COC ValuEngine-2-3-09.pdf

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)Feb. 03, 2009
VALUENGINE RECOMMENDATION & BASIC INFORMATION
Copyright © 1998 - 2008 ValuEngine Inc 1
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©ValuEngine.com 2008RECOMMENDATION
negative neutral positive
SELL HOLD BUY
VALUENGINE RATING
RECOMMENDATION FACTORS
Value Rank
Overall Rank top 17%
Fair Value $36.41 btm 28%
1Yr Target Price $31.29 top 22%
P/E Ratio 12.71 top 43%
Last 1-Y Return -9.18%top 13%
Market Cap(bil)$1.31 top 18%
BASIC INFORMATION
Last Trade $28.7
Trade Date 02/02/09
Market Cap(bil)$1.30774
Trailing P/E 12.71
Forward P/E 12.16
PEG Ratio 2.81
P/S Ratio 1.39
M/B Ratio 1.03
Sharpe Ratio -0.1
5-Y Avg Ann Return -1.95%
Volatility 18.68%
EPS Growth 4.52%
Annual Dividend $1.20
Dividend Yield 4.18%
LT Debt/Equity 1.00
Beta 0.35
VALUATION ANALYSIS
IDA Today's Fair value: $36.41
21.17% undervalued
Industry Electrical Utilities
21.90% undervalued
Sector Public Utilities
24.60% undervalued
FORECAST ANALYSIS
Target Price Exp. Return
1-Month $28.74 0.14%
3-Month $28.82 0.42%
6-Month $29.48 2.71%
1-Year $31.29 9.03%
2-Year $33.75 17.60%
3-Year $35.27 22.91%
Contact ValuEngine:
ValuEngine, Inc.
100 Overlook Center, 2nd Floor
Princeton, NJ 08540, U.S.A.
[phone] (T)
[e-mail]
www.ValuEngine.com
VALUENGINE RECOMMENDATION
ValuEngine has issued a BUY recommendation for IDACORP INC. on Feb. 03,
2009. Based on the information we have gathered and our resulting research,
we feel that IDACORP INC. has the probability to OUTPERFORM average
market performance for the next year. The company exhibits ATTRACTIVE
volatility, momentum and company size.
RATING OVERVIEW
The ValuEngine Rating is an overall assessment of a stock's attractiveness. It
combines the following five factors:
1. Fair market valuation
2. 1 year forecasted returns
3. Price/Earnings ratio
4. Momentum
5. Market capitalization
Only two percent of the over 4,000 stocks that we cover receive the highest 5
rating. The ratings are the result of the cumulative of the above factors. As
such, stocks with relatively poor results for any one of the five variables can still
be attractive if the other four factors are strong enough. Top 5 rated stocks can
be expected to outperform the overall market by 15% or more, with average
annualized returns from Jan. 2000 through Jan. 2006 of over 30% per year.
FAIR MARKET VALUATION PRICE
Based on available data as of Feb. 03, 2009, we believe that IDA should be
trading at $36.41. This makes IDA 21.17% undervalued. Fair Value indicates
what we believe the stock should be trading at today if the stock market were
perfectly efficient and everything traded at its true worth. For IDA, we base this
on actual earnings per share (EPS) for the previous four quarters of $2.26,
forecasted EPS for the next four quarters of $2.36, and correlations to the 30-
year Treasury bond yield of 3.47%. There are an additional 10 firm specific and
interest rate related parameters, each playing a role in the valuation analysis.
FORECASTED TARGET PRICES
The predictive variables used in Valuengine's forecast target price models
include both proprietary and well-established forecasting variables derived from
credible financial research studies and publications. Our forecasting models
capture, among other things, several important tendencies that stock prices
consistently exhibit: Short-term price reversals, Intermediate-term momentum
continuation, and Long-term price reversals. We use a distinct forecasting
model for each time horizon and for every industry. We then apply the most
advanced statistical/econometric techniques to ensure that our stock return
forecasts are as reliable as possible.

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
DATA SUMMARY & MARKET RATIO BASED VALUATION
Copyright © 1998 - 2008 ValuEngine Inc 2
OPTIMAL BUY-SELL
Based solely on the Historical Mispricing of IDA, the best
time to buy would be below $32.77 (or valuation below -
10.00%). The best time to sell would be above $45.15 (or
valuation above 24.00%).
EVALUATION & RANKINGS
Value Rank
Valuation -21.17%28
12-Month Return -9.18%88
5-Y Avg Ann Rtn -1.95%70
Volatility 18.68%98
EPS Growth 4.52%48
Market Cap(bill)1.31 83
Sharpe Ratio -0.1 67
P/S Ratio 1.39 36
M/B Ratio 1.03 41
P/E Ratio 12.71 58
EVALUATION & RANKINGS SUMMARY
Just as important as the percentages shown for our ten
predictive variables for each stock is the way they are
ranked against the 7000 plus stocks in our database. This
is sometimes confusing to newcomers to ValuEngine.
