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HomeMy WebLinkAboutHadawayExhibit No. 3.xlsModule1 Backup2-DO NOT PRINT Backup1-DO NOT PRINT Page 5 Page 4 Page 3 Page 2 Page 1 cg cg COLS DCF2 DCF2 DCF3 DCF3 inputs notes sum tv tv Company GROUP AVERAGE GROUP MEDIAN Group Average Check Group Median Check Projected Growth Rate Analysis Next Average ROE Recent Year's Dividend Retention B*R Value Growth K=Div Yld+G Price(P0) Div(D1) Yield DPS EPS Rate (B) NBV ROE (R) Line Annual CASH FLOWS ROE=Internal Change Year 1 Year 2 Year 3 Year 4 Rate of Return Div Price DCF Analysis Column Descriptions Column 3: Column 2 Divided by Column 1 Column 6: One Minus (Column 4 Divided by Column 5) Column 8: Column 5 Divided by Column 7 Column 9: Column 6 Multiplied by Column 8 Reported by Value Line. EXTRACT RANGE Name Ticker S&P_Rating VL_Growth Zacks_Growth Moody_Rating Median Constant Growth DCF Model Summary Of DCF Model Results NOTE: SEE PAGE 5 OF THIS SCHEDULE FOR FURTHER EXPLANATION OF EACH COLUMN Zacks IRR P0 D1 D2 D3 D4 D5 D6 D7 D8 D9 D10 D11 D12 D13 D14 D15 D16 D17 D18 D19 D20 D21 D22 D23 D24 D25 D26 D27 D28 D29 D30 D31 D32 D33 D34 D35 D36 D37 D38 D39 D40 D41 D42 D43 D44 D45 D46 D47 D48 D49 D50 D51 D52 D53 D54 D55 D56 D57 D58 D59 D60 D61 D62 D63 D64 D65 D66 D67 D68 D69 D70 D71 D72 D73 D74 D75 D76 D77 D78 D79 D80 D81 D82 D83 D84 D85 D86 D87 D88 D89 D90 D91 D92 D93 D94 D95 D96 D97 D98 D99 D100 D101 D102 D103 D104 D105 D106 D107 D108 D109 D110 D111 D112 D113 D114 D115 D116 D117 D118 D119 D120 D121 D122 D123 D124 D125 D126 D127 D128 D129 D130 D131 D132 D133 D134 D135 D136 D137 D138 D139 D140 D141 D142 D143 D144 D145 D146 D147 D148 D149 D150 Two-Stage Growth Year 5 Div Growth (Yrs 0-150) Year 5-150 Bottom of Column 12 for the Years 6-150 Implied by the Growth Low Near-Term Growth Near-Term Growth Long-Term Growth Two-Stage Growth DCF Model Con. Edison ED DTE Energy Co. DTE FPL Group, Inc. FPL Northeast Utilities NU NSTAR NST SCANA Corp. SCG Southern Co. SO Vectren Corp. VVC % Elec Revs Ameren AEE EPS03 DPS04 GDP AvgPE Column 10: "Next 5 Years" Company Growth Estimate as Reported by Zacks.com Column 13: Average of Columns 9-12 Column 14: Column 3 Plus Column 13 EPS04 EPS08 DPS05 DPS08 NBV08 Year 2008 "BR" Growth Rate Calculation 2008 to 2008 Column 4: Estimated 2008 Dividends per Share from Value Line Column 5: Estimated 2008 Earnings per Share from Value Line Column 7: Estimated 2008 Net Book Value per Share from Value Line Column 11: "Est'D 01-03 To 07-09" Earnings Growth as 20 year, 30 year, and 40 year growth periods. Column 12: Average of GDP Growth During the Last 10 year, Discounted Cash Flow Analysis CH Energy Group CHG NA Cleco Corporation CNL MGE Energy, Inc. MGEE Progress Energy PGN Xcel Energy Inc. XEL Column 2: Estimated 2005 Dividends per Share from Value Line (Cols 3+13) (Cols 9-12) Column 15: See Column 1 Column 16: See Column 2 Column 17: Column 16 Divided by Column 15 Column 18: See Average Growth Rate shown at the Column 19: Column 17 Plus Column 18 (Cols 17+18) Column 20: See Column 2 Column 23: See Column 1 Column 29: See Average Growth Rate shown at the Column 30: The Internal Rate of Return of the Cash Flows Column 21: See Column 4 Column 22: (Column 21 Minus Column 20) Divided by Three Column 24: See Column 20 Column 25: Column 24 Plus Column 22 Column 26: Column 25 Plus Column 22 Column 27: Column 26 Plus Column 22 Column 28: Column 27 Increased by the Growth Rate Shown in Column 29 in Columns 23-28 along with the Dividends Rates shown in Column 29 Sempra Energy SRE Wisconsin Energy WEC n/a Traditional Long-Term GDP Growth PacifiCorp Idaho Column 1: Three-month Average Price per Share (Aug-Oct 2004) % Gas Revs % Water Revs 3-Mo Avg Prices Empire District EDE Entergy Corp. ETR Sources: Value Line Investment Survey, Electric Utility (East), Sep 3, 2004; (Central), Oct 1, 2004; (West), Nov 12, 2004 Page 1.00 7.00 6.00 $46.73 