Intrinsic value of IDACORP - IDA

Previous Close

$95.00

  Intrinsic Value

$46.35

stock screener

  Rating & Target

str. sell

-51%

Previous close

$95.00

 
Intrinsic value

$46.35

 
Up/down potential

-51%

 
Rating

str. sell

*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 4.8

 

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, %
  -0.63
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  1,258
  1,334
  1,409
  1,487
  1,569
  1,655
  1,745
  1,838
  1,937
  2,039
  2,147
  2,259
  2,377
  2,501
  2,630
  2,766
  2,908
  3,057
  3,214
  3,378
  3,550
  3,731
  3,920
  4,119
  4,327
  4,546
  4,775
  5,016
  5,269
  5,535
  5,813
Variable operating expenses, $m
 
  1,038
  1,096
  1,157
  1,221
  1,288
  1,357
  1,430
  1,507
  1,586
  1,670
  1,758
  1,849
  1,946
  2,046
  2,152
  2,263
  2,379
  2,500
  2,628
  2,762
  2,902
  3,050
  3,204
  3,366
  3,537
  3,715
  3,903
  4,099
  4,306
  4,523
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
  1,038
  1,096
  1,157
  1,221
  1,288
  1,357
  1,430
  1,507
  1,586
  1,670
  1,758
  1,849
  1,946
  2,046
  2,152
  2,263
  2,379
  2,500
  2,628
  2,762
  2,902
  3,050
  3,204
  3,366
  3,537
  3,715
  3,903
  4,099
  4,306
  4,523
Operating income, $m
  272
  296
  313
  330
  348
  367
  387
  408
  430
  453
  477
  502
  528
  555
  584
  614
  646
  679
  713
  750
  788
  828
  870
  914
  961
  1,009
  1,060
  1,114
  1,170
  1,229
  1,291
EBITDA, $m
  419
  387
  408
  431
  455
  480
  506
  533
  561
  591
  622
  655
  689
  725
  762
  802
  843
  886
  931
  979
  1,029
  1,081
  1,136
  1,194
  1,254
  1,317
  1,384
  1,454
  1,527
  1,604
  1,685
Interest expense (income), $m
  78
  77
  87
  97
  109
  120
  133
  145
  159
  173
  187
  203
  219
  236
  254
  272
  291
  312
  333
  356
  379
  404
  429
  457
  485
  515
  546
  579
  613
  650
  688
Earnings before tax, $m
  235
  219
  226
  233
  240
  247
  255
  263
  271
  280
  289
  299
  309
  319
  330
  342
  354
  367
  380
  394
  409
  425
  441
  458
  476
  494
  514
  535
  556
  579
  603
Tax expense, $m
  37
  59
  61
  63
  65
  67
  69
  71
  73
  76
  78
  81
  83
  86
  89
  92
  96
  99
  103
  106
  110
  115
  119
  124
  128
  133
  139
  144
  150
  156
  163
Net income, $m
  198
  160
  165
  170
  175
  180
  186
  192
  198
  204
  211
  218
  225
  233
  241
  250
  259
  268
  278
  288
  299
  310
  322
  334
  347
  361
  375
  390
  406
  423
  440