Each of these quantitative measurements is ranked on a
scale of 1 to 100. Generally the higher the ranking, the
more positive the influence each measurement has on the
overall attractiveness of the stock. In other words a high
rank is always better. Let's take them one by one:
Valuation rank 28: 72% of stocks are more
undervalued
•
Momentum rank 88: 12% of stocks have higher
momentum
•
Sharpe Ratio rank 67: 33% of stocks have a higher
Sharpe Ratio
•
5-Year Average Annual Return 70: 30% of stocks
have higher average annual return
•
Volatility rank 98: 2% of stocks have less volatility•
EPS growth rank 48: 52% of stocks have greater
projected EPS growth
•
Size rank 83: 17% of companies have higher market
capitalization
•
P/E rank 58: 42% of stocks have lower P/E ratios•
Price/Sales rank 36: 64% of stocks have lower
price/sales ratios
•
Market/Book rank 41: 59% of stocks have lower
market/book value ratios
•
MARKET RATIO BASED VALUATION
Portfolio managers and professionals traditionally rely on
market ratios to gauge whether a stock is fair valued or
overvalued. On this page, we present such a valuation
based on one of three market ratios: PEG (price to trailing
4 quarter earnings ratio, divided by the consensus analyst
forecasted next year EPS growth), P/E (price to forward 4
quarter earnings ratio), and P/S ratio (price to trailing 4
quarter sales). Among the three, PEG is the most
informative as it reflects both the price/earnings ratio and
expected future EPS growth, while P/E is better than P/S.
For each given stock, we apply the PEG to give a fair value
assessment if both its trailing 4 quarter EPS and
forecasted EPS growth rate are positive. If its forecasted
EPS growth is negative but its forward 4 quarter EPS is
positive, we apply the P/E to give a fair value for the stock
as of today. Otherwise, we resort to the P/S to assess its
fair value.
To establish a valuation standard, we use both (i) the
average historical market ratio of the stock over the past
10 years (or however long there is data available for the
stock), and (ii) the average market ratio today of five
comparable stocks in the same sector and from companies
of similar size. These two alternative perspectives should
give you a good idea about where this stock's valuation
stands today.
1. Valuation Based on IDA's Past PEG
Over the past 10 years, IDA's average PEG is 3.34. IDA
earned $2.26 per share in its recent 4 quarters. The
analyst consensus estimate is $2.36 for its 4 quarter
forward EPS. IDA's current sales per share is 1.39. The
following assessment is based on multiplying the historical
PEG with recent 4 quarter EPS and the forecasted EPS
growth rate over the next 4 quarters for IDA.
Fair Value
Historical Average PEG 3.34
PEG-Based Fair Value $34.07
2. Valuation Based on Comparables' PEG
IDA's comparables are AVA, BKH, CNL, ELP and POR.
The current PEG average of these comparables is 1.75.
IDA earned $2.26 per share in its recent 4 quarters. The
analyst consensus estimate is $2.36 for its 4-quarter-
forward EPS. IDA's current sales per share is 1.39. The
following assessment is based on multiplying comparable
stocks' average PEG today with IDA's recent 4 quarter
EPS and the forecasted EPS growth rate over the next 4
quarters .
Comparables' PEG
Comparables Current PEG
AVA 1.17
BKH 1.42
CNL 2.15
ELP n/a
POR 2.25
Fair Value
Comparable Stocks' Avg PEG 1.75
Comparable PEG-Based Fair Value $17.84

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
COMPANY ANALYSIS
Copyright © 1998 - 2008 ValuEngine Inc 3
IDACORP, Inc., through its subsidiary, Idaho Power
Company (IPC), engages in the generation, transmission,
distribution, sale and purchase of electric energy.
The company’s other subsidiaries include: IDACORP
Financial Services, Inc. (IFS), an investor in affordable
housing and other real estate investments; and Ida-West
Energy Company (Ida-West), an operator of small
hydroelectric generation projects.
Utility Operations
IPC's service territory covers a 24,000 square mile area in
southern Idaho and eastern Oregon, with an estimated
population of 982,000. IPC holds franchises in 71 cities in
Idaho and nine cities in Oregon and holds certificates from
the respective public utility regulatory authorities to serve all
or a portion of 25 counties in Idaho and three counties in
Oregon. As of December 31, 2007, IPC supplied electric
energy to approximately 482,000 general business
customers.
IPC owns and operates 17 hydroelectric generation
developments, 2 natural gas-fired plants and 1 diesel-
powered generator and shares ownership in 3 coal-fired
generating plants. IPC's primary commercial and industrial
customers are involved in food processing, electronics and
general manufacturing, forest products, beet sugar refining,
and winter recreation.
IPC, through its subsidiary Idaho Energy Resources Co.,
owns a one-third interest in Bridger Coal, which owns the Jim
Bridger mine that supplies coal to the Jim Bridger generating
plant (one-third owned by IPC) in Wyoming. IPC provides
wholesale transmission service and provides firm and non-
firm wheeling services for eligible transmission customers.
IPC's system consists of 17 hydroelectric generating plants
located in southern Idaho and eastern Oregon, two natural
gas-fired plants located in southern Idaho and interests in
three coal-fired steam electric generating plants located in
Wyoming, Nevada and Oregon. The system also includes
approximately 4,747 miles of high-voltage transmission lines,
23 step-up transmission substations located at power plants,
20 transmission substations, eight switching stations, 222
energized distribution substations (excluding mobile
substations and dispatch centers) and approximately 64,672
miles of distribution lines.
IFS
IFS invests primarily in affordable housing developments,
which provide a return principally by reducing federal and
state income taxes through tax credits and accelerated tax
depreciation benefits. IFS's portfolio also includes historic
rehabilitation projects, such as the Empire Building in Boise,
Idaho. The underlying investments include approximately
700 individual properties, of which all but three are
administered through syndicated funds.
IDA-West
IDA-West operates and has a 50 percent interest in nine
hydroelectric plants with a total generating capacity of 45
MW. Four of the projects are located in Idaho and five are in
northern California.
History
IDACORP, Inc. was founded in 1915.

