Intrinsic value of Pinnacle West Capital - PNW

Previous Close

$81.70

  Intrinsic Value

$24.34

stock screener

  Rating & Target

str. sell

-70%

Previous close

$81.70

 
Intrinsic value

$24.34

 
Up/down potential

-70%

 
Rating

str. sell

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 2017), $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 9.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  3,636
  3,720
  3,816
  3,923
  4,042
  4,172
  4,314
  4,468
  4,634
  4,812
  5,002
  5,205
  5,421
  5,651
  5,895
  6,153
  6,426
  6,716
  7,021
  7,344
  7,684
  8,043
  8,421
  8,820
  9,240
  9,682
  10,148
  10,637
  11,152
  11,694
Variable operating expenses, $m
  2,745
  2,807
  2,879
  2,959
  3,048
  3,146
  3,252
  3,367
  3,491
  3,624
  3,740
  3,892
  4,054
  4,226
  4,408
  4,601
  4,806
  5,022
  5,250
  5,492
  5,746
  6,015
  6,298
  6,596
  6,910
  7,240
  7,588
  7,954
  8,340
  8,745
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
  2,745
  2,807
  2,879
  2,959
  3,048
  3,146
  3,252
  3,367
  3,491
  3,624
  3,740
  3,892
  4,054
  4,226
  4,408
  4,601
  4,806
  5,022
  5,250
  5,492
  5,746
  6,015
  6,298
  6,596
  6,910
  7,240
  7,588
  7,954
  8,340
  8,745
Operating income, $m
  891
  913
  937
  964
  994
  1,027
  1,062
  1,101
  1,143
  1,188
  1,262
  1,313
  1,367
  1,425
  1,487
  1,552
  1,621
  1,694
  1,771
  1,852
  1,938
  2,029
  2,124
  2,225
  2,330
  2,442
  2,559
  2,683
  2,813
  2,949
EBITDA, $m
  2,233
  2,284
  2,343
  2,409
  2,482
  2,562
  2,649
  2,744
  2,845
  2,954
  3,071
  3,196
  3,329
  3,470
  3,619
  3,778
  3,946
  4,123
  4,311
  4,509
  4,718
  4,939
  5,171
  5,416
  5,673
  5,945
  6,231
  6,531
  6,848
  7,180
Interest expense (income), $m
  184
  247
  260
  275
  291
  310
  331
  354
  379
  406
  436
  467
  501
  536
  574
  615
  658
  704
  752
  803
  857
  914
  974
  1,037
  1,104
  1,174
  1,248
  1,326
  1,408
  1,494
  1,585
Earnings before tax, $m
  644
  653
  662
  672
  683
  695
  708
  722
  737
  752
  795
  812
  831
  851
  872
  894
  917
  942
  968
  996
  1,024
  1,055
  1,087
  1,121
  1,157
  1,194
  1,233
  1,275
  1,318
  1,364
Tax expense, $m
  174
  176
  179
  182
  185
  188
  191
  195
  199
  203
  215
  219
  224
  230
  235
  241
  248
  254
  261
  269
  277
  285
  294
  303
  312
  322
  333
  344
  356
  368
Net income, $m
  470
  476
  483
  491
  499
  508
  517
  527
  538
  549
  580
  593
  607
  621
  636
  653
  670
  688
  707
  727
  748
  770
  794
  818
  844
  872
  900
  931
  962
  996