3.14 2.90 3.05 2.54 2.54 $2.54 $32.85 15.70 0.00 0.03 1.00 $46.48 2.00 6.00 6.00 $44.72 2.78 2.80 2.75 2.16 2.16 $2.16 $32.50 16.70 5.00E-03 0.72 $45.29 3.00 8.00 7.00 $17.39 1.26 1.20 1.50 0.90 0.90 $0.90 $12.50 13.30 0.01 0.77 $17.50 4.00 6.00 5.00 $41.13 2.83 2.70 2.90 2.26 2.28 $2.34 $31.55 14.80 -0.01 0.03 0.85 $42.16 5.00 7.00 6.00 $41.13 2.85 3.00 3.75 2.06 2.06 $2.10 $38.50 12.95 0.04 0.04 0.74 $41.40 6.00 7.00 8.00 $20.39 1.29 0.85 1.50 1.28 1.28 $1.28 $15.75 18.20 0.07 0.05 0.93 $20.57 7.00 7.00 9.00 $60.25 3.69 3.70 4.95 1.84 1.92 $2.16 $49.20 14.40 0.06 0.06 0.82 $60.95 8.00 6.00 4.00 $68.48 4.89 5.05 5.85 2.60 2.84 $3.56 $51.45 12.30 0.05 0.05 0.86 68.38 9.00 4.00 4.00 $31.60 1.71 1.90 2.35 1.36 1.37 $1.40 $18.00 14.85 0.06 1.00 $31.90 10.00 8.00 7.00 $18.81 1.24 1.35 2.15 0.63 0.67 0.89 $22.05 12.40 0.10 0.05 0.71 $19.16 11.00 6.00 5.00 $48.09 3.48 3.55 4.00 2.24 2.30 $2.50 $32.50 13.55 0.03 0.05 0.96 48.76 12.00 9.00 6.00 $43.20 3.41 3.50 3.20 2.32 2.38 $2.50 $36.35 12.75 -0.02 0.04 0.77 42.52 13.00 7.00 5.00 $37.56 2.50 2.75 3.25 1.46 1.54 1.78 $28.50 13.45 0.06 0.05 0.75 37.36 14.00 5.00 5.00 $34.71 3.01 3.35 3.75 1.00 1.00 $1.00 $31.25 11.35 0.05 0.06 0.74 35.50 15.00 5.00 5.00 $29.94 1.97 2.00 2.45 1.42 1.45 $1.63 $17.65 13.95 0.05 0.04 0.79 30.36 16.00 7.00 7.00 $24.70 1.56 1.50 1.95 1.15 1.19 $1.31 $16.35 14.40 0.05 0.06 0.91 24.91 17.00 7.00 4.00 $31.44 2.26 1.95 3.00 0.83 0.87 $1.00 $29.00 13.45 0.06 0.06 0.81 32.15 18.00 7.00 7.00 $17.35 1.23 1.25 1.50 0.81 0.87 $1.00 $14.75 13.50 0.03 0.03 0.97 17.33 6.61 5.89 0.84 0.07 2005.00 2008.00 3.00 2004.00 2005.00 1.00 2006.00 2007.00 2008.00 2009.00 2010.00 2011.00 2012.00 2013.00 2014.00 2015.00 2016.00 2017.00 2018.00 2019.00 2020.00 2021.00 2022.00 2023.00 2024.00 2025.00 2026.00 2027.00 2028.00 2029.00 2030.00 2031.00 2032.00 2033.00 2034.00 2035.00 2036.00 2037.00 2038.00 2039.00 2040.00 2041.00 2042.00 2043.00 2044.00 2045.00 2046.00 2047.00 2048.00 2049.00 2050.00 2051.00 2052.00 2053.00 2054.00 2055.00 2056.00 2057.00 2058.00 2059.00 2060.00 2061.00 2062.00 2063.00 2064.00 2065.00 2066.00 2067.00 2068.00 2069.00 2070.00 2071.00 2072.00 2073.00 2074.00 2075.00 2076.00 2077.00 2078.00 2079.00 2080.00 2081.00 2082.00 2083.00 2084.00 2085.00 2086.00 2087.00 2088.00 2089.00 2090.00 2091.00 2092.00 2093.00 2094.00 2095.00 2096.00 2097.00 2098.00 2099.00 2100.00 2101.00 2102.00 2103.00 2104.00 2105.00 2106.00 2107.00 2108.00 2109.00 2110.00 2111.00 2112.00 2113.00 2114.00 2115.00 2116.00 2117.00 2118.00 2119.00 2120.00 2121.00 2122.00 2123.00 2124.00 2125.00 2126.00 2127.00 2128.00 2129.00 2130.00 2131.00 2132.00 2133.00 2134.00 2135.00 2136.00 2137.00 2138.00 2139.00 2140.00 2141.00 2142.00 2143.00 2144.00 2145.00 2146.00 2147.00 2148.00 2149.00 2150.00 2151.00 2152.00 2153.00 2154.00 1.00 Ameren 2.54 2.54 0.00 1.00 3.00 1.00 0.11 0.12 -46.48 2.54 2.54 2.54 2.54 2.71 2.89 3.08 3.28 3.50 3.73 3.97 4.24 4.52 4.81 5.13 5.47 5.83 6.22 6.63 7.06 7.53 8.03 8.56 9.12 9.72 10.36 11.05 11.78 12.55 13.38 14.27 15.21 16.21 17.28 18.42 19.64 20.93 22.31 23.79 25.36 27.03 28.81 30.72 32.74 34.90 37.21 39.66 42.28 45.07 48.05 51.22 54.60 58.20 62.04 66.14 70.50 75.16 80.12 85.40 91.04 97.05 103.46 110.28 117.56 125.32 133.59 142.41 151.81 161.83 172.51 183.89 196.03 208.97 222.76 237.46 253.14 269.84 287.65 306.64 326.87 348.45 371.45 395.96 422.09 449.95 479.65 511.31 545.05 581.03 619.37 660.25 703.83 750.28 799.80 852.59 908.86 968.84 1032.79 1100.95 1173.61 1251.07 1333.64 1421.66 1515.49 1615.52 1722.14 1835.80 1956.96 2086.12 2223.81 2370.58 2527.04 2693.82 2871.62 3061.14 3263.18 3478.55 3708.13 3952.87 4213.76 4491.86 4788.33 5104.36 5441.24 5800.37 6183.19 6591.28 7026.31 7490.04 7984.39 8511.36 9073.10 9671.93 10310.28 10990.76 11716.14 12489.41 13313.71 14192.42 15129.12 16127.64 17192.06 18326.74 19536.30 20825.70 22200.19 23665.41 25227.32 26892.33 28667.22 2.00 CH