Intrinsic value of Pinnacle West Capital - PNW

Previous Close

$79.03

  Intrinsic Value

$19.71

stock screener

  Rating & Target

str. sell

-75%

Previous close

$79.03

 
Intrinsic value

$19.71

 
Up/down potential

-75%

 
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 0001), $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 8.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  3,676
  3,797
  3,928
  4,070
  4,223
  4,387
  4,562
  4,748
  4,947
  5,158
  5,382
  5,619
  5,869
  6,135
  6,415
  6,710
  7,022
  7,351
  7,698
  8,063
  8,447
  8,852
  9,278
  9,726
  10,198
  10,694
  11,215
  11,764
  12,340
  12,946
Variable operating expenses, $m
  2,774
  2,865
  2,963
  3,069
  3,184
  3,306
  3,437
  3,576
  3,725
  3,883
  4,024
  4,202
  4,389
  4,587
  4,797
  5,018
  5,251
  5,497
  5,756
  6,029
  6,317
  6,619
  6,938
  7,273
  7,626
  7,997
  8,387
  8,797
  9,228
  9,681
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
  2,774
  2,865
  2,963
  3,069
  3,184
  3,306
  3,437
  3,576
  3,725
  3,883
  4,024
  4,202
  4,389
  4,587
  4,797
  5,018
  5,251
  5,497
  5,756
  6,029
  6,317
  6,619
  6,938
  7,273
  7,626
  7,997
  8,387
  8,797
  9,228
  9,681
Operating income, $m
  901
  932
  965
  1,001
  1,039
  1,081
  1,125
  1,172
  1,222
  1,275
  1,357
  1,417
  1,480
  1,547
  1,618
  1,692
  1,771
  1,854
  1,941
  2,034
  2,130
  2,233
  2,340
  2,453
  2,572
  2,697
  2,829
  2,967
  3,112
  3,265
EBITDA, $m
  1,552
  1,603
  1,659
  1,718
  1,783
  1,852
  1,926
  2,005
  2,089
  2,178
  2,272
  2,372
  2,478
  2,590
  2,708
  2,833
  2,965
  3,104
  3,250
  3,404
  3,567
  3,737
  3,917
  4,107
  4,306
  4,515
  4,735
  4,967
  5,210
  5,466
Interest expense (income), $m
  184
  268
  290
  312
  336
  362
  390
  420
  452
  486
  522
  560
  601
  644
  690
  739
  790
  844
  900
  960
  1,024
  1,090
  1,160
  1,234
  1,312
  1,394
  1,480
  1,570
  1,665
  1,765
  1,871
Earnings before tax, $m
  633
  642
  653
  665
  677
  691
  705
  720
  736
  753
  797
  816
  836
  857
  879
  903
  927
  954
  981
  1,010
  1,040
  1,072
  1,106
  1,141
  1,178
  1,217
  1,258
  1,302
  1,347
  1,395
Tax expense, $m
  171
  173
  176
  179
  183
  187
  190
  194
  199
  203
  215
  220
  226
  231
  237
  244
  250
  257
  265
  273
  281
  289
  299
  308
  318
  329
  340
  351
  364
  377
Net income, $m
  462
  469
  477
  485
  494
  504
  515
  526
  537
  550
  582
  596
  610
  626
  642
  659
  677
  696
  716
  737
  759
  783
  807
  833
  860
  889
  919
  950
  983
  1,018