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
VALUENGINE RANKINGS
Copyright © 1998 - 2008 ValuEngine Inc 4
Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against
the 7000 plus stocks in our database. Each of these quantitative measurements is ranked on a scale of 1 to 100. Generally
the higher the ranking, the more positive the influence each measurement has on the overall attractiveness of the stock. In
other words a high rank is always better. The below data points show how the rank for each data point for IDA relates to the
overall industry, sector, and S&P 500 averages.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Valuation Rank
IDA -21.17% 28
Industry -21.90% 34
Sector -24.60% 39
S&P 500 -30.76% 40
The ValuEngine Valuation Rank measures the relationship between a
company's stock price and its Fair Value. The higher the Valuation
rank, the more undervalued the stock. With a Valuation Rank of 28, IDA
is in line with the average of its industry group, which carries a
Valuation Rank of 34.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
12-Month Return Rank
IDA -9.18% 88
Industry -25.50% 70
Sector -33.16% 62
S&P 500 -40.85% 58
The ValuEngine 12-Month Return Rank reflects the relative stock
performance of a stock over the recent 12 months. On a scale of 1 to
100, a higher 12-Month Return rank indicates a stronger performance.
With a 12-Month Return Rank of 88, IDA is slightly higher than the
industry's rank score of 70.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
5-Y Avg Ann Rtn Rank
IDA -1.95% 70
Industry 1.93% 75
Sector -3.77% 67
S&P 500 -6.66% 61
The ValuEngine 5-Years Average Return Rank reflects a stock's
average annual return over the last 5 years, in comparison with the
coverage universe. A higher rank indicates a better return performance.
With a rank of 70, IDA is in line with the industry, which has a rank of
75.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Volatility Rank
IDA 18.68% 98
Industry 38.53% 78
Sector 46.36% 70
S&P 500 18.24% 99
The ValuEngine Volatility Rank reflects the volatility associated with the
stock. A higher Volatility Rank indicates a lower volatile percentile of
stocks. IDA has a Volatility Rank of 98, which is slightly higher than the
industry Rank of 78.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
EPS Growth Rank
IDA 4.52% 48
Industry 10.64% 49
Sector 12.76% 49
S&P 500 -2.47% 40
The ValuEngine EPS Growth Rank indicates a stock's expected EPS
growth rate. A high rank indicates a high growth rate expectation. IDA
has an EPS Growth Rank of 48.This is in line with the industry rank of
49.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Market Cap(bill)Rank
IDA 1.31 83
Industry 6.01 82
Sector 7.12 75
S&P 500 n/a n/a
The ValuEngine Size rank signifies the company's size in terms of
market capitalization. A higher rank denotes a larger market
capitalization within ValuEngine's stock universe. With a Size rank of
83, IDA is in line with the industry, which has a rank of 82.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Sharpe Ratio Rank
IDA -0.1 67
Industry 0.04 73
Sector -0.07 67
S&P 500 -0.37 45
The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff
offered by a stock. Sharpe ratio is the stock's average annual return
(over the last five years) divided by its annualized volatility over the
same 5 years. With a rank of 67, IDA is in line with the industry, which
has a rank of 73.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
P/S Ratio Rank
IDA 1.39 36
Industry 1.06 49
Sector 1.61 51
S&P 500 n/a n/a
The ValuEngine Price/Sales rank signifies the relative position of the
company based on its P/S ratio. Stocks with the lowest P/S ratio are
assigned a rank of 100 while stocks with the highest P/S ratio are
ranked 1. At a Price/Sales rank of 36, IDA is slightly lower than the
industry rank of 49.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
M/B Ratio Rank
IDA 1.03 41
Industry 1.44 37
Sector 1.63 38
S&P 500 n/a n/a
The Market/Book Rank is a measure of a stock's market to book ratio
relative to the stock universe. A higher rank corresponds to a lower
market book value. IDA has a Market/Book rank of 41, which is in line
with the industry rank of 37.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
P/E Ratio Rank
IDA 12.71 58
Industry 13.87 57
Sector 14.75 55
S&P 500 11.39 62
The ValuEngine P/E Rank signifies the relative standing of a company
on its P/E ratio, relative to the universe. Stocks in the top P/E percentile
are each assigned a rank of 1(highest P/E stocks) while those in the
bottom P/E percentile are assigned a rank of 100 (traditional value
stocks). With a P/E rank of 58, IDA is in line with the industry P/E rank
of 57.