Energy Group 2.16 2.16 0.00 0.11 0.12 -45.28 2.16 2.16 2.16 2.16 2.30 2.46 2.62 2.79 2.97 3.17 3.38 3.60 3.84 4.09 4.36 4.65 4.96 5.29 5.63 6.01 6.40 6.83 7.28 7.76 8.27 8.81 9.39 10.01 10.68 11.38 12.13 12.93 13.79 14.70 15.66 16.70 17.80 18.98 20.23 21.56 22.99 24.50 26.12 27.84 29.68 31.64 33.73 35.96 38.33 40.86 43.56 46.43 49.49 52.76 56.24 59.96 63.91 68.13 72.63 77.42 82.53 87.98 93.78 99.97 106.57 113.61 121.10 129.10 137.62 146.70 156.38 166.70 177.71 189.43 201.94 215.26 229.47 244.62 260.76 277.97 296.32 315.88 336.72 358.95 382.64 407.89 434.81 463.51 494.10 526.71 561.48 598.53 638.04 680.15 725.04 772.89 823.90 878.28 936.24 998.03 1063.90 1134.12 1208.97 1288.77 1373.83 1464.50 1561.15 1664.19 1774.03 1891.11 2015.93 2148.98 2290.81 2442.00 2603.18 2774.99 2958.13 3153.37 3361.49 3583.35 3819.85 4071.96 4340.71 4627.20 4932.60 5258.15 5605.18 5975.13 6369.49 6789.87 7238.00 7715.71 8224.95 8767.79 9346.47 9963.34 10620.92 11321.90 12069.14 12865.70 13714.84 14620.02 15584.94 16613.55 17710.04 18878.91 20124.91 21453.16 22869.07 24378.42 3.00 Cleco Corporation 0.90 0.90 0.00 0.11 0.12 -17.50 0.90 0.90 0.90 0.90 0.96 1.02 1.09 1.16 1.24 1.32 1.41 1.50 1.60 1.71 1.82 1.94 2.07 2.20 2.35 2.50 2.67 2.84 3.03 3.23 3.45 3.67 3.91 4.17 4.45 4.74 5.06 5.39 5.74 6.12 6.53 6.96 7.42 7.91 8.43 8.99 9.58 10.21 10.88 11.60 12.37 13.18 14.05 14.98 15.97 17.02 18.15 19.35 20.62 21.98 23.43 24.98 26.63 28.39 30.26 32.26 34.39 36.66 39.08 41.66 44.41 47.34 50.46 53.79 57.34 61.12 65.16 69.46 74.04 78.93 84.14 89.69 95.61 101.92 108.65 115.82 123.47 131.61 140.30 149.56 159.43 169.95 181.17 193.13 205.88 219.46 233.95 249.39 265.85 283.39 302.10 322.04 343.29 365.95 390.10 415.85 443.29 472.55 503.74 536.99 572.43 610.21 650.48 693.41 739.18 787.96 839.97 895.41 954.50 1017.50 1084.66 1156.24 1232.56 1313.90 1400.62 1493.06 1591.61 1696.65 1808.63 1928.00 2055.25 2190.89 2335.49 2489.64 2653.95 2829.11 3015.83 3214.88 3427.06 3653.25 3894.36 4151.39 4425.38 4717.46 5028.81 5360.71 5714.52 6091.68 6493.73 6922.31 7379.18 7866.21 8385.38 8938.82 9528.78 10157.68 4.00 Con. Edison 2.28 2.34 8.70E-03 0.11 0.12 -42.16 2.28 2.30 2.32 2.34 2.49 2.66 2.84 3.02 3.22 3.43 3.66 3.90 4.16 4.43 4.73 5.04 5.37 5.73 6.10 6.51 6.94 7.39 7.88 8.40 8.96 9.55 10.18 10.85 11.57 12.33 13.14 14.01 14.93 15.92 16.97 18.09 19.28 20.56 21.91 23.36 24.90 26.55 28.30 30.17 32.16 34.28 36.54 38.95 41.52 44.26 47.19 50.30 53.62 57.16 60.93 64.95 69.24 73.81 78.68 83.87 89.41 95.31 101.60 108.30 115.45 123.07 131.20 139.85 149.09 158.92 169.41 180.60 192.51 205.22 218.76 233.20 248.59 265.00 282.49 301.14 321.01 342.20 364.78 388.86 414.52 441.88 471.05 502.14 535.28 570.60 608.26 648.41 691.21 736.82 785.46 837.30 892.56 951.47 1014.26 1081.20 1152.56 1228.63 1309.72 1396.16 1488.31 1586.54 1691.25 1802.87 1921.86 2048.71 2183.92 2328.06 2481.71 2645.50 2820.11 3006.23 3204.65 3416.15 3641.62 3881.96 4138.17 4411.29 4702.44 5012.80 5343.65 5696.33 6072.28 6473.05 6900.28 7355.69 7841.17 8358.69 8910.36 9498.44 10125.34 10793.61 11505.99 12265.39 13074.90 13937.85 14857.74 15838.36 16883.69 17998.01 19185.88 20452.15 21801.99 23240.92 24774.82 26409.96 5.00 DTE Energy Co. 2.06 2.10 6.43E-03 0.11 0.12 -41.40 2.06 2.07 2.09 2.10 2.24 2.39 2.54 2.71 2.89 3.08 3.29 3.50 3.73 3.98 4.24 4.52 4.82 5.14 5.48 5.84 6.22 6.64 7.07 7.54 8.04 8.57 9.13 9.74 10.38 11.06 11.79 12.57 13.40 14.29 15.23 16.23 17.31 18.45 19.67 20.96 22.35 23.82 25.40 27.07 28.86 30.76 32.79 34.96 37.26 39.72 42.35 45.14 48.12 51.30 54.68 58.29 62.14 66.24 70.61 75.27 80.24 85.53 91.18 97.20 103.61 110.45 117.74 125.51 133.79 142.62 152.04 162.07 172.77 184.17 196.33 209.28 223.10 237.82 253.52 270.25 288.09 307.10 327.37 348.98 372.01 396.56 422.73 450.63 480.38 512.08 545.88 581.91 620.31 661.25 704.90 751.42 801.01 853.88 910.24 970.31 1034.35 1102.62 1175.39 1252.97 1335.66 1423.82 1517.79 1617.96 1724.75 