COC 8 05 2010 IDA Q2 Results.pdf

Additional required disclosures under NASD Rule 2711 are provided on the last page of this document.
McAdams Wright Ragen > 925 Fourth Avenue, Suite 3900 Seattle, WA 98104 888.567.6297 > www.mwrinc.com Page 1 of 2

▲ IDACORP reported Q2 EPS of $0.82 versus consensus and last year EPS of $0.58.
The year-over-year improvement appears to be almost entirely driven by a decrease in
income tax expense and a small improvement in earnings at Bridger Coal. Like other
utilities in the region, sales volumes were down on weather and economic weakness.

Notwithstanding the labyrinthine tax situation at the company, we see no basis to change
our 2010 and 2011 EPS estimates of $2.70 and $2.90. Our price target of $36 is based
on 12.5x our 2011 estimate. We rate the stock HOLD.

Risks: rate case uncertainty, rising interest rates, natural gas price volatility and poor
hydrogeneration conditions.

Company Description: IDACORP, Inc., through its subsidiary, Idaho Power Company,
engages in the generation, transmission, and distribution of electric energy in the
United States to approximately 490,000 retail customers in Idaho and Oregon.
IDACORP, Inc., through its other subsidiaries, invests in housing and other real estate
properties in the United States, Puerto Rico, and the U.S. Virgin Islands; and has a 50%
interest in 9 hydroelectric plants with a total generation capacity of 45 MW in Idaho
and northern California. The company was founded in 1915 and is based in Boise,
Idaho.
8.05.2010
Jennifer Sireklove, CFA > [e-mail] > 206.664.8875

Q2 Earnings Boosted by Taxes, Maintain HOLD and $36 Price Target

$36.10 | HOLD
 Q2 EPS of $0.82 versus consensus of $0.58, driven by tax benefits. Sales down.
 Maintaining EPS estimates of $2.70 and $2.90 for 2010 and 2011, respectively, HOLD rating and $36 price
target.

52 Week High $36.98
52 Week Low $26.70
P/E FY09A 13.7x
FY10E 13.4x
FY11E 12.4x
Target Price $36
Shares Out (Mil) 48.1
Market Cap (Mil) $1,736
Avg Daily Vol (000s) 255.0
Equity Ratio 49.3%
Dividend / Yield $1.20/3.3%
3- 5 yr EPS Growth 3%
Book Value/Share $29.17
Fiscal Year End Dec.

EPS ESTIMATES
FY09A $2.64
FY10E $2.70
FY11E $2.90

IDACORP, Inc. (IDA)

Additional required disclosures under NASD Rule 2711 are provided on the last page of this document.
McAdams Wright Ragen > 925 Fourth Avenue, Suite 3900 Seattle, WA 98104 888.567.6297 > www.mwrinc.com Page 2 of 2

Required Disclosures:

Jennifer Sireklove, CFA > [e-mail] > 206.664.8875
 I, Jennifer Sireklove, CFA, hereby certify (1) that the views in this research note accurately reflect my personal views
about any or all of the subject securities or issuers referred to in this note and (2) no part of my compensation was, is,
or will be directly or indirectly related to the specific recommendations or views in this note.

As of June 30, 2010

From To Date Price
Price Target $36 5/24/2010 $32.40
Coverage Initiation Hold 5/24/2010 $32.40

Ratings Change Focus List Change Target Price Change

Price targets are subject to change as new information becomes available, and reflect our current judgment regarding this
security. Note that there are risks that may impede the achievement of a predicted price target. Price targets are based on
fundamental factors such as historical and projected earnings, cash flow, discounted cash flow, relative book value, peer group
evaluation, relative sector valuations, and expectations on general market and economic conditions.

The firm expects to receive and intends to seek compensation for investment banking services from the subject company in the next
three months.

McAdams Wright Ragen employs a Ratings System (in effect since 6/12/2002), defined as follows.
Buy/Addition to InStock Recommended List: We expect the Stock to Outperform the Market.
Hold/Addition to InStock Recommended List: We expect the Stock to be a Market Performer.
Sell/Removal from InStock Recommended List: We expect the Stock to Underperform the Market.
Ratings System in effect between 2/7/2002 and 6/12/2002: Strong Buy, Buy, Hold, Underperform, Sell.
Ratings System in effect prior to 2/7/2002: Buy, Moderate Buy, Hold, Underperform, Sell.

Percentage of Rated Stocks Currently
Assigned this Rating
Percentage of Rated Stocks with this Rating with where MWR has provided investment banking
services within the previous 12 months.
Buy 65% 5%
Hold 23% 0%
Sell 12% 0%
For additional price Chart and Ratings History disclosures, please go to http://www.mwrinc.com/ClientAccess/quotesresearch.html, or to request information, please contact
MWR’s Research Department at [phone], [e-mail]

Other disclosures: This is not a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this
date and are subject to change. The information has been obtained from sources we consider reliable, but we cannot guarantee the accuracy. Our firm, or its officers, research
personnel, other employees or customers may have long or short positions in the securities or options of the recommended issuers, may buy and sell the securities or options,
may serve as an officer or director of any company mentioned, prior to or at the time of publication of the report or thereafter.

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IDACORP, Inc (IDA)