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT
Copyright © 1998 - 2008 ValuEngine Inc 5
Valuation Rank
IDA -21.17% 28
CNL -9.52% 17
POR -28.33% 37
ELP -46.43% 60
BKH -21.74% 28
12-Month Return Rank
IDA -9.18% 88
CNL -8.12% 89
POR -17.81% 82
ELP -33.71% 66
BKH -29.41% 71
5-Y Avg Ann Rtn Rank
IDA -1.95% 70
CNL 4.00% 81
POR -15.78% 44
ELP 18.42% 96
BKH -2.01% 70
Volatility Rank
IDA 18.68% 98
CNL 19.83% 97
POR 24.72% 93
ELP 42.55% 66
BKH 22.19% 96
EPS Growth Rank
IDA 0.05 48
CNL 0.06 51
POR 0.05 49
ELP -0.36 17
BKH 0.1 55
Market Cap(bill)Rank
IDA 1.31 83
CNL 1.4 84
POR 1.21 82
ELP 1.21 82
BKH 1.04 81
Sharpe Ratio Rank
IDA -0.1 67
CNL 0.2 87
POR -0.64 26
ELP 0.43 95
BKH -0.09 68
P/S Ratio Rank
IDA 1.39 36
CNL 1.3 38
POR 0.69 55
ELP 0.42 68
BKH 1.29 38
M/B Ratio Rank
IDA 1.03 41
CNL 1.32 32
POR 0.9 47
ELP 0.29 87
BKH 0.91 46
P/E Ratio Rank
IDA 12.71 58
CNL 13.92 54
POR 10.86 64
ELP 4.04 91
BKH 14.24 54
FORECAST COMPARISONS
RETURN FORECAST: EXPECTED RETURN
BKH CNL ELP IDA POR
One-Month -0.12%0.05%5.80%0.14%0.21%
Three-Month -0.36%-0.24%13.98%0.42%0.91%
Six-Month 1.49%1.61%25.28%2.71%3.94%
One-Year 6.60%7.38%58.75%9.03%12.62%
Two-Year 10.69%15.38%95.35%17.60%21.63%
Three-Year 18.79%18.91%126.45%22.91%28.25%
RISK ASSESSMENT: CHANCE OF GAIN
BKH CNL ELP IDA POR
One-Month 49.24%50.34%68.16%51.06%51.16%
Three-Month 48.72%49.04%74.44%51.80%52.94%
Six-Month 53.79%54.57%79.96%58.13%58.92%
One-Year 61.69%64.51%91.63%68.55%69.51%
Two-Year 63.33%70.83%94.34%74.74%73.19%
Three-Year 68.76%70.90%95.69%76.05%74.53%
RISK ASSESSMENT: CHANCE OF LOSS
BKH CNL ELP IDA POR
One-Month 50.76%49.66%31.84%48.94%48.84%
Three-Month 51.28%50.96%25.56%48.20%47.06%
Six-Month 46.21%45.43%20.04%41.87%41.08%
One-Year 38.31%35.49%8.37%31.45%30.49%
Two-Year 36.67%29.17%5.65%25.26%26.81%
Three-Year 31.24%29.10%4.31%23.95%25.47%
* Comparables are companies in the same Sector and Industry and of
approximately similar market capitalization value.

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
ANNUAL FINANCIALS - BALANCE SHEET (millions)
Copyright © 1998 - 2008 ValuEngine Inc 6
2007-12 2006-12 2005-12 2004-12 2003-12 2002-12 2001-12 2000-12
Cash and Equivalents 8 9.9 52.4 23.4 75.2 42.7 67 106.8
TOTAL CASH & SHORT TERM INVEST 8 9.9 52.4 23.4 75.2 42.7 67 106.8
Accounts Receivable 98 86.3 103.3 83 81.3 169.2 201 287.1
Other Receivables 11 11.9 22.6 8.8 8.2 15 62 15.6
Notes Receivable 2.1 2.6 3 3.5 3.3 7.6 6 4.7
TOTAL RECEIVABLES 111.1 100.8 128.9 95.3 92.8 191.9 269 307.4
INVENTORIES 60.5 54.3 44 34.5 27.6 29.8 35 34.8
Prepaid Expenses 9.4 9.3 18.5 30 27.8 34.3 32 24.6
Deferred Tax Assets, Curr 25.7 28 23.9 23.4 ------8.7
Other Current Assets 52.1 64.3 29.9 14.7 10.4 102.3 250 1681.6
TOTAL CURRENT ASSETS 266.7 266.5 297.5 221.4 233.8 401 653 2163.9
Gross Property Plant and Equip.4085.4 3825.3 3678.9 3525.6 3327.9 3201.5 3106 2947.6
Accumulated Depreciation -1468.8 -1406.2 -1364.6 -1316.1 -1239.6 -1295 -1220 -1142.6
NET PROPERTY, PLANT AND EQUIP.2616.6 2419.1 2314.3 2209.5 2088.3 1906.5 1886 1805
Long-term Investments 201.1 202.8 191.6 223.1 204.5 206.3 159 157.1
Goodwill ----3.4 ----------
Other Intangibles 29.5 30.5 31.6 31.6 31.6 31.6 31 31.6
Loans Receivable, LT 2.3 2.4 2.9 3.7 4.8 ------
Deferred Charges, LT 449.7 423.5 415.2 433.3 427.8 482.2 544 442.2
Other Long Term Assets 87.5 100.2 107.7 111.6 111 225 369 39.6
TOTAL ASSETS 3653.3 3445.1 3364.1 3234.2 3101.7 3252.6 3642 4639.3
Accounts Payable 85.1 86.4 83.7 79.2 60.9 130.9 248 272.4
Accrued Expenses 27.4 60.1 87.3 60.7 49.3 63.3 15 32.6
Short-term Borrowings 186.4 129 60.1 36.3 93.7 176.2 363 120.6
Deferred Tax Liability, Current --------5.6 21.5 24 8.7
Other Current Liabilities 64.9 39.7 46.2 30.7 29.9 95 221 1734.6
TOTAL CURRENT LIABILITIES 375.3 410.3 293.6 285.5 307.3 576.6 907 2208.6
Long Term Debt 1156.9 928.6 1023.6 979.5 945.8 898.7 843 864.1
Minority Interest --------52.4 53.4 104 105.1
Deferred Tax Liability Non-Current 466.2 498.5 521.9 555.8 554.7 595.5 590 460.5
Other Non-Current Liabilities 447.6 483.5 499.9 405.1 377.2 253.6 327 180.2