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
  17,588
  18,166
  18,795
  19,474
  20,205
  20,989
  21,826
  22,719
  23,670
  24,679
  25,749
  26,883
  28,083
  29,352
  30,692
  32,106
  33,598
  35,172
  36,830
  38,577
  40,417
  42,354
  44,392
  46,537
  48,793
  51,167
  53,662
  56,286
  59,044
  61,944
Adjusted assets (=assets-cash), $m
  17,588
  18,166
  18,795
  19,474
  20,205
  20,989
  21,826
  22,719
  23,670
  24,679
  25,749
  26,883
  28,083
  29,352
  30,692
  32,106
  33,598
  35,172
  36,830
  38,577
  40,417
  42,354
  44,392
  46,537
  48,793
  51,167
  53,662
  56,286
  59,044
  61,944
Revenue / Adjusted assets
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
Average production assets, $m
  13,310
  13,748
  14,224
  14,738
  15,291
  15,884
  16,518
  17,194
  17,913
  18,677
  19,487
  20,345
  21,253
  22,213
  23,227
  24,298
  25,427
  26,618
  27,873
  29,195
  30,587
  32,053
  33,596
  35,219
  36,926
  38,722
  40,611
  42,597
  44,684
  46,878
Working capital, $m
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
Total debt, $m
  5,372
  5,780
  6,224
  6,704
  7,220
  7,773
  8,364
  8,995
  9,665
  10,378
  11,134
  11,934
  12,781
  13,677
  14,623
  15,622
  16,675
  17,786
  18,957
  20,190
  21,489
  22,857
  24,296
  25,810
  27,403
  29,078
  30,840
  32,693
  34,640
  36,687
Total liabilities, $m
  12,417
  12,825
  13,269
  13,749
  14,265
  14,818
  15,410
  16,040
  16,711
  17,423
  18,179
  18,980
  19,827
  20,722
  21,668
  22,667
  23,721
  24,831
  26,002
  27,236
  28,534
  29,902
  31,341
  32,855
  34,448
  36,124
  37,885
  39,738
  41,685
  43,732
Total equity, $m
  5,171
  5,341
  5,526
  5,725
  5,940
  6,171
  6,417
  6,680
  6,959
  7,256
  7,570
  7,904
  8,256
  8,629
  9,023
  9,439
  9,878
  10,341
  10,828
  11,342
  11,883
  12,452
  13,051
  13,682
  14,345
  15,043
  15,777
  16,548
  17,359
  18,211
Total liabilities and equity, $m
  17,588
  18,166
  18,795
  19,474
  20,205
  20,989
  21,827
  22,720
  23,670
  24,679
  25,749
  26,884
  28,083
  29,351
  30,691
  32,106
  33,599
  35,172
  36,830
  38,578
  40,417
  42,354
  44,392
  46,537
  48,793
  51,167
  53,662
  56,286
  59,044
  61,943
Debt-to-equity ratio
  1.040
  1.080
  1.130
  1.170
  1.220
  1.260
  1.300
  1.350
  1.390
  1.430
  1.470
  1.510
  1.550
  1.580
  1.620
  1.650
  1.690
  1.720
  1.750
  1.780
  1.810
  1.840
  1.860
  1.890
  1.910
  1.930
  1.950
  1.980
  2.000
  2.010
Adjusted equity ratio
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  462
  469
  477
  485
  494
  504
  515
  526
  537
  550
  582
  596
  610
  626
  642
  659
  677
  696
  716
  737
  759
  783
  807
  833
  860
  889
  919
  950
  983
  1,018
Depreciation, amort., depletion, $m
  651
  671
  694
  718
  744
  771
  801
  833
  867
  903
  915
  955
  998
  1,043
  1,090
  1,141
  1,194
  1,250
  1,309
  1,371
  1,436
  1,505
  1,577
  1,653
  1,734
  1,818
  1,907
  2,000
  2,098
  2,201
Funds from operations, $m
  1,113
  1,140
  1,170
  1,203
  1,238
  1,276
  1,316
  1,359
  1,404
  1,452
  1,497
  1,551
  1,608
  1,668
  1,732
  1,800
  1,871
  1,946
  2,025
  2,108
  2,195
  2,288
  2,384
  2,486
  2,594
  2,707
  2,825
  2,950
  3,081
  3,219
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
Cash from operations, $m
  1,113
  1,140
  1,171
  1,204
  1,239
  1,277
  1,317
  1,360
  1,405
  1,453
  1,498
  1,552
  1,609
  1,670
  1,734
  1,801
  1,872
  1,947
  2,026
  2,110
  2,197
  2,290
  2,387
  2,489
  2,596
  2,709
  2,828
  2,953
  3,084
  3,222
Maintenance CAPEX, $m
  -606
  -625
  -645
  -668
  -692
  -718
  -746
  -775
  -807
  -841
  -877
  -915
  -955
  -998
  -1,043
  -1,090
  -1,141
  -1,194
  -1,250
  -1,309
  -1,371
  -1,436
  -1,505
  -1,577
  -1,653
  -1,734
  -1,818
  -1,907
  -2,000
  -2,098