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
  6,571
  6,941
  7,327
  7,731
  8,153
  8,595
  9,056
  9,540
  10,045
  10,575
  11,129
  11,710
  12,319
  12,957
  13,625
  14,326
  15,061
  15,832
  16,640
  17,488
  18,377
  19,310
  20,289
  21,316
  22,393
  23,524
  24,711
  25,957
  27,264
  28,636
Adjusted assets (=assets-cash), $m
  6,229
  6,571
  6,941
  7,327
  7,731
  8,153
  8,595
  9,056
  9,540
  10,045
  10,575
  11,129
  11,710
  12,319
  12,957
  13,625
  14,326
  15,061
  15,832
  16,640
  17,488
  18,377
  19,310
  20,289
  21,316
  22,393
  23,524
  24,711
  25,957
  27,264
  28,636
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
  452
  478
  504
  532
  561
  591
  623
  656
  691
  728
  766
  806
  848
  892
  938
  986
  1,036
  1,089
  1,145
  1,203
  1,265
  1,329
  1,396
  1,467
  1,541
  1,619
  1,701
  1,786
  1,876
  1,971
Working capital, $m
  190
  160
  169
  178
  188
  199
  209
  221
  232
  245
  258
  271
  285
  300
  316
  332
  349
  367
  386
  405
  426
  448
  470
  494
  519
  546
  573
  602
  632
  664
  698
Total debt, $m
  1,767
  1,968
  2,212
  2,467
  2,734
  3,012
  3,303
  3,608
  3,927
  4,261
  4,610
  4,976
  5,360
  5,761
  6,182
  6,624
  7,086
  7,571
  8,080
  8,613
  9,173
  9,760
  10,376
  11,022
  11,699
  12,411
  13,157
  13,940
  14,762
  15,625
  16,531
Total liabilities, $m
  4,136
  4,337
  4,581
  4,836
  5,103
  5,381
  5,672
  5,977
  6,296
  6,630
  6,979
  7,345
  7,729
  8,130
  8,551
  8,993
  9,455
  9,940
  10,449
  10,982
  11,542
  12,129
  12,745
  13,391
  14,068
  14,780
  15,526
  16,309
  17,131
  17,994
  18,900
Total equity, $m
  2,154
  2,234
  2,360
  2,491
  2,629
  2,772
  2,922
  3,079
  3,243
  3,415
  3,595
  3,784
  3,981
  4,188
  4,405
  4,633
  4,871
  5,121
  5,383
  5,658
  5,946
  6,248
  6,565
  6,898
  7,247
  7,614
  7,998
  8,402
  8,825
  9,270
  9,736
Total liabilities and equity, $m
  6,290
  6,571
  6,941
  7,327
  7,732
  8,153
  8,594
  9,056
  9,539
  10,045
  10,574
  11,129
  11,710
  12,318
  12,956
  13,626
  14,326
  15,061
  15,832
  16,640
  17,488
  18,377
  19,310
  20,289
  21,315
  22,394
  23,524
  24,711
  25,956
  27,264
  28,636
Debt-to-equity ratio
  0.820
  0.880
  0.940
  0.990
  1.040
  1.090
  1.130
  1.170
  1.210
  1.250
  1.280
  1.320
  1.350
  1.380
  1.400
  1.430
  1.450
  1.480
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.610
  1.630
  1.640
  1.660
  1.670
  1.690
  1.700
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
  160
  165
  170
  175
  180
  186
  192
  198
  204
  211
  218
  225
  233
  241
  250
  259
  268
  278
  288
  299
  310
  322
  334
  347
  361
  375
  390
  406
  423
  440
Depreciation, amort., depletion, $m
  147
  90
  96
  101
  106
  112
  118
  125
  131
  138
  146
  153
  161
  170
  178
  188
  197
  207
  218
  229
  241
  253
  266
  279
  293
  308
  324
  340
  357
  375
  394
Funds from operations, $m
  340
  251
  261
  271
  282
  293
  304
  316
  329
  343
  357
  371
  387
  403
  420
  437
  456
  475
  496
  517
  539
  563
  588
  613
  641
  669
  699
  730
  763
  798
  834
Change in working capital, $m
  -8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
Cash from operations, $m
  348
  242
  252
  261
  272
  282
  294
  305
  317
  330
  344
  358
  372
  388
  404
  421
  439
  457
  477
  497
  519
  541
  565
  590
  616
  643
  672
  702
  733
  766
  801
Maintenance CAPEX, $m
  0
  -86
  -90
  -96
  -101
  -106
  -112
  -118
  -125
  -131
  -138
  -146
  -153
  -161
  -170
  -178
  -188
  -197
  -207
  -218
  -229
  -241
  -253
  -266
  -279
  -293
  -308
  -324
  -340
  -357
  -375
New CAPEX, $m
  -297
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -94
Cash from investing activities, $m
  -297
  -110
  -115
  -123
  -129
  -135
  -142
  -150
  -158
  -166
  -174
  -184
  -193
  -203
  -214
  -224
  -236
  -248
  -260
  -274
  -287
  -302
  -317
  -333
  -350
  -367
  -386
  -406
  -426
  -447
  -469
Free cash flow, $m
  51
  132
  136
  139
  143
  147
  151
  155
  160
  164
  169
  174
  179
  185
  191
  197
  203
  210
  216
  224
  231
  239
  248
  256
  266
  275
  285
  296
  307
  319
  331
Issuance/(repayment) of debt, $m
  21
  224
  244
  255
  266
  279
  291
  305
  319
  334
  349
  366
  383
  402
  421
  441
  463
  485
  509
  533
  560
  587
  616
  646
  678
  711
  746
  783
  822
  863
  906
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
  2
  5
  9
  13
  17
  22
  26
Cash from financing (excl. dividends), $m  
  1
  224
  244
  255
  266
  279
  291
  305
  319
  334
  349
  366
  383
  402
  421
  441
  463
  485
  509
  533
  560
  587
  616
  646
  680
  716
  755
  796
  839
  885
  932
Total cash flow (excl. dividends), $m
  52
  356
  380
  394
  410
  425
  442
  460
  478
  498
  518
  540
  563
  586
  612
  638
  665
  695
  725
  757
  791
  826
  863
  902
  945
  992
  1,041
  1,093
  1,147
  1,204
  1,263
Retained Cash Flow (-), $m
  -96
  -118
  -126
  -131
  -137
  -144
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -217
  -227
  -238
  -250
  -262
  -275
  -288
  -302
  -317
  -333
  -349
  -366
  -385
  -404
  -424
  -444
  -467
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
 