TOTAL LIABILITIES 2446 2320.9 2338.9 2225.9 2237.4 2377.8 2771 3818.4
Common Stock 675.8 638.8 598.7 589.4 473.9 470.4 454 453.1
Retained Earnings 537.7 493.4 437.3 424.3 397.2 415.3 424 370.1
Treasury Stock -0 -2.2 -7.3 -4.6 -4.2 -3.7 -3 -1.5
Comprehensive Income and Other -6.2 -5.7 -3.4 -0.9 -2.6 -7.1 -4 -0.9
TOTAL COMMON EQUITY 1207.3 1124.2 1025.2 1008.3 864.3 874.8 871 820.8
TOTAL EQUITY 1207.3 1124.2 1025.2 1008.3 864.3 874.8 871 820.8
TOTAL LIABILITIES AND EQUITY 3653.3 3445.1 3364.1 3234.2 3101.7 3252.6 3642 4639.3

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
ANNUAL FINANCIALS - INCOME STATEMENT (millions)
Copyright © 1998 - 2008 ValuEngine Inc 7
2007-12 2006-12 2005-12 2004-12 2003-12 2002-12 2001-12 2000-12
Revenues 875.4 920.5 837.7 822.8 802.6 915.5 5635 1005.1
Other Revenues 4 5.8 21.8 21.7 20.4 13.4 13 --
TOTAL REVENUES 879.4 926.3 859.5 844.5 823 928.8 5648 1005.1
Cost Of Goods Sold 613.5 656.8 620 650.4 602.3 721.1 5252 677.4
GROSS PROFIT 265.9 269.5 239.5 194.1 220.7 207.7 396 327.7
Selling General and Admin Exp.13.5 ------24.3 28 66 --
Depr. and Amortization 103.1 99.8 101.5 100.9 97.7 93.6 87 80.3
OPERATING INCOME 149.3 169.7 138 93.3 98.7 86.1 243 247.4
Interest Expense -63.3 -61 -60.2 -63.1 -64.9 -68.6 -76 -69.3
Interest and Invest. Income 6.9 8.5 ------------
NET INTEREST EXP.-56.5 -52.5 -60.2 -63.1 -64.9 -68.6 -76 -69.3
Income/(Loss) from Affiliates -4.8 -2.9 -0.7 1 ------14.3
Other Non-Oper. Inc. (Exp.)8 1.1 9.7 15.1 10.7 7.1 21 4.3
EBT EXCL. UNUSUAL ITEMS 96 115.5 86.9 48.2 40.1 20.6 188 196.7
Gain (Loss) On Sale Of Invest.------2 -4.3 -4 ----
Gain (Loss) On Sale Of Assets ------------2 14
Asset Writedown -----------10.1 ----
Legal Settlements ---------12.1 ------
Other Unusual Items -----10.3 ---2.6 ------
EBT INCL. UNUSUAL ITEMS 96 115.5 76.6 48.2 25.5 10.5 190 210.7
Income Tax Expense 13.7 15.4 12.9 -24.8 -21.1 -51.1 65 70.8
EARNINGS FROM CONTINUING 82.3 100.1 63.7 73 46.6 61.7 125 139.9
Earnings Of Discontinued Oper.0.1 7.3 ------------
NET INCOME 82.3 107.4 63.7 73 46.6 61.7 125 139.9
NI TO COMMON INCL EXTRA ITEMS 82.3 107.4 63.7 73 46.6 61.7 125 139.9
Basic EPS 1.9 2.5 1.5 1.9 1.2 1.6 3.3 3.7
Basic EPS Excl. Extra Items 1.9 2.3 1.5 1.9 1.2 1.6 3.3 3.7
Weighted Avg. Basic Shares Out.44.2 42.7 42.3 38.4 38.2 37.7 37.4 37.6
Diluted EPS 1.9 2.5 1.5 1.9 1.2 1.6 3.3 3.7
Diluted EPS Excl Extra Items 1.9 2.3 1.5 1.9 1.2 1.6 3.3 3.7
Weighted Avg. Diluted Shares Out.44.3 42.9 42.4 38.4 38.2 37.7 37.4 37.6

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
ANNUAL FINANCIALS - CASH FLOW STATEMENT (millions)
Copyright © 1998 - 2008 ValuEngine Inc 8
2007-12 2006-12 2005-12 2004-12 2003-12 2002-12 2001-12 2000-12
Net Income 82.3 107.4 63.7 73 46.6 61.7 125 139.9
Depreciation and Amortization 120.4 122.6 124.1 124.2 129.1 93.6 111 104
Amortization Of Goodwill ----------29.2 ----
DEPRECIATION AND AMORT., TOTAL 120.4 122.6 124.1 124.2 129.1 122.8 111 104
(Gain) Loss From Sale Of Asset -4.8 -25.7 -2.1 -4.5 -----2 -14
(Gain) Loss On Sale Of Invest.--------1.9 1 --28.5
Asset Writedown and Restruct. Costs --2 10.3 9.1 3.5 8.1 ----
(Income) Loss On Equity Investments -6.3 -9.6 -16.8 ----------
Tax Benefit from Stock Options -0.1 -1.4 ------------
Prov. and Write-off of Bad debts --0.1 -10.7 --2.5 0.8 20 --
Other Operating Activities -124.1 -20.6 2.9 9.7 122.9 230.2 -278 -130.5
Change In Accounts Receivable -10.3 24.3 -6.4 -1.4 96.8 28.8 41 -170
Change In Inventories --------2.2 3.6 --4.1
Change In Accounts Payable 2.2 6.7 1.8 15.8 -70.3 -145.9 4 125.7
Change In Income Taxes -9.5 -24.1 26.4 0.7 -11 99 -67 -5.7
Change In Deferred Taxes 11 -17.3 -31.8 -33.9 -62 -110.7 150 46.7
Change In Other Working Capital 19.6 5.2 0.1 2 49 48.2 -112 4.9
CASH FROM OPERATIONS 80.6 169.8 161.5 194.7 311.2 347.6 -8 133.6
Capital Expenditure -287.8 -225 -193.3 -199.8 -149.1 -134.2 -180 -140.3
Sale of Prop., Plant, and Equip.--0.1 1 5.6 ----12 17.5
Divestitures 7.3 21.5 ------------
Sale (Purchase) of Intangible assets 19.8 11.3 70.8 ----------
