Intrinsic value of Avista - AVA

Previous Close

$51.58

  Intrinsic Value

$22.86

stock screener

  Rating & Target

str. sell

-56%

Previous close

$51.58

 
Intrinsic value

$22.86

 
Up/down potential

-56%

 
Rating

str. sell

*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 3.3

 

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
  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
  1,419
  1,471
  1,505
  1,543
  1,587
  1,635
  1,688
  1,745
  1,807
  1,874
  1,946
  2,023
  2,105
  2,193
  2,286
  2,384
  2,489
  2,599
  2,716
  2,840
  2,970
  3,108
  3,253
  3,406
  3,568
  3,737
  3,916
  4,105
  4,303
  4,511
  4,730
Variable operating expenses, $m
 
  1,219
  1,247
  1,279
  1,315
  1,355
  1,398
  1,445
  1,497
  1,552
  1,611
  1,669
  1,737
  1,809
  1,886
  1,967
  2,053
  2,144
  2,241
  2,343
  2,451
  2,564
  2,684
  2,810
  2,943
  3,083
  3,231
  3,386
  3,550
  3,721
  3,902
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
  1,219
  1,247
  1,279
  1,315
  1,355
  1,398
  1,445
  1,497
  1,552
  1,611
  1,669
  1,737
  1,809
  1,886
  1,967
  2,053
  2,144
  2,241
  2,343
  2,451
  2,564
  2,684
  2,810
  2,943
  3,083
  3,231
  3,386
  3,550
  3,721
  3,902
Operating income, $m
  290
  252
  258
  264
  272
  280
  290
  300
  311
  322
  335
  354
  368
  384
  400
  417
  436
  455
  475
  497
  520
  544
  569
  596
  624
  654
  685
  718
  753
  790
  828
EBITDA, $m
  455
  293
  300
  308
  316
  326
  337
  348
  360
  374
  388
  403
  420
  437
  456
  475
  496
  518
  542
  566
  592
  620
  649
  679
  711
  745
  781
  819
  858
  900
  943
Interest expense (income), $m
  86
  89
  92
  96
  101
  106
  112
  118
  125
  133
  141
  150
  159
  169
  180
  191
  203
  216
  229
  244
  259
  274
  291
  309
  327
  347
  368
  389
  412
  436
  462
Earnings before tax, $m
  215
  163
  165
  168
  171
  174
  178
  181
  185
  189
  194
  204
  209
  215
  220
  226
  232
  239
  246
  254
  261
  270
  278
  287
  297
  307
  318
  329
  341
  353
  366
Tax expense, $m
  78
  44
  45
  45
  46
  47
  48
  49
  50
  51
  52
  55
  56
  58
  59
  61
  63
  65
  66
  68
  71
  73
  75
  78
  80
  83
  86
  89
  92
  95
  99
Net income, $m
  137
  119
  121
  123
  125
  127
  130
  132
  135
  138
  141
  149
  153
  157
  161
  165
  170
  175
  180
  185
  191
  197
  203
  210
  217
  224
  232
  240
  249
  258
  267