1838.58 1959.93 2089.28 2227.18 2374.17 2530.87 2697.90 2875.96 3065.78 3268.12 3483.81 3713.75 3958.85 4220.14 4498.67 4795.58 5112.09 5449.49 5809.15 6192.56 6601.26 7036.95 7501.39 7996.48 8524.24 9086.84 9686.58 10325.89 11007.40 11733.89 12508.32 13333.87 14213.91 15152.03 16152.06 17218.10 18354.49 19565.89 20857.24 1.00 22233.81 23701.25 6.00 Empire District 1.28 1.28 0.00 0.12 0.12 -20.57 1.28 1.28 1.28 1.28 1.36 1.46 1.55 1.65 1.76 1.88 2.00 2.13 2.28 2.43 2.59 2.76 2.94 3.13 3.34 3.56 3.79 4.04 4.31 4.60 4.90 5.22 5.57 5.93 6.33 6.74 7.19 7.66 8.17 8.71 9.28 9.90 10.55 11.24 11.99 12.78 13.62 14.52 15.48 16.50 17.59 18.75 19.99 21.31 22.71 24.21 25.81 27.51 29.33 31.27 33.33 35.53 37.87 40.37 43.04 45.88 48.91 52.13 55.58 59.24 63.15 67.32 71.77 76.50 81.55 86.93 92.67 98.79 105.31 112.26 119.67 127.56 135.98 144.96 154.53 164.72 175.60 187.19 199.54 212.71 226.75 241.71 257.67 274.67 292.80 312.13 332.73 354.69 378.10 403.05 429.65 458.01 488.24 520.46 554.81 591.43 630.46 672.07 716.43 763.71 814.12 867.85 925.13 986.19 1051.28 1120.66 1194.62 1273.47 1357.52 1447.11 1542.62 1644.44 1752.97 1868.66 1992.00 2123.47 2263.62 2413.02 2572.27 2742.04 2923.02 3115.94 3321.59 3540.82 3774.51 4023.63 4289.19 4572.27 4874.04 5195.73 5538.65 5904.20 6293.88 6709.27 7152.08 7624.12 8127.31 8663.72 9235.52 9845.07 10494.84 11187.50 11925.87 12712.98 13552.04 14446.47 7.00 Entergy Corp. 1.92 2.16 0.04 0.09 0.12 -60.95 1.92 2.00 2.08 2.16 2.30 2.46 2.62 2.79 2.97 3.17 3.38 3.60 3.84 4.09 4.36 4.65 4.96 5.29 5.63 6.01 6.40 6.83 7.28 7.76 8.27 8.81 9.39 10.01 10.68 11.38 12.13 12.93 13.79 14.70 15.66 16.70 17.80 18.98 20.23 21.56 22.99 24.50 26.12 27.84 29.68 31.64 33.73 35.96 38.33 40.86 43.56 46.43 49.49 52.76 56.24 59.96 63.91 68.13 72.63 77.42 82.53 87.98 93.78 99.97 106.57 113.61 121.10 129.10 137.62 146.70 156.38 166.70 177.71 189.43 201.94 215.26 229.47 244.62 260.76 277.97 296.32 315.88 336.72 358.95 382.64 407.89 434.81 463.51 494.10 526.71 561.48 598.53 638.04 680.15 725.04 772.89 823.90 878.28 936.24 998.03 1063.90 1134.12 1208.97 1288.77 1373.83 1464.50 1561.15 1664.19 1774.03 1891.11 2015.93 2148.98 2290.81 2442.00 2603.18 2774.99 2958.13 3153.37 3361.49 3583.35 3819.85 4071.96 4340.71 4627.20 4932.60 5258.15 5605.18 5975.13 6369.49 6789.87 7238.00 7715.71 8224.95 8767.79 9346.47 9963.34 10620.92 11321.90 12069.14 12865.70 13714.84 14620.02 15584.94 16613.55 17710.04 18878.91 20124.91 21453.16 22869.07 24378.42 8.00 FPL Group, Inc. 2.84 3.56 0.08 0.11 0.12 -68.38 2.84 3.08 3.32 3.56 3.80 4.05 4.31 4.60 4.90 5.22 5.57 5.94 6.33 6.75 7.19 7.67 8.17 8.71 9.29 9.90 10.55 11.25 11.99 12.78 13.63 14.52 15.48 16.51 17.59 18.76 19.99 21.31 22.72 24.22 25.82 27.52 29.34 31.27 33.34 35.54 37.88 40.39 43.05 45.89 48.92 52.15 55.59 59.26 63.17 67.34 71.79 76.52 81.57 86.96 92.70 98.82 105.34 112.29 119.70 127.60 136.02 145.00 154.57 164.77 175.65 187.24 199.60 212.77 226.81 241.78 257.74 274.75 292.88 312.22 332.82 354.79 378.20 403.17 429.77 458.14 488.38 520.61 554.97 591.60 630.64 672.27 716.63 763.93 814.35 868.10 925.39 986.47 1051.58 1120.98 1194.97 1273.83 1357.91 1447.53 1543.07 1644.91 1753.47 1869.20 1992.57 2124.08 2264.27 2413.71 2573.01 2742.83 2923.86 3116.83 3322.55 3541.83 3775.59 4024.78 4290.42 4573.59 4875.44 5197.22 5540.24 5905.90 6295.68 6711.20 7154.14 7626.31 8129.65 8666.21 9238.17 9847.89 10497.86 11190.71 11929.30 12716.63 13555.93 14450.62 15404.37 16421.05 17504.84 18660.16 19891.73 21204.59 22604.09 24095.96 25686.29 27381.59 29188.77 31115.23 33168.84 35357.98 37691.61 40179.26 9.00 MGE Energy, Inc. 1.37 1.40 7.25E-03 0.10 0.12 -31.90 1.37 1.38 1.39 1.40 1.49 1.59 1.70 1.81 1.93 2.05 2.19 2.33 2.49 2.65 2.83 3.01 3.21 3.43 3.65 3.89 4.15 4.42 4.72 5.03 5.36 5.71 6.09 6.49 6.92 7.38 7.86 8.38 8.94 9.53 10.15 10.82 11.54 12.30 13.11 13.98 14.90 15.88 16.93 18.05 19.24 20.51 21.86 23.30 24.84 26.48 28.23 30.09 