Invest. in Marketable and Eqty Securties -6.2 -16.4 30.4 -33.9 ---43.9 ---29.2
Other Investing Activities -0.3 -44.6 2.2 -1.5 -4.4 -8.3 -3 -0.6
CASH FLOW FROM INVESTING -267.1 -253 -88.9 -229.6 -153.6 -186.5 -171 -152.6
Short-Term Debt Issued 57.4 68.9 23.8 ------242 100.8
Long-Term Debt Issued 240 116.3 65 106.4 255.3 200 120 94.4
TOTAL DEBT ISSUED 297.4 185.2 88.8 106.4 255.3 200 362 195.2
Short-Term Debt Repaid -------58.2 -82.6 -186.3 ----
Long-Term Debt Repaid -95 -132.6 -83.1 -79.9 -230 -89.4 -144 -102.4
TOTAL DEBT REPAID -95 -132.6 -83.1 -138.1 -312.6 -275.7 -144 -102.4
TOTAL DIVIDENDS PAID -53 -51.3 -50.7 -45.8 -64.7 -70.2 -70 -69.8
Other Financing Activities -1.7 -1.7 -5 -53.5 -6.6 -53.9 -5 -0.5
CASH FROM FINANCING 184.6 40.8 -43.6 -16.8 -125.2 -185 139 14.4
NET CHANGE IN CASH -1.9 -42.5 29 -51.8 32.4 -24 -40 -4.5
Cash Interest Paid 62 60.4 57.5 55.1 58.9 62.7 70 61.8
Cash Taxes Paid 3 54.5 18.9 7.7 52.9 -39.7 -18 29.8
Net Debt Issued 202.4 52.6 5.8 -31.7 -57.3 -75.7 218 92.8

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
QUARTERLY FINANCIALS - BALANCE SHEET (millions)
Copyright © 1998 - 2008 ValuEngine Inc 9
2008-06 2008-03 2007-12 2007-09 2007-06 2007-03 2006-12 2006-09
Cash and Equivalents 8.9 7.4 8 16.7 12.5 3.6 9.9 8.4
TOTAL CASH & SHORT TERM INVEST 8.9 7.4 8 16.7 12.5 3.6 9.9 8.4
Accounts Receivable 114 96.5 98 96.3 100.1 77.7 86.3 83.5
Other Receivables 7.2 7.5 11 21.3 19.9 17.1 11.9 13.4
Notes Receivable 2.2 2.2 2.1 2.3 2.3 2.5 2.6 2.7
TOTAL RECEIVABLES 123.4 106.2 111.1 120 122.3 97.3 100.8 99.5
INVENTORIES 74 64.4 60.5 62.6 58.3 57.1 54.3 52
Prepaid Expenses 8.8 7.7 9.4 10.4 8.3 7.7 9.3 14.5
Deferred Tax Assets, Curr 9.9 24.9 25.7 31.5 31.4 30.6 28 26.4
Other Current Assets 34 53.3 52.1 50.4 59.3 64.1 64.3 18.5
TOTAL CURRENT ASSETS 259 263.9 266.7 291.6 292 260.4 266.5 219.2
Gross Property Plant and Equip.4167.9 4110.9 4085.4 4018.1 3947.7 3877.6 3825.3 3794.6
Accumulated Depreciation -1480.1 -1461.9 -1468.8 -1466.7 -1446.1 -1431 -1406.2 -1410.6
NET PROPERTY, PLANT AND EQUIP.2687.8 2649 2616.6 2551.4 2501.6 2446.6 2419.1 2384
Long-term Investments 207.3 205.5 201.1 201.5 200.4 198.5 202.8 199.9
Other Intangibles 26.9 27.1 29.5 29.8 30 30.3 30.5 31.6
Loans Receivable, LT 2.5 2.3 2.3 2.4 2.3 2.4 2.4 2.5
Deferred Charges, LT 477.9 473.1 449.7 454.1 426.4 388.7 423.5 371
Other Long Term Assets 87.2 88.5 87.5 81.8 79.6 80.4 100.2 103.2
TOTAL ASSETS 3748.6 3709.5 3653.3 3612.6 3532.3 3407.4 3445.1 3311.4
Accounts Payable 68.7 58.5 85.1 65.8 85.6 43.5 86.4 66.4
Accrued Expenses 22.1 31 27.4 28.2 19 30.4 60.1 96
Short-term Borrowings 279.4 243.5 186.4 144.8 86.9 156.4 129 32.7
Other Current Liabilities 73.1 69.6 64.9 53.4 65.6 68.4 39.7 42.7
TOTAL CURRENT LIABILITIES 452 413.9 375.3 384.5 348.4 393 410.3 253.2
Long Term Debt 1153.4 1155.3 1156.9 1061.3 1064.6 926.9 928.6 1013.7
Deferred Tax Liability Non-Current 468.9 479.6 466.2 486 475.1 463.5 498.5 497.7
Other Non-Current Liabilities 449.6 443.2 447.6 472.7 474.7 471.2 483.5 460.3
TOTAL LIABILITIES 2523.9 2492 2446 2404.5 2362.8 2254.5 2320.9 2224.9
Common Stock 682.1 678.7 675.8 672.9 650.1 639.5 638.8 604.8
Retained Earnings 549.8 545.9 537.7 540.8 525.3 520 493.4 488.2
Treasury Stock -0 -0 -0 -0 -0 ---2.2 -2.2
Comprehensive Income and Other -7.3 -7.2 -6.2 -5.6 -5.9 -6.7 -5.7 -4.2
TOTAL COMMON EQUITY 1224.7 1217.5 1207.3 1208.1 1169.5 1152.8 1124.2 1086.6
TOTAL EQUITY 1224.7 1217.5 1207.3 1208.1 1169.5 1152.8 1124.2 1086.6
TOTAL LIABILITIES AND EQUITY 3748.6 3709.5 3653.3 3612.6 3532.3 3407.4 3445.1 3311.4

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
QUARTERLY FINANCIALS - INCOME STATEMENT (millions)
Copyright © 1998 - 2008 ValuEngine Inc 10
2008-06 2008-03 2007-12 2007-09 2007-06 2007-03 2006-12 2006-09
Revenues 228.9 212.8 196.4 260.5 212.5 205.9 183.6 228.8
Other Revenues 1.3 0.6 1 0.9 1.2 0.8 1.2 1.7
TOTAL REVENUES 230.2 213.4 197.4 261.5 213.8 206.7 184.8 230.5
Cost Of Goods Sold 159.5 139.6 142.9 185.1 149.9 137.6 135.9 148.6
GROSS PROFIT 70.7 73.9 54.5 76.3 63.9 69.1 48.9 81.9
Selling General and Admin Exp.3.9 3.4 4.5 4.3 2.5 ------