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
  5,408
  5,532
  5,674
  5,834
  6,011
  6,205
  6,416
  6,645
  6,891
  7,155
  7,438
  7,740
  8,062
  8,403
  8,766
  9,150
  9,557
  9,987
  10,441
  10,921
  11,427
  11,961
  12,523
  13,116
  13,741
  14,398
  15,090
  15,818
  16,585
  17,390
Adjusted assets (=assets-cash), $m
  5,301
  5,408
  5,532
  5,674
  5,834
  6,011
  6,205
  6,416
  6,645
  6,891
  7,155
  7,438
  7,740
  8,062
  8,403
  8,766
  9,150
  9,557
  9,987
  10,441
  10,921
  11,427
  11,961
  12,523
  13,116
  13,741
  14,398
  15,090
  15,818
  16,585
  17,390
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
  179
  184
  188
  194
  199
  206
  213
  220
  229
  237
  247
  257
  268
  279
  291
  304
  317
  331
  346
  362
  379
  397
  416
  435
  456
  478
  501
  525
  550
  577
Working capital, $m
  -57
  59
  60
  62
  63
  65
  68
  70
  72
  75
  78
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  124
  130
  136
  143
  149
  157
  164
  172
  180
  189
Total debt, $m
  1,854
  1,919
  2,004
  2,102
  2,212
  2,334
  2,468
  2,614
  2,771
  2,941
  3,123
  3,318
  3,526
  3,748
  3,983
  4,233
  4,497
  4,778
  5,074
  5,387
  5,717
  6,066
  6,434
  6,822
  7,230
  7,660
  8,113
  8,590
  9,092
  9,620
  10,175
Total liabilities, $m
  3,661
  3,726
  3,811
  3,909
  4,019
  4,141
  4,275
  4,421
  4,578
  4,748
  4,930
  5,125
  5,333
  5,555
  5,790
  6,040
  6,304
  6,585
  6,881
  7,194
  7,524
  7,873
  8,241
  8,629
  9,037
  9,467
  9,920
  10,397
  10,899
  11,427
  11,982
Total equity, $m
  1,649
  1,682
  1,720
  1,765
  1,814
  1,869
  1,930
  1,995
  2,066
  2,143
  2,225
  2,313
  2,407
  2,507
  2,613
  2,726
  2,846
  2,972
  3,106
  3,247
  3,396
  3,554
  3,720
  3,895
  4,079
  4,273
  4,478
  4,693
  4,920
  5,158
  5,408
Total liabilities and equity, $m
  5,310
  5,408
  5,531
  5,674
  5,833
  6,010
  6,205
  6,416
  6,644
  6,891
  7,155
  7,438
  7,740
  8,062
  8,403
  8,766
  9,150
  9,557
  9,987
  10,441
  10,920
  11,427
  11,961
  12,524
  13,116
  13,740
  14,398
  15,090
  15,819
  16,585
  17,390
Debt-to-equity ratio
  1.124
  1.140
  1.170
  1.190
  1.220
  1.250
  1.280
  1.310
  1.340
  1.370
  1.400
  1.430
  1.460
  1.490
  1.520
  1.550
  1.580
  1.610
  1.630
  1.660
  1.680
  1.710
  1.730
  1.750
  1.770
  1.790
  1.810
  1.830
  1.850
  1.870
  1.880
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
  119
  121
  123
  125
  127
  130
  132
  135
  138
  141
  149
  153
  157
  161
  165
  170
  175
  180
  185
  191
  197
  203
  210
  217
  224
  232
  240
  249
  258
  267
Depreciation, amort., depletion, $m
  165
  42
  43
  43
  45
  46
  47
  48
  50
  52
  53
  49
  51
  54
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
  115
Funds from operations, $m
  330
  161
  163
  166
  169
  173
  177
  181
  185
  190
  195
  198
  204
  210
  216
  223
  230
  238
  246
  254
  263
  273
  282
  293
  304
  315
  328
  340
  354
  368
  383
Change in working capital, $m
  -28
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  358
  160
  162
  165
  168
  171
  174
  178
  183
  187
  192
  195
  201
  207
  213
  219
  226
  234
  241
  249
  258
  267
  277
  287
  297
  309
  320
  333
  346
  360
  374
Maintenance CAPEX, $m
  0
  -35
  -36
  -37
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
New CAPEX, $m
  -407
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
Cash from investing activities, $m
  -432
  -38
  -40
  -42
  -43
  -45
  -46
  -48
  -51
  -52
  -55
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -124
  -130
  -137
Free cash flow, $m
  -74
  121
  122
  123
  125
  126
  128
  130
  132
  135
  137
  138
  141
  145
  148
  152
  155
  159
  164
  168
  173
  178
  183
  189
  195
  201
  207
  214
  221
  229
  237
Issuance/(repayment) of debt, $m
  97
  74
  86
  98
  110
  122
  134
  146
  158
  170
  182
  195
  208
  221
  235
  250
  265
  280
  296
  313
  331
  349
  368
  388
  408
  430
  453
  477
  502
  528
  555
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
  74
  86
  98
  110
  122
  134
  146
  158
  170
  182
  195
  208
  221
  235
  250
  265
  280
  296
  313
  331
  349
  368
  388
  408
  430
  453
  477
  502
  528
  555
Total cash flow (excl. dividends), $m
  85
  195
  208
  221
  235
  248
  262
  276
  290
  305
  320
  333
  349
  366
  383
  401
  420
  439
  460
  481
  503
  527
  551
  576
  603
  631
  660
  691
  723
  757
  792
Retained Cash Flow (-), $m
  -120
  -33
  -39
  -44
  -50
  -55
  -60
  -66
  -71
  -77
  -82
  -88
  -94
  -100
  -106
  -113
  -119
  -126
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
  -251
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
 
