20190610McKenzie Exhibit 3 Schedule 11.pdf

o DCF MODEL - NON.UTILITY GROUP
DIVIDEND YIELD
Company Industry Group
Schedule ll
Page I of3
(b)
Dividends Yield
(a)
Price
o
1 Church & Dwight
2 Coca-Cola
3 Colgate-Palmolive
4 Federal Realty Inv.
5 General Mills
6 Kellogg
7 Kimberly-Clark
8 Eli Lilly and Co.
9 McCormick & Co.
10 PepsiCo, Inc.
11 Procter & Gamble
l2 Public Storage
l3 Smucker (J.M.)
14 Sysco Corp.
l5 Verizon Communications
16 Walmart Inc.
17 Waste Management
Average
Household Products
Beverage
Household Products
REIT
Food Processing
Food Processing
Household Products
Pharmaceuticals
Food Processing
Beverage
Household Products
REIT
Food Processing
Wholesale Food
Telecom. Services
Retail Store
Environmental
$ 71.32
$ 46.67
$ 67.89
$ 135.13
s 50.69
$ 57.04
$ 122.79
$ 124.72
s 149.39
$ 12234
$ 103.85
$ 2r 8.80
$ rt6.42
$ 67.67
$ s8.s3
$ 99.89
$ 103.29
$ 0.91
s 1.60
$ 1.72
$ 4.12
$ 1.98
$ 2.28
$ 4.12
$ 2.s8
$ 2.31
$ 3.82
$ 2.98
$ 8.40
$ 3.46
$ l.s6
$ 2.42
$ 2.14
$ 2.0s
1.3%
3.4%
2.5%
3.0%
3.9%
4.0%
3.4%
2.1%
t.s%
3.1%
2.9%
3.8%
3.0%
23%
4.1%
2.1%
2.0%
(a) Average ofclosing prices for 30 trading days ended Apr.26,2019.
(b) The Value Line Investment Survey, Summary & Index (Apr.26,2019)
2.9o/o
Exhibit No. 3
Case No. AVU-E-'l9-04
A. McKenzie, Avista
Schedule 't 1, Page 1 of 3
o
DCF MODEL - NON-UTILITY GROUP
GROWTH RATES
(a) (b)
Earnings Growth
Schedule 11
Page 2 of3
(c)
850%
6.50%
6.00%
n/a
4.00%
4.50%
7.00%
11.50%
8.s0%
6.s0%
1050%
nla
5.50%
12.00%
4.00%
7.00%
9.00%
8.62%
5.35%
335%
6.70%
s.36%
2.60%
2.99%
11.23%
8.79%
4.65%
6.24%
17.00%
3.39%
9.79%
4.19%
353%
1050%
8.40%
7.12%
5.39%
s.05%
750%
450%
s52%
9.32%
9.00%
72s%
6.93%
4.00%
5.85%
10.29%
4.80%
457%
8.73%
o
o
Company Value Line IBES Zacks
I Church & Dwight
2 Coca-Cola
3 Colgate-Palmolive
4 Federal Realty Inv.
5 General Mills
6 Kellogg
7 Kimberly-Clark
8 Eli Lilly and Co.
9 McCormick & Co.
l0 PepsiCo,Inc.
11 Procter & Gamble
l2 Public Storage
l3 Smucker (J.M.)
14 Sysco Corp.
l5 Verizon Communications
16 Walmart Inc.
17 Waste