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  17,234
  17,630
  18,083
  18,592
  19,155
  19,774
  20,447
  21,176
  21,962
  22,804
  23,706
  24,668
  25,693
  26,781
  27,937
  29,161
  30,457
  31,827
  33,275
  34,804
  36,418
  38,119
  39,912
  41,802
  43,792
  45,887
  48,092
  50,413
  52,855
  55,423
Adjusted assets (=assets-cash), $m
  17,234
  17,630
  18,083
  18,592
  19,155
  19,774
  20,447
  21,176
  21,962
  22,804
  23,706
  24,668
  25,693
  26,781
  27,937
  29,161
  30,457
  31,827
  33,275
  34,804
  36,418
  38,119
  39,912
  41,802
  43,792
  45,887
  48,092
  50,413
  52,855
  55,423
Revenue / Adjusted assets
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
Average production assets, $m
  13,156
  13,459
  13,805
  14,193
  14,623
  15,095
  15,609
  16,166
  16,765
  17,409
  18,097
  18,832
  19,614
  20,445
  21,327
  22,261
  23,251
  24,297
  25,402
  26,570
  27,801
  29,100
  30,469
  31,911
  33,431
  35,030
  36,714
  38,485
  40,349
  42,310
Working capital, $m
  -40
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
Total debt, $m
  4,811
  5,084
  5,396
  5,746
  6,135
  6,561
  7,025
  7,527
  8,068
  8,649
  9,270
  9,933
  10,639
  11,389
  12,185
  13,028
  13,921
  14,866
  15,863
  16,917
  18,028
  19,200
  20,436
  21,738
  23,109
  24,553
  26,072
  27,671
  29,353
  31,123
Total liabilities, $m
  11,874
  12,147
  12,459
  12,810
  13,198
  13,624
  14,088
  14,590
  15,132
  15,712
  16,334
  16,996
  17,702
  18,452
  19,248
  20,092
  20,985
  21,929
  22,927
  23,980
  25,092
  26,264
  27,500
  28,801
  30,173
  31,616
  33,136
  34,735
  36,417
  38,186
Total equity, $m
  5,360
  5,483
  5,624
  5,782
  5,957
  6,150
  6,359
  6,586
  6,830
  7,092
  7,373
  7,672
  7,990
  8,329
  8,688
  9,069
  9,472
  9,898
  10,349
  10,824
  11,326
  11,855
  12,413
  13,000
  13,619
  14,271
  14,957
  15,679
  16,438
  17,236
Total liabilities and equity, $m
  17,234
  17,630
  18,083
  18,592
  19,155
  19,774
  20,447
  21,176
  21,962
  22,804
  23,707
  24,668
  25,692
  26,781
  27,936
  29,161
  30,457
  31,827
  33,276
  34,804
  36,418
  38,119
  39,913
  41,801
  43,792
  45,887
  48,093
  50,414
  52,855
  55,422
Debt-to-equity ratio
  0.900
  0.930
  0.960
  0.990
  1.030
  1.070
  1.100
  1.140
  1.180
  1.220
  1.260
  1.290
  1.330
  1.370
  1.400
  1.440
  1.470
  1.500
  1.530
  1.560
  1.590
  1.620
  1.650
  1.670
  1.700
  1.720
  1.740
  1.760
  1.790
  1.810
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