  162
  169
  177
  185
  193
  201
  210
  219
  228
  237
  245
  256
  266
  277
  289
  301
  313
  326
  340
  354
  369
  385
  401
  419
  437
  456
  476
  497
  519
  542
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
 
  150
  143
  137
  129
  121
  112
  102
  92
  82
  73
  63
  54
  46
  38
  31
  25
  20
  15
  12
  9
  6
  4
  3
  2
  1
  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 is an electric and natural gas utility company. The Company operates through two segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). The Company's regional services include government and higher education, medical services, retail trade and finance. The Company's businesses also include sheet metal fabrication, venture fund investments, real estate investments, a company that explores markets that could be served with liquefied natural gas (LNG), as well as certain other investments of Avista Capital, which is a subsidiary of the Company. Avista Utilities is an operating division of the Company, which consists of its regulated utility operations in the Pacific Northwest. Avista Utilities division generates, transmits and distributes electricity, and distributes natural gas. As of December 31, 2016, AEL&P operated five hydroelectric generation facilities with 102.7 megawatts (MW) of hydroelectric generation capacity.

FINANCIAL RATIOS  of  Avista (AVA)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 2.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow -67.6
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 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 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 64.38 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 $3.3 billion.

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COMPANY NEWS

▶ Avista Shareholders Approve Acquisition by Hydro One   [Nov-21-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Avista Corp. : November 20, 2017   [Nov-20-17 11:42AM  Capital Cube]
▶ ETFs with exposure to Avista Corp. : November 9, 2017   [Nov-09-17 11:56AM  Capital Cube]
▶ Avista Corporation to Host Earnings Call   [Nov-01-17 08:00AM  ACCESSWIRE]
▶ Avista posts 3Q profit   [06:17AM  Associated Press]
▶ Avista Announces Change in Its Officer Team   [Sep-08-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Avista Corp. : September 1, 2017   [Sep-01-17 06:55PM  Capital Cube]
▶ Avista Submits 2017 Electric Integrated Resource Plan   [Aug-31-17 05:30PM  GlobeNewswire]
▶ Avista Corp. Board Declares Common Stock Dividend   [Aug-17-17 04:21PM  GlobeNewswire]
▶ Avista posts 2Q profit   [Aug-02-17 10:56PM  Associated Press]
▶ Avista Makes Annual Price Adjustment Filings in Idaho   [Aug-01-17 04:05PM  GlobeNewswire]
▶ New Strong Buy Stocks for July 24th   [Jul-24-17 11:16AM  Zacks]
▶ Avista Was the NYSEs Biggest Gainer Last Week   [08:59AM  Market Realist]
▶ Avista Corp.: Strong price momentum but will it sustain?   [Jul-21-17 12:44PM  Capital Cube]
▶ [$$] Canadian Utility Hydro One to Buy Avista   [06:34PM  The Wall Street Journal]
▶ Avista Corp. Value Analysis (NYSE:AVA) : July 5, 2017   [Jul-05-17 01:18PM  Capital Cube]
▶ Top Ranked Income Stocks to Buy for June 29th   [Jun-29-17 09:50AM  Zacks]
▶ 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]
Financial statements 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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