32.08 34.20 36.45 38.86 41.42 44.16 47.07 50.18 53.49 57.02 60.79 64.80 69.07 73.63 78.49 83.67 89.20 95.08 101.36 108.05 115.18 122.78 130.88 139.52 148.73 158.55 169.01 180.17 192.06 204.73 218.25 232.65 248.01 264.37 281.82 300.42 320.25 341.39 363.92 387.94 413.54 440.84 469.93 500.95 534.01 569.25 606.82 646.87 689.57 735.08 783.59 835.31 890.44 949.21 1011.86 1078.64 1149.83 1225.72 1306.62 1392.86 1484.78 1582.78 1687.24 1798.60 1917.31 2043.85 2178.75 2322.54 2475.83 2639.24 2813.43 2999.11 3197.05 3408.06 3632.99 3872.77 4128.37 4400.84 4691.30 5000.92 5330.98 5682.83 6057.90 6457.72 6883.93 7338.27 7822.59 8338.88 8889.25 9475.94 10101.35 10768.04 11478.73 12236.33 13043.93 13904.82 1.00 14822.54 15800.83 10.00 Northeast Utilities 0.67 0.89 0.10 0.10 0.12 -19.16 0.67 0.74 0.82 0.89 0.95 1.01 1.08 1.15 1.23 1.31 1.39 1.48 1.58 1.69 1.80 1.92 2.04 2.18 2.32 2.48 2.64 2.81 3.00 3.20 3.41 3.63 3.87 4.13 4.40 4.69 5.00 5.33 5.68 6.06 6.46 6.88 7.34 7.82 8.34 8.89 9.47 10.10 10.76 11.47 12.23 13.04 13.90 14.82 15.79 16.84 17.95 19.13 20.39 21.74 23.17 24.70 26.33 28.07 29.93 31.90 34.01 36.25 38.64 41.19 43.91 46.81 49.90 53.19 56.70 60.45 64.44 68.69 73.22 78.05 83.21 88.70 94.55 100.79 107.44 114.53 122.09 130.15 138.74 147.90 157.66 168.07 179.16 190.98 203.59 217.02 231.35 246.62 262.89 280.25 298.74 318.46 339.48 361.88 385.77 411.23 438.37 467.30 498.14 531.02 566.07 603.43 643.25 685.71 730.96 779.21 830.64 885.46 943.90 1006.20 1072.60 1143.40 1218.86 1299.31 1385.06 1476.47 1573.92 1677.80 1788.53 1906.58 2032.41 2166.55 2309.54 2461.97 2624.46 2797.68 2982.33 3179.16 3388.98 3612.66 3851.09 4105.26 4376.21 4665.04 4972.93 5301.15 5651.02 6023.99 6421.57 6845.40 7297.19 7778.81 8292.21 8839.50 9422.90 10044.81 11.00 NSTAR 2.30 2.50 0.03 0.11 0.12 -48.76 2.30 2.37 2.43 2.50 2.67 2.84 3.03 3.23 3.44 3.67 3.91 4.17 4.44 4.74 5.05 5.38 5.74 6.12 6.52 6.95 7.41 7.90 8.42 8.98 9.57 10.20 10.87 11.59 12.36 13.17 14.04 14.97 15.96 17.01 18.13 19.33 20.60 21.96 23.41 24.96 26.60 28.36 30.23 32.23 34.35 36.62 39.04 41.62 44.36 47.29 50.41 53.74 57.29 61.07 65.10 69.39 73.97 78.85 84.06 89.61 95.52 101.83 108.55 115.71 123.35 131.49 140.17 149.42 159.28 169.79 181.00 192.94 205.68 219.25 233.72 249.15 265.59 283.12 301.81 321.73 342.96 365.60 389.73 415.45 442.87 472.10 503.25 536.47 571.88 609.62 649.86 692.75 738.47 787.21 839.16 894.55 953.59 1016.52 1083.61 1155.13 1231.37 1312.64 1399.28 1491.63 1590.08 1695.02 1806.89 1926.15 2053.27 2188.79 2333.25 2487.24 2651.40 2826.39 3012.93 3211.79 3423.77 3649.74 3890.62 4147.40 4421.13 4712.92 5023.97 5355.56 5709.02 6085.82 6487.48 6915.66 7372.09 7858.65 8377.32 8930.22 9519.62 10147.91 10817.67 11531.64 12292.73 13104.05 13968.91 14890.86 15873.66 16921.32 18038.13 19228.64 20497.73 21850.59 23292.72 24830.04 26468.83 28215.77 12.00 Progress Energy 2.38 2.50 0.02 0.12 0.12 -42.52 2.38 2.42 2.46 2.50 2.67 2.84 3.03 3.23 3.44 3.67 3.91 4.17 4.44 4.74 5.05 5.38 5.74 6.12 6.52 6.95 7.41 7.90 8.42 8.98 9.57 10.20 10.87 11.59 12.36 13.17 14.04 14.97 15.96 17.01 18.13 19.33 20.60 21.96 23.41 24.96 26.60 28.36 30.23 32.23 34.35 36.62 39.04 41.62 44.36 47.29 50.41 53.74 57.29 61.07 65.10 69.39 73.97 78.85 84.06 89.61 95.52 101.83 108.55 115.71 123.35 131.49 140.17 149.42 159.28 169.79 181.00 192.94 205.68 219.25 233.72 249.15 265.59 283.12 301.81 321.73 342.96 365.60 389.73 415.45 442.87 472.10 503.25 536.47 571.88 609.62 649.86 692.75 738.47 787.21 839.16 894.55 953.59 1016.52 1083.61 1155.13 1231.37 1312.64 1399.28 1491.63 1590.08 1695.02 1806.89 1926.15 2053.27 2188.79 2333.25 2487.24 2651.40 2826.39 3012.93 3211.79 3423.77 3649.74 3890.62 4147.40 4421.13 4712.92 5023.97 5355.56 5709.02 6085.82 6487.48 6915.66 7372.09 7858.65 8377.32 8930.22 9519.62 10147.91 10817.67 11531.64 12292.73 13104.05 13968.91 14890.86 15873.66 16921.32 18038.13 19228.64 20497.73 21850.59 23292.72 24830.04 