  276
  254
  263
  272
  282
  292
  303
  314
  326
  338
  351
  365
  380
  395
  411
  427
  445
  463
  482
  503
  524
  546
  570
  596
  626
  657
  689
  723
  759
  797
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
 
  257
  219
  208
  196
  183
  170
  156
  142
  128
  114
  101
  87
  75
  63
  53
  43
  35
  28
  21
  16
  12
  9
  6
  4
  3
  2
  1
  1
  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
  99.9
  99.8
  99.7
  99.6
  99.5

IDACORP, Inc. is a holding company. The Company's principal operating subsidiary is Idaho Power Company (Idaho Power). The Company's segment is utility operations. The utility operations segment's primary source of revenue is the regulated operations of Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy and capacity. Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company, which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power. Its subsidiaries also include IDACORP Financial Services, Inc., an investor in affordable housing and other real estate investments, and Ida-West Energy Company, an operator of small hydroelectric generation projects. As of December 31, 2016, Idaho Power provided electric utility service to approximately 535,000 general business customers in southern Idaho and eastern Oregon.

FINANCIAL RATIOS  of  IDACORP (IDA)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 3.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 93.9
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 5.7% 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 50.393 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 $4.8 billion.

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COMPANY NEWS

▶ IdaCorp beats 3Q profit forecasts   [Nov-02-17 09:49AM  Associated Press]
▶ IDACORP, Inc. Declares Dividend   [05:52PM  PR Newswire]
▶ Stocks Generating Improved Relative Strength: Idacorp   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to IDACORP, Inc. : August 31, 2017   [Aug-31-17 06:52PM  Capital Cube]
▶ IDACORP, Inc. Value Analysis (NYSE:IDA) : August 5, 2017   [Aug-04-17 08:56PM  Capital Cube]
▶ ETFs with exposure to IDACORP, Inc. : August 4, 2017   [Aug-03-17 08:27PM  Capital Cube]
▶ IDACORP, Inc. Declares Dividend   [Jul-20-17 05:52PM  PR Newswire]
▶ ETFs with exposure to IDACORP, Inc. : July 4, 2017   [Jul-04-17 03:03PM  Capital Cube]
▶ ETFs with exposure to IDACORP, Inc. : June 22, 2017   [Jun-22-17 03:52PM  Capital Cube]
▶ 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]
Financial statements 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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