Depr. and Amortization 26.6 25.8 26.2 26 25.6 25.3 25.4 25.3
OPERATING INCOME 40.2 44.8 23.8 46.1 35.7 43.8 23.6 56.6
Interest Expense -17.1 -17.5 -16.7 -16.6 -15.4 -15.2 -15.7 -14.8
Interest and Invest. Income ----0.5 ----------
NET INTEREST EXP.-17.1 -17.5 -16.2 -16.6 -15.4 -15.2 -15.7 -14.8
Income/(Loss) from Affiliates -3.3 -4 -1.6 -0.4 -1.6 -1.3 -0.2 -0.4
Other Non-Oper. Inc. (Exp.)4.6 4.1 5.1 4.4 3.2 2.2 -0.4 1.8
EBT EXCL. UNUSUAL ITEMS 24.5 27.3 11.1 33.5 21.9 29.5 7.3 43.2
EBT INCL. UNUSUAL ITEMS 24.5 27.3 11.1 33.5 21.9 29.5 7.3 43.2
Income Tax Expense 6.9 5.6 0.8 4.6 3.4 4.9 -10.6 10.7
EARNINGS FROM CONTINUING 17.5 21.7 10.3 28.9 18.5 24.6 18 32.5
Earnings Of Discontinued Oper.----------0.1 0.1 11.5
NET INCOME 17.5 21.7 10.3 28.9 18.5 24.6 18.1 44
NI TO COMMON INCL EXTRA ITEMS 17.5 21.7 10.3 28.9 18.5 24.6 18.1 44
Basic EPS 0.4 0.5 0.2 0.6 0.4 0.6 0.4 1
Basic EPS Excl. Extra Items 0.4 0.5 0.2 0.6 0.4 0.6 0.4 0.8
Weighted Avg. Basic Shares Out.44.9 44.8 44.8 44.4 43.8 43.7 43.1 42.7
Diluted EPS 0.4 0.5 0.2 0.6 0.4 0.6 0.4 1
Diluted EPS Excl Extra Items 0.4 0.5 0.2 0.6 0.4 0.6 0.4 0.8
Weighted Avg. Diluted Shares Out.45.1 45 44.9 44.5 43.9 43.8 43.3 42.9

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
QUARTERLY FINANCIALS - CASH FLOW STATEMENT (millions)
Copyright © 1998 - 2008 ValuEngine Inc 11
2008-06 2008-03 2007-12 2007-09 2007-06 2007-03 2006-12 2006-09
Net Income 17.5 21.7 10.3 28.9 18.5 24.6 18.1 44
Depreciation and Amortization 32.5 30.8 29.1 30.9 30.1 30.3 31.7 30.6
DEPRECIATION AND AMORT., TOTAL 32.5 30.8 29.1 30.9 30.1 30.3 31.7 30.6
(Gain) Loss From Sale Of Asset -3.4 ---0.3 -1.8 -1.1 -1.6 -0.4 -17.7
Asset Writedown and Restruct. Costs ------------2 --
(Income) Loss On Equity Investments 0.2 0.9 -1.6 -1.7 -1.4 -1.6 -1.6 -3.3
Tax Benefit from Stock Options -----0.1 -------1.4 --
Prov. and Write-off of Bad debts ------------0.1 0.2
Other Operating Activities -22.9 0.1 -19 -44.4 -44.2 -16.5 -24.1 -55.5
Change In Accounts Receivable 0.2 1.8 -0.6 -6.7 -3.6 0.6 0.7 -2.5
Change In Accounts Payable 16.4 -29.9 22.2 -16.4 42.6 -46.1 21 -3.8
Change In Income Taxes 0.6 -5.8 5.6 -2.5 -13.2 0.6 -26.8 -11.6
Change In Deferred Taxes 4.2 12.6 -18.2 10.5 11.2 7.6 -0.9 18.6
Change In Other Working Capital -12.6 -11.3 6 9 -18.5 23.1 -18.5 24.4
CASH FROM OPERATIONS 32.6 20.9 33.4 5.7 20.4 21 -0.1 23.3
Capital Expenditure -72.5 -52.9 -84.7 -80.9 -72.6 -49.6 -56.9 -65.7
Sale of Prop., Plant, and Equip.5.7 ----------0.1 --
Divestitures ----------7.3 --21.5
Sale (Purchase) of Intangible assets 0.8 ----17.2 2.7 ----0.5
Invest. in Marketable and Eqty Securties -3.7 -11.7 -3.5 -0.8 -3 1 -5 -0.8
Other Investing Activities 19 -0.5 -0.1 -1.6 0.9 0.5 -45.2 -0.2
CASH FLOW FROM INVESTING -50.7 -65.1 -88.3 -66.1 -72 -40.8 -106.9 -44.8
Short-Term Debt Issued 32 57.1 41.6 57.9 --27.4 96.3 --
Long-Term Debt Issued ----14.9 --135 ------
TOTAL DEBT ISSUED 32 57.1 56.6 57.9 135 27.4 96.3 --
Short-Term Debt Repaid ---------69.5 -----12.5
Long-Term Debt Repaid -0.6 -1.8 ---2.3 ---2.7 -5.3 -3.1
TOTAL DEBT REPAID -0.6 -1.8 ---2.3 -69.5 -2.7 -5.3 -15.6
TOTAL DIVIDENDS PAID -13.5 -13.5 -13.4 -13.3 -13.2 -13.1 -12.8 -12.9
Other Financing Activities -0.3 -0.1 0.7 -0.2 -2.1 -0 -2 0.4
CASH FROM FINANCING 19.7 43.6 46.2 64.5 60.4 13.5 108.5 -24
NET CHANGE IN CASH 1.5 -0.6 -8.7 4.2 8.9 -6.3 1.5 -45.5
Net Debt Issued 31.4 55.3 56.6 55.6 65.5 24.7 91 -15.6
1.
2.

Thank you for your interest in ValuEngine!
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Portfolio Strategy design, back-test and implementation services for Funds and Institutions. Tell us your financial
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Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
VALUENGINE SERVICE DESCRIPTIONS
Copyright © 1998 - 2008 ValuEngine Inc 12
Wealth Accumulation Starting from $10,000
The ValuEngine View S&P 500 Index
May-05Sep-05Jan-06May-06Sep-06Jan-07May-07Sep-07Jan-08May-08Sep-08Jan-09
7,500
10,000
12,500
15,000
17,500
20,000