New CAPEX, $m
  -402
  -438
  -476
  -514
  -553
  -593
  -634
  -676
  -719
  -764
  -810
  -858
  -908
  -960
  -1,014
  -1,070
  -1,129
  -1,191
  -1,255
  -1,322
  -1,392
  -1,466
  -1,543
  -1,623
  -1,708
  -1,796
  -1,889
  -1,986
  -2,087
  -2,194
Cash from investing activities, $m
  -1,008
  -1,063
  -1,121
  -1,182
  -1,245
  -1,311
  -1,380
  -1,451
  -1,526
  -1,605
  -1,687
  -1,773
  -1,863
  -1,958
  -2,057
  -2,160
  -2,270
  -2,385
  -2,505
  -2,631
  -2,763
  -2,902
  -3,048
  -3,200
  -3,361
  -3,530
  -3,707
  -3,893
  -4,087
  -4,292
Free cash flow, $m
  106
  77
  50
  22
  -6
  -34
  -63
  -92
  -121
  -151
  -189
  -221
  -254
  -288
  -323
  -360
  -398
  -437
  -478
  -521
  -566
  -612
  -661
  -712
  -765
  -820
  -879
  -940
  -1,003
  -1,070
Issuance/(repayment) of debt, $m
  404
  409
  444
  480
  516
  553
  591
  630
  671
  713
  756
  801
  847
  896
  946
  999
  1,054
  1,111
  1,171
  1,233
  1,299
  1,367
  1,439
  1,514
  1,593
  1,675
  1,762
  1,852
  1,947
  2,047
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  
  404
  409
  444
  480
  516
  553
  591
  630
  671
  713
  756
  801
  847
  896
  946
  999
  1,054
  1,111
  1,171
  1,233
  1,299
  1,367
  1,439
  1,514
  1,593
  1,675
  1,762
  1,852
  1,947
  2,047
Total cash flow (excl. dividends), $m
  510
  486
  493
  501
  510
  519
  529
  539
  550
  561
  567
  579
  593
  608
  623
  639
  656
  674
  693
  712
  733
  755
  778
  803
  828
  855
  883
  913
  944
  977
Retained Cash Flow (-), $m
  -164
  -170
  -185
  -200
  -215
  -230
  -246
  -263
  -279
  -297
  -315
  -333
  -353
  -373
  -394
  -416
  -439
  -463
  -488
  -514
  -541
  -569
  -599
  -631
  -663
  -698
  -734
  -771
  -811
  -852
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
  346
  316
  309
  302
  295
  288
  282
  276
  270
  265
  252
  246
  240
  235
  229
  223
  217
  211
  205
  199
  192
  186
  179
  172
  165
  157
  150
  141
  133
  124
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
  322
  272
  244
  217
  192
  168
  146
  125
  106
  89
  72
  59
  47
  38
  29
  23
  17
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
  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 19.9
Price to Sales 2.5
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow -34.9
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 $3565.296 million for the last fiscal year's total revenue generated by Pinnacle West Capital. The default revenue input number comes from 0001 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 3.1% 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 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 362.1%.

Life of production assets of 21.3 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 -0.5%. 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 - $5006.69 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 111.974 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 $8.8 billion.

RELATED COMPANIES Price Int.Val. Rating
PNM PNM Resources 38.90 23.59  sell
EIX Edison Interna 67.33 34.57  sell
XEL Xcel Energy 47.19 18.52  str.sell
IDA IDACORP 98.39 26.10  str.sell
NWE NorthWestern 58.28 22.13  str.sell
EE El Paso Electr 59.55 18.29  str.sell
DUK Duke Energy 80.09 54.34  sell
NEE NextEra Energy 169.17 53.95  str.sell
PEG Public Service 51.91 10.43  str.sell

COMPANY NEWS

▶ APS adds 3 energy efficiency programs amid fight against Arizona renewable initiative   [Sep-11-18 10:58PM  American City Business Journals]
▶ Pinnacle West Capital Names New General Counsel   [Aug-27-18 11:20AM  Business Wire]
▶ Utility analysts question Arizona renewable issue as it heads to ballot   [Aug-19-18 09:00PM  American City Business Journals]
▶ 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]

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