26468.83 28215.77 13.00 SCANA Corp. 1.54 1.78 0.05 0.11 0.12 -37.36 1.54 1.62 1.70 1.78 1.90 2.02 2.16 2.30 2.45 2.61 2.78 2.97 3.16 3.37 3.60 3.83 4.09 4.36 4.64 4.95 5.28 5.62 6.00 6.39 6.81 7.26 7.74 8.25 8.80 9.38 10.00 10.66 11.36 12.11 12.91 13.76 14.67 15.64 16.67 17.77 18.94 20.19 21.53 22.95 24.46 26.07 27.80 29.63 31.59 33.67 35.89 38.26 40.79 43.48 46.35 49.41 52.67 56.14 59.85 63.80 68.01 72.50 77.28 82.39 87.82 93.62 99.80 106.39 113.41 120.89 128.87 137.38 146.44 156.11 166.41 177.39 189.10 201.58 214.89 229.07 244.19 260.30 277.48 295.80 315.32 336.13 358.32 381.97 407.18 434.05 462.70 493.24 525.79 560.49 597.48 636.92 678.95 723.76 771.53 822.45 876.74 934.60 996.28 1062.04 1132.13 1206.85 1286.51 1371.42 1461.93 1558.42 1661.27 1770.92 1887.80 2012.39 2145.21 2286.79 2437.72 2598.61 2770.12 2952.95 3147.84 3355.60 3577.07 3813.16 4064.82 4333.10 4619.09 4923.95 5248.93 5595.36 5964.65 6358.32 6777.97 7225.31 7702.18 8210.53 8752.42 9330.08 9945.87 10602.29 11302.05 12047.98 12843.15 13690.79 14594.39 15557.62 16584.42 17678.99 1.00 18845.80 20089.63 14.00 Sempra Energy 1.00 1.00 0.00 0.09 0.12 -35.50 1.00 1.00 1.00 1.00 1.07 1.14 1.21 1.29 1.38 1.47 1.56 1.67 1.78 1.90 2.02 2.15 2.30 2.45 2.61 2.78 2.96 3.16 3.37 3.59 3.83 4.08 4.35 4.64 4.94 5.27 5.62 5.99 6.38 6.80 7.25 7.73 8.24 8.79 9.37 9.98 10.64 11.34 12.09 12.89 13.74 14.65 15.62 16.65 17.74 18.92 20.16 21.50 22.91 24.43 26.04 27.76 29.59 31.54 33.62 35.84 38.21 40.73 43.42 46.28 49.34 52.60 56.07 59.77 63.71 67.92 72.40 77.18 82.27 87.70 93.49 99.66 106.24 113.25 120.72 128.69 137.18 146.24 155.89 166.18 177.15 188.84 201.30 214.59 228.75 243.85 259.94 277.10 295.39 314.88 335.66 357.82 381.43 406.61 433.45 462.05 492.55 525.06 559.71 596.65 636.03 678.01 722.76 770.46 821.31 875.52 933.30 994.90 1060.56 1130.56 1205.17 1284.72 1369.51 1459.89 1556.25 1658.96 1768.45 1885.17 2009.59 2142.22 2283.61 2434.33 2594.99 2766.26 2948.84 3143.46 3350.93 3572.09 3807.85 4059.16 4327.07 4612.66 4917.09 5241.62 5587.57 5956.34 6349.46 6768.53 7215.25 7691.46 8199.09 8740.23 9317.09 9932.02 10587.53 11286.31 15.00 Southern Co. 1.45 1.63 0.04 0.11 0.12 -30.36 1.45 1.51 1.57 1.63 1.74 1.85 1.98 2.11 2.24 2.39 2.55 2.72 2.90 3.09 3.29 3.51 3.74 3.99 4.25 4.53 4.83 5.15 5.49 5.85 6.24 6.65 7.09 7.56 8.06 8.59 9.15 9.76 10.40 11.09 11.82 12.60 13.43 14.32 15.26 16.27 17.35 18.49 19.71 21.01 22.40 23.88 25.45 27.13 28.92 30.83 32.87 35.04 37.35 39.82 42.44 45.24 48.23 51.41 54.81 58.42 62.28 66.39 70.77 75.44 80.42 85.73 91.39 97.42 103.85 110.70 118.01 125.80 134.10 142.95 152.39 162.44 173.17 184.60 196.78 209.77 223.61 238.37 254.10 270.87 288.75 307.81 328.12 349.78 372.86 397.47 423.71 451.67 481.48 513.26 547.13 583.24 621.74 662.77 706.52 753.15 802.85 855.84 912.33 972.54 1036.73 1105.15 1178.09 1255.85 1338.73 1427.09 1521.28 1621.68 1728.71 1842.81 1964.43 2094.09 2232.30 2379.63 2536.68 2704.10 2882.57 3072.82 3275.63 3491.82 3722.28 3967.95 4229.84 4509.01 4806.60 5123.84 5462.01 5822.50 6206.79 6616.44 7053.12 7518.63 8014.86 8543.84 9107.73 9708.84 10349.63 11032.70 11760.86 12537.08 13364.52 14246.58 15186.86 16189.19 17257.67 18396.68 16.00 Vectren Corp. 1.19 1.31 0.03 1.00 3.00 1.00 0.11 0.12 -24.91 1.19 1.23 1.27 1.31 1.40 1.49 1.59 1.69 1.80 1.92 2.05 2.18 2.33 2.48 2.65 2.82 3.01 3.21 3.42 3.64 3.88 4.14 4.41 4.70 5.01 5.35 5.70 6.07 6.47 6.90 7.36 7.84 8.36 8.91 9.50 10.13 10.80 11.51 12.27 13.08 13.94 14.86 15.84 16.89 18.00 19.19 20.46 21.81 23.25 24.78 26.42 28.16 30.02 32.00 34.11 36.36 38.76 41.32 44.05 46.95 50.05 53.36 56.88 60.63 64.63 68.90 73.45 78.29 83.46 88.97 94.84 101.10 107.78 114.89 122.47 130.55 139.17 148.36 158.15 168.58 179.71 191.57 204.22 217.69 232.06 247.38 263.71 281.11 299.66 319.44 340.52 363.00 386.96 412.50 439.72 468.74 499.68 532.66 567.81 605.29 645.24 687.82 733.22 781.61 833.20 888.19 946.81 1009.30 1075.91 1146.92 1222.62 