.860
  1.890
  1.910
  1.930
  1.950
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
  492
  509
  528
  549
  572
  597
  625
  656
  689
  725
  764
  805
  850
  898
  949
  1,004
  1,062
  1,124
  1,191
  1,261
  1,336
  1,416
  1,500
  1,590
  1,685
  1,786
  1,892
  2,005
  2,125
  2,252
Depreciation, amort., depletion, $m
  565
  212
  219
  227
  236
  245
  255
  265
  276
  288
  300
  314
  328
  342
  358
  375
  392
  410
  430
  450
  472
  494
  518
  543
  569
  597
  626
  657
  689
  723
  758
Funds from operations, $m
  836
  704
  728
  755
  784
  817
  852
  890
  932
  977
  1,025
  1,077
  1,133
  1,192
  1,256
  1,324
  1,396
  1,472
  1,554
  1,641
  1,733
  1,830
  1,934
  2,043
  2,159
  2,282
  2,412
  2,549
  2,694
  2,848
  3,010
Change in working capital, $m
  -187
  -6
  -6
  -7
  -7
  -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
Cash from operations, $m
  1,023
  710
  734
  762
  792
  825
  861
  900
  942
  987
  1,036
  1,089
  1,145
  1,205
  1,270
  1,338
  1,411
  1,488
  1,571
  1,658
  1,751
  1,850
  1,954
  2,065
  2,182
  2,306
  2,437
  2,576
  2,722
  2,877
  3,041
Maintenance CAPEX, $m
  0
  -205
  -212
  -219
  -227
  -236
  -245
  -255
  -265
  -276
  -288
  -300
  -314
  -328
  -342
  -358
  -375
  -392
  -410
  -430
  -450
  -472
  -494
  -518
  -543
  -569
  -597
  -626
  -657
  -689
  -723
New CAPEX, $m
  -1,275
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -138
  -146
  -153
  -161
  -169
  -178
Cash from investing activities, $m
  -1,252
  -239
  -249
  -259
  -270
  -282
  -294
  -307
  -320
  -335
  -350
  -366
  -384
  -402
  -420
  -441
  -462
  -484
  -507
  -532
  -557
  -585
  -613
  -643
  -675
  -707
  -743
  -779
  -818
  -858
  -901
Free cash flow, $m
  -229
  471
  486
  503
  522
  543
  567
  593
  621
  652
  686
  722
  761
  804
  849
  897
  949
  1,005
  1,064
  1,127
  1,194
  1,265
  1,341
  1,422
  1,507
  1,598
  1,694
  1,797
  1,905
  2,019
  2,141
Issuance/(repayment) of debt, $m
  500
  362
  401
  433
  466
  499
  534
  569
  605
  643
  682
  722
  764
  808
  853
  901
  950
  1,002
  1,056
  1,112
  1,171
  1,233
  1,298
  1,365
  1,436
  1,511
  1,589
  1,670
  1,756
  1,846
  1,940
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
  362
  401
  433
  466
  499
  534
  569
  605
  643
  682
  722
  764
  808
  853
  901
  950
  1,002
  1,056
  1,112
  1,171
  1,233
  1,298
  1,365
  1,436
  1,511
  1,589
  1,670
  1,756
  1,846
  1,940
Total cash flow (excl. dividends), $m
  243
  833
  887
  936
  988
  1,042
  1,100
  1,162
  1,227
  1,295
  1,368
  1,444
  1,526
  1,611
  1,702
  1,798
  1,899
  2,006
  2,119
  2,239
  2,365
  2,498
  2,639
  2,787
  2,944
  3,109
  3,283
  3,467
  3,661
  3,865
  4,080
Retained Cash Flow (-), $m
  -220
  -147
  -172
  -186
  -200
  -214
  -229
  -244
  -259
  -275
  -292
  -309
  -327
  -346
  -366
  -386
  -407
  -429
  -452
  -477
  -502
  -528
  -556
  -585
  -616
  -647
  -681
  -716
  -752
  -791
  -831
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
 
  686
  715
  750
  788
  828
  872
  918
  967
  1,020
  1,075
  1,135
  1,198
  1,265
  1,336
  1,412
  1,492
  1,577
  1,667
  1,762
  1,863
  1,970
  2,083
  2,202
  2,328
  2,461
  2,602
  2,751
  2,908
  3,074
  3,249
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
 
  640
  619
  598
  575
  548
  518
  486
  451
  415
  378
  341
  303
  266
  230
  196
  165
  136
  110
  88
  69
  53
  39
  29
  20
  14
  10
  6
  4
  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 is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution. It owned and leased 6,236 megawatt (MW) of regulated generation capacity and the Company held a mix of both long-term and short-term purchased power agreements for additional capacity, including agreements for the purchase of renewable energy, as of December 31, 2016. Its subsidiaries include Arizona Public Service Company, which is a vertically-integrated electric utility that provides retail or wholesale electric service to the State of Arizona, with the exceptions of about one-half of the Phoenix metropolitan area, the Tucson metropolitan area and Mohave County in northwestern Arizona.

FINANCIAL RATIOS  of  Pinnacle West Capital (PNW)

Valuation Ratios
P/E Ratio 22.5
Price to Sales 2.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow -39.4
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 3.3% 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 111.753 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 $10.0 billion.

RELATED COMPANIES Price Int.Val. Rating
PNM PNM Resources 42.50 49.52  hold
EIX Edison Interna 81.20 89.23  hold
PCG PG&E 70.28 38.73  sell
NWE NorthWestern 58.96 38.00  sell
IDA IDACORP 90.06 45.97  sell
EE El Paso Electr 55.15 22.71  str.sell
NEE NextEra Energy 150.09 186.41  buy
DUK Duke Energy 87.30 100.46  hold

COMPANY NEWS

▶ Pinnacle West Capital Trying To Close In On Key Technical Measure   [Sep-08-17 03:00AM  Investor's Business Daily]
▶ What's fueling an ethanol plant's expensive fight with Southwest Gas   [Sep-05-17 06:46PM  American City Business Journals]
▶ Stocks turn around on report of Steve Bannon firing from Trump White House   [Aug-18-17 03:35PM  American City Business Journals]
▶ ACC Approves APS Rate Review Agreement   [Aug-15-17 06:24PM  Business Wire]
▶ APS Brings Battery Storage to Rural Arizona   [Aug-09-17 08:30AM  Business Wire]
▶ See who profited off Phoenixs record summer heat (and Trumps economy)   [Aug-08-17 06:55PM  American City Business Journals]
▶ Pinnacle West beats 2Q profit forecasts   [05:48PM  Associated Press]
▶ Pinnacle West Declares Quarterly Dividend   [Jun-21-17 05:31PM  Business Wire]
▶ Crazy heat: Temps hit record highs 119, 120 utilities see record energy use   [Jun-20-17 09:30PM  American City Business Journals]
▶ Pinnacle West beats 1Q profit forecasts   [08:41AM  Associated Press]
▶ Week of April 2428: Utility Stocks in Focus   [May-01-17 12:35PM  Market Realist]
▶ 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]
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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