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ValuEngine's research combines the most advanced academic concepts with real world Wall Street practice. The result is
state-of-the-art fair market valuation and price forecasting technologies.
ValuEngine's stock valuation employs a sophisticated, three-factor approach. Fundamental variables, such as a company's
trailing 12-month Earnings-Per-Share (EPS), the analyst consensus estimate of the company's future 12-month EPS, and the
30-year Treasury yield, are all used to create a more accurate reflection of a company's fair value. Together with eleven
additional variables, ValuEngine paints a detailed picture of a company's fair value, represented by the model price.
ValuEngine's stock forecasts examine, among other things, short-
term price reversals, intermediate-term momentum continuation, and
long-term price reversals over six time horizons for every industry to
ensure forecasts are established relative to a stock's proper peer
groups. Advanced statistical/econometric techniques are used to run
thousands of simulations estimating the probability of a double in
stock price, as well as the probability of meeting and exceeding any
given portfolio or stock investment target.
The stock's engine rating is an assessment of its overall
attractiveness. It combines valuation, risk-return trade-off,
momentum, market capitalization and forecasted future returns. Only
two percent of the stock universe receives the highest 5-engine
rating. The lowest rating is a single engine.
For more information on ValuEngine, its models and performance,
go to www.ValuEngine.com
DISCLOSURES
ValuEngine offers equity recommendations and related return estimates to investors and their advisors. It uses a three-class
Buy-Hold-Sell rating system. This is a consolidated version of the firm's five class rating system: most favorable and favorable
ratings are buys; neutral ratings are holds and the categories unfavorable and most unfavorable are sells.
STOCK RATINGS: The terms below are used to rate a stock's 12-month performance:
Buy: Expected to outperform the SP500 producing above average returns.
Hold: Expected to perform in line with the SP500 with average returns.
Sell: Expected to underperform the SP500 producing below-average returns.
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abides by formal codes of ethics that put the interests of clients ahead of their own. The following are specific disclosures
made by ValuEngine with regards to this research report:
ValuEngine, Inc. does not make a market in this security.
ValuEngine, Inc. has not received compensation from the companies discussed above in the last 12 months.
ValuEngine has not managed or co-managed a public offering for any companies in the above report in the past twelve
months.
None of ValuEngine's management, the analysts involved, nor a member of the research analyst's household serves as
an officer, director or advisory board member of the companies discussed in this report.
The research analyst over this company or members of his/her household do not have a financial interest in these
companies discussed in this report.
ValuEngine, Inc. or its affiliates do not beneficially own 1% or more of any class of common equity securities of the
subject companies.
Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with
respect to each security or issuer that the analyst covered in this report: a). all of the views expressed accurately reflect
his or her personal views about those securities or issuers; and b). no part of his or her compensation was, is, or will be,
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research report.
DISCLAIMERS
This report is intended for informational purposes only and does not constitute a recommendation, or an offer, to buy or sell
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Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
VALUENGINE'S METHODOLOGY
Copyright © 1998 - 2008 ValuEngine Inc 13
Engine Rating and Average Annual Return
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