1303.32 1389.33 1481.03 1578.78 1682.98 1794.05 1912.46 2038.68 2173.24 2316.67 2469.57 2632.56 2806.31 2991.53 3188.97 3399.44 3623.80 3862.97 4117.93 4389.71 4679.44 4988.28 5317.50 5668.46 6042.58 6441.39 6866.52 7319.71 7802.81 8317.80 8866.77 9451.98 10075.81 10740.81 11449.71 12205.39 13010.94 13869.67 1.00 14785.06 1.00 17.00 Wisconsin Energy 0.87 1.00 0.05 1.00 3.00 1.00 0.09 0.12 -32.15 0.87 0.91 0.96 1.00 1.07 1.14 1.21 1.29 1.38 1.47 1.56 1.67 1.78 1.90 2.02 2.15 2.30 2.45 2.61 2.78 2.96 3.16 3.37 3.59 3.83 4.08 4.35 4.64 4.94 5.27 5.62 5.99 6.38 6.80 7.25 7.73 8.24 8.79 9.37 9.98 10.64 11.34 12.09 12.89 13.74 14.65 15.62 16.65 17.74 18.92 20.16 21.50 22.91 24.43 26.04 27.76 29.59 31.54 33.62 35.84 38.21 40.73 43.42 46.28 49.34 52.60 56.07 59.77 63.71 67.92 72.40 77.18 82.27 87.70 93.49 99.66 106.24 113.25 120.72 128.69 137.18 146.24 155.89 166.18 177.15 188.84 201.30 214.59 228.75 243.85 259.94 277.10 295.39 314.88 335.66 357.82 381.43 406.61 433.45 462.05 492.55 525.06 559.71 596.65 636.03 678.01 722.76 770.46 821.31 875.52 933.30 994.90 1060.56 1130.56 1205.17 1284.72 1369.51 1459.89 1556.25 1658.96 1768.45 1885.17 2009.59 2142.22 2283.61 2434.33 2594.99 2766.26 2948.84 3143.46 3350.93 3572.09 3807.85 4059.16 4327.07 4612.66 4917.09 5241.62 5587.57 5956.34 6349.46 6768.53 7215.25 7691.46 8199.09 8740.23 9317.09 9932.02 10587.53 11286.31 18.00 Xcel Energy Inc. 0.87 1.00 0.05 1.00 3.00 1.00 0.11 0.12 -17.33 0.87 0.91 0.96 1.00 1.07 1.14 1.21 1.29 1.38 1.47 1.56 1.67 1.78 1.90 2.02 2.15 2.30 2.45 2.61 2.78 2.96 3.16 3.37 3.59 3.83 4.08 4.35 4.64 4.94 5.27 5.62 5.99 6.38 6.80 7.25 7.73 8.24 8.79 9.37 9.98 10.64 11.34 12.09 12.89 13.74 14.65 15.62 16.65 17.74 18.92 20.16 21.50 22.91 24.43 26.04 27.76 29.59 31.54 33.62 35.84 38.21 40.73 43.42 46.28 49.34 52.60 56.07 59.77 63.71 67.92 72.40 77.18 82.27 87.70 93.49 99.66 106.24 113.25 120.72 128.69 137.18 146.24 155.89 166.18 177.15 188.84 201.30 214.59 228.75 243.85 259.94 277.10 295.39 314.88 335.66 357.82 381.43 406.61 433.45 462.05 492.55 525.06 559.71 596.65 636.03 678.01 722.76 770.46 821.31 875.52 933.30 994.90 1060.56 1130.56 1205.17 1284.72 1369.51 1459.89 1556.25 1658.96 1768.45 1885.17 2009.59 2142.22 2283.61 2434.33 2594.99 2766.26 2948.84 3143.46 3350.93 3572.09 3807.85 4059.16 4327.07 4612.66 4917.09 5241.62 5587.57 5956.34 6349.46 6768.53 7215.25 7691.46 8199.09 8740.23 9317.09 9932.02 10587.53 11286.31 0.03 0.11 0.11 PPL Exhibit 203 Page 5 of 5 PacifiCorp Idaho Discounted Cash Flow Analysis PPL Exhibit 203 Page 4 of 5 PacifiCorp Idaho Discounted Cash Flow Analysis Low Near-Term Growth Two-Stage Growth DCF Model -20.00 -21.00 -22.00 -23.00 -24.00 -25.00 -26.00 -27.00 -28.00 -29.00 -30.00 1.00 Ameren 2.54 2.54 0.00 3.00 -46.48 2.54 2.54 2.54 2.54 2.71 0.07 0.11 2.00 CH Energy Group 2.16 2.16 0.00 -45.28 2.16 2.16 2.16 2.16 2.30 0.07 0.11 3.00 Cleco Corporation 0.90 0.90 0.00 -17.50 0.90 0.90 0.90 0.90 0.96 0.07 0.11 4.00 Con. Edison 2.28 2.34 0.02 -42.16 2.28 2.30 2.32 2.34 2.49 0.07 0.11 5.00 DTE Energy Co. 2.06 2.10 0.01 -41.40 2.06 2.07 2.09 2.10 2.24 0.07 0.11 6.00 Empire District 1.28 1.28 0.00 -20.57 1.28 1.28 1.28 1.28 1.36 0.07 0.12 7.00 Entergy Corp. 1.92 2.16 0.08 -60.95 1.92 2.00 2.08 2.16 2.30 0.07 0.09 8.00 FPL Group, Inc. 2.84 3.56 0.24 -68.38 2.84 3.08 3.32 3.56 3.80 0.07 0.11 9.00 MGE Energy, Inc. 1.37 1.40 1.00E-02 -31.90 1.37 1.38 1.39 1.40 1.49 0.07 0.10 10.00 Northeast Utilities 0.67 0.89 0.07 -19.16 0.67 0.74 0.82 0.89 0.95 0.07 0.10 11.00 NSTAR 2.30 2.50 0.07 -48.76 2.30 2.37 2.43 2.50 2.67 0.07 0.11 12.00 Progress Energy 2.38 2.50 0.04 -42.52 2.38 2.42 2.46 2.50 2.67 0.07 0.12 13.00 SCANA Corp. 1.54 1.78 0.08 -37.36 1.54 1.62 1.70 1.78 1.90 0.07 0.11 14.00 Sempra Energy 1.00 1.00 0.00 -35.50 1.00 1.00 1.00 1.00 1.07 0.07 0.09 15.00 Southern Co. 1.45 1.63 0.06 -30.36 1.45 1.51 1.57 1.63 1.74 0.07 0.11 16.00 Vectren Corp. 1.19 1.31 0.04 3.00 -24.91 