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  470
  476
  483
  491
  499
  508
  517
  527
  538
  549
  580
  593
  607
  621
  636
  653
  670
  688
  707
  727
  748
  770
  794
  818
  844
  872
  900
  931
  962
  996
Depreciation, amort., depletion, $m
  1,341
  1,372
  1,406
  1,445
  1,488
  1,535
  1,587
  1,642
  1,702
  1,767
  1,810
  1,883
  1,961
  2,044
  2,133
  2,226
  2,325
  2,430
  2,540
  2,657
  2,780
  2,910
  3,047
  3,191
  3,343
  3,503
  3,671
  3,849
  4,035
  4,231
Funds from operations, $m
  1,812
  1,848
  1,889
  1,936
  1,987
  2,043
  2,104
  2,169
  2,240
  2,316
  2,390
  2,476
  2,568
  2,666
  2,769
  2,879
  2,995
  3,117
  3,247
  3,384
  3,528
  3,680
  3,841
  4,009
  4,187
  4,375
  4,572
  4,779
  4,997
  5,227
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  1,813
  1,849
  1,891
  1,937
  1,988
  2,044
  2,105
  2,171
  2,242
  2,318
  2,392
  2,478
  2,570
  2,668
  2,772
  2,881
  2,998
  3,121
  3,250
  3,387
  3,532
  3,684
  3,845
  4,014
  4,192
  4,380
  4,577
  4,785
  5,003
  5,233
Maintenance CAPEX, $m
  -1,290
  -1,316
  -1,346
  -1,380
  -1,419
  -1,462
  -1,510
  -1,561
  -1,617
  -1,677
  -1,741
  -1,810
  -1,883
  -1,961
  -2,044
  -2,133
  -2,226
  -2,325
  -2,430
  -2,540
  -2,657
  -2,780
  -2,910
  -3,047
  -3,191
  -3,343
  -3,503
  -3,671
  -3,849
  -4,035
New CAPEX, $m
  -257
  -303
  -346
  -388
  -430
  -472
  -514
  -556
  -600
  -643
  -688
  -734
  -782
  -831
  -882
  -935
  -989
  -1,046
  -1,105
  -1,167
  -1,232
  -1,299
  -1,369
  -1,442
  -1,519
  -1,600
  -1,684
  -1,772
  -1,864
  -1,960
Cash from investing activities, $m
  -1,547
  -1,619
  -1,692
  -1,768
  -1,849
  -1,934
  -2,024
  -2,117
  -2,217
  -2,320
  -2,429
  -2,544
  -2,665
  -2,792
  -2,926
  -3,068
  -3,215
  -3,371
  -3,535
  -3,707
  -3,889
  -4,079
  -4,279
  -4,489
  -4,710
  -4,943
  -5,187
  -5,443
  -5,713
  -5,995
Free cash flow, $m
  266
  231
  199
  168
  139
  110
  82
  54
  26
  -2
  -37
  -66
  -95
  -124
  -155
  -186
  -218
  -251
  -285
  -320
  -357
  -395
  -434
  -475
  -518
  -563
  -610
  -658
  -709
  -763
Issuance/(repayment) of debt, $m
  237
  273
  312
  350
  388
  426
  464
  502
  541
  581
  621
  663
  706
  750
  796
  844
  893
  944
  998
  1,053
  1,112
  1,172
  1,236
  1,302
  1,371
  1,444
  1,520
  1,599
  1,682
  1,769
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  237
  273
  312
  350
  388
  426
  464
  502
  541
  581
  621
  663
  706
  750
  796
  844
  893
  944
  998
  1,053
  1,112
  1,172
  1,236
  1,302
  1,371
  1,444
  1,520
  1,599
  1,682
  1,769
Total cash flow (excl. dividends), $m
  503
  504
  511
  519
  527
  536
  546
  556
  567
  578
  584
  597
  611
  626
  641
  658
  675
  693
  713
  733
  755
  777
  801
  826
  853
  881
  910
  941
  973
  1,007
Retained Cash Flow (-), $m
  -103
  -123
  -141
  -158
  -175
  -192
  -209
  -227
  -244
  -262
  -280
  -299
  -319
  -339
  -359
  -381
  -403
  -426
  -450
  -475
  -502
  -529
  -558
  -588
  -619
  -652
  -686
  -722
  -759
  -799
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
  400
  381
  370
  360
  352
  344
  336
  329
  322
  316
  303
  298
  292
  287
  282
  277
  272
  267
  263
  258
  253
  248
  244
  239
  234
  229
  224
  219
  214
  208
Discount rate, %
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
  374
  330
  296
  264
  234
  206
  179
  155
  133
  113
  93
  77
  63
  51
  40
  32
  24
  18
  14
  10
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  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 20.6
Price to Sales 2.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow -36.1
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 $3565 million for the last fiscal year's total revenue generated by Pinnacle West Capital. The default revenue input number comes from 2017 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%, 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 75.5%.

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 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 5.4% 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 361.8%.

Life of production assets of 10 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 -1.1%. 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 - $5257 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 112 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 $9.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PNM PNM Resources 40.35 16.31  str.sell
EIX Edison Interna 69.32 21.49  str.sell
XEL Xcel Energy 48.17 10.76  str.sell
IDA IDACORP 98.42 15.20  str.sell
NWE NorthWestern 61.32 8.85  str.sell
EE El Paso Electr 63.10 7.14  str.sell
DUK Duke Energy 81.79 38.91  sell
NEE NextEra Energy 174.79 46.97  str.sell
PEG Public Service 53.80 6.79  str.sell

COMPANY NEWS

▶ US drops bribery case against ex-Arizona utility regulator   [Aug-08-18 03:39PM  Associated Press]
▶ APS parent posts small revenue dip in Q2 due to higher expenses   [Aug-06-18 05:20PM  American City Business Journals]
▶ Pinnacle West: 2Q Earnings Snapshot   [09:09AM  Associated Press]
▶ Pinnacle West Declares Quarterly Dividend   [Jun-20-18 05:00PM  Business Wire]
▶ Best Dividend Stocks In NYSE   [09:02AM  Simply Wall St.]
▶ Ex-Arizona regulator charged with bribery heads to trial   [May-27-18 11:32AM  Associated Press]
▶ May Top Dividend Paying Stocks   [May-18-18 09:02AM  Simply Wall St.]
▶ APS Issues RFP for Forest Bioenergy Resources   [May-07-18 03:39PM  Business Wire]
▶ Pinnacle West Upgraded By BofA On Valuation   [May-04-18 04:17PM  Benzinga]
▶ Tax cuts, expenses contribute to massive income drop for APS parent   [May-02-18 07:05PM  American City Business Journals]
▶ Pinnacle West: 1Q Earnings Snapshot   [08:59AM  Associated Press]
▶ APS Issues RFP for Peaking Capacity   [Apr-26-18 08:00PM  Business Wire]
▶ Pinnacle West Declares Quarterly Dividend   [Apr-18-18 07:02PM  Business Wire]
▶ Top Dividend Paying Stocks   [Apr-17-18 09:02AM  Simply Wall St.]
▶ APS claims renewable energy measure would force Palo Verde nuclear plant to close   [Apr-12-18 03:20PM  American City Business Journals]
▶ How some Phoenix companies are spending their tax cut windfall   [Apr-06-18 03:00AM  American City Business Journals]
▶ See why your electric bill could go down even during the scorching summer heat   [Mar-13-18 04:51PM  American City Business Journals]
▶ Why These 17 Stocks Have Takeover Appeal   [Mar-02-18 08:09AM  Forbes]
▶ APS Passes Tax Reform Savings on to Customers   [Mar-01-18 04:31PM  Business Wire]
▶ APS parent company reports higher revenue, lower income in latest quarter   [Feb-23-18 04:45PM  American City Business Journals]
▶ Pinnacle West beats 4Q profit forecasts   [09:07AM  Associated Press]
▶ Hedge Your Bet With These Dividend Payers   [Feb-18-18 08:02AM  Simply Wall St.]
▶ First Solar Enters Energy Storage Game   [Feb-14-18 09:04PM  Motley Fool]
▶ Morgan Stanley Issues Industrywide Utilities Update   [Feb-13-18 05:18PM  Benzinga]
▶ Even a flight to safety stock is stressed under market volatility   [Feb-09-18 01:55PM  American City Business Journals]
▶ Pinnacle West Declares Quarterly Dividend   [Dec-20-17 04:30PM  Business Wire]
▶ Best Rated NYSE Dividend Stocks   [Nov-17-17 08:02AM  Simply Wall St.]
▶ Company News For Nov 6, 2017   [Nov-06-17 10:04AM  Zacks]
▶ Pinnacle West beats 3Q profit forecasts   [08:47AM  Associated Press]
▶ Pinnacle West Reports Third-Quarter Earnings   [08:40AM  Business Wire]
▶ Pinnacle West Increases Quarterly Dividend   [Oct-18-17 05:52PM  Business Wire]
▶ Summer of 2017 Rewrote APS Energy Records   [Oct-12-17 02:14PM  Business Wire]
▶ McCain, Flake dont like Trump but they like his EPA and Obama rollbacks   [Oct-10-17 06:55PM  American City Business Journals]
▶ These SPX Utilities Received Rating Changes Last Week   [Sep-27-17 07:40AM  Market Realist]
▶ Pinnacle West Capital Trying To Close In On Key Technical Measure   [Sep-08-17 03:00AM  Investor's Business Daily]
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