1.19 1.23 1.27 1.31 1.40 0.07 0.11 17.00 Wisconsin Energy 0.87 1.00 0.04 3.00 -32.15 0.87 0.91 0.96 1.00 1.07 0.07 0.09 18.00 Xcel Energy Inc. 0.87 1.00 0.04 3.00 -17.33 0.87 0.91 0.96 1.00 1.07 0.07 0.11 0.11 0.11 PPL Exhibit 203 Page 3 of 5 PacifiCorp Idaho Discounted Cash Flow Analysis Constant Growth DCF Model Long-Term GDP Growth -15.00 -16.00 1.00 -17.00 1.00 -18.00 1.00 -19.00 1.00 1.00 1.00 Ameren 46.48 2.54 0.05 0.07 0.12 2.00 1.00 CH Energy Group 45.28 2.16 0.05 0.07 0.11 3.00 Cleco Corporation 17.50 0.90 0.05 0.07 0.12 4.00 Con. Edison 42.16 2.28 0.05 0.07 0.12 5.00 DTE Energy Co. 41.40 2.06 0.05 0.07 0.12 6.00 Empire District 20.57 1.28 0.06 0.07 0.13 7.00 Entergy Corp. 60.95 1.92 0.03 0.07 0.10 8.00 FPL Group, Inc. 68.38 2.84 0.04 0.07 0.11 9.00 MGE Energy, Inc. 31.90 1.37 0.04 0.07 0.11 10.00 Northeast Utilities 19.16 0.67 0.03 0.07 0.10 11.00 NSTAR 48.76 2.30 0.05 0.07 0.11 12.00 Progress Energy 42.52 2.38 0.06 0.07 0.12 13.00 SCANA Corp. 37.36 1.54 0.04 0.07 0.11 14.00 Sempra Energy 35.50 1.00 0.03 0.07 0.09 15.00 Southern Co. 30.36 1.45 0.05 0.07 0.11 16.00 1.00 Vectren Corp. 24.91 1.19 0.05 0.07 0.11 17.00 1.00 Wisconsin Energy 32.15 0.87 0.03 0.07 0.09 18.00 1.00 Xcel Energy Inc. 17.33 0.87 0.05 0.07 0.12 0.05 0.07 0.11 0.05 0.11 PPL Exhibit 203 Page 2 of 5 PacifiCorp Idaho Discounted Cash Flow Analysis Traditional Constant Growth DCF Model -1.00 -2.00 1.00 -3.00 -4.00 -5.00 -6.00 -7.00 -8.00 -9.00 -10.00 -11.00 -12.00 -13.00 -14.00 1.00 1.00 Ameren 46.48 2.54 0.05 2.54 3.05 0.17 1.00 32.85 0.09 0.02 0.03 0.07 0.04 0.09 2.00 CH Energy Group 45.28 2.16 0.05 2.16 2.75 0.21 32.50 0.08 0.02 5.00E-03 0.07 0.03 0.08 3.00 Cleco Corporation 17.50 0.90 0.05 0.90 1.50 0.40 12.50 0.12 0.05 0.01 0.07 0.04 0.09 4.00 Con. Edison 42.16 2.28 0.05 2.34 2.90 0.19 31.55 0.09 0.02 0.03 0.07 0.04 0.09 5.00 DTE Energy Co. 41.40 2.06 0.05 2.10 3.75 0.44 38.50 0.10 0.04 0.04 0.04 0.07 0.05 0.10 6.00 Empire District 20.57 1.28 0.06 1.28 1.50 0.15 15.75 0.10 0.01 0.05 0.07 0.07 0.05 0.11 7.00 Entergy Corp. 60.95 1.92 0.03 2.16 4.95 0.56 49.20 0.10 0.06 0.06 0.06 0.07 0.06 0.09 8.00 FPL Group, Inc. 68.38 2.84 0.04 3.56 5.85 0.39 51.45 0.11 0.04 0.05 0.05 0.07 0.05 0.09 9.00 MGE Energy, Inc. 31.90 1.37 0.04 1.40 2.35 0.40 18.00 0.13 0.05 0.06 0.07 0.06 0.10 10.00 Northeast Utilities 19.16 0.67 0.03 0.89 2.15 0.59 22.05 0.10 0.06 0.05 0.10 0.07 0.07 0.10 11.00 NSTAR 48.76 2.30 0.05 2.50 4.00 0.38 32.50 0.12 0.05 0.05 0.03 0.07 0.05 0.09 12.00 Progress Energy 42.52 2.38 0.06 2.50 3.20 0.22 36.35 0.09 0.02 0.04 0.07 0.04 0.10 13.00 SCANA Corp. 37.36 1.54 0.04 1.78 3.25 0.45 28.50 0.11 0.05 0.05 0.06 0.07 0.05 0.10 14.00 Sempra Energy 35.50 1.00 0.03 1.00 3.75 0.73 31.25 0.12 0.09 0.06 0.05 0.07 0.07 0.09 15.00 Southern Co. 30.36 1.45 0.05 1.63 2.45 0.33 17.65 0.14 0.05 0.04 0.05 0.07 0.05 0.10 16.00 1.00 Vectren Corp. 24.91 1.19 0.05 1.31 1.95 0.33 1.00 16.35 0.12 0.04 0.06 0.05 0.07 0.05 0.10 17.00 1.00 Wisconsin Energy 32.15 0.87 0.03 1.00 3.00 0.67 1.00 29.00 0.10 0.07 0.06 0.06 0.07 0.06 0.09 18.00 1.00 Xcel Energy Inc. 17.33 0.87 0.05 1.00 1.50 0.33 1.00 14.75 0.10 0.03 0.03 0.03 0.07 0.04 0.09 0.05 0.04 0.05 0.05 0.07 0.05 0.10 0.05 0.09 PPL Exhibit 203 Page 1 of 5 1.00 Ameren 0.09 0.12 0.11 2.00 CH Energy Group 0.08 0.11 0.11 3.00 Cleco Corporation 0.09 0.12 0.11 4.00 Con. Edison 0.09 0.12 0.11 5.00 DTE Energy Co. 0.10 0.12 0.11 6.00 Empire District 0.11 0.13 0.12 7.00 Entergy Corp. 0.09 0.10 0.09 8.00 FPL Group, Inc. 0.09 0.11 0.11 9.00 MGE Energy, Inc. 0.10 0.11 0.10 10.00 Northeast Utilities 0.10 0.10 0.10 11.00 NSTAR 0.09 0.11 0.11 12.00 Progress Energy 0.10 0.12 0.12 13.00 SCANA Corp. 0.10 0.11 0.11 14.00 Sempra Energy 0.09 0.09 0.09 15.00 Southern Co. 0.10 0.11 0.11 16.00 Vectren Corp. 0.10 0.11 0.11 17.00 Wisconsin Energy 0.09 0.09 0.09 18.00 Xcel Energy Inc. 0.09 0.12 0.11 0.10 0.11 0.11 0.09 0.11 0.11 0.10 0.11 0.11 0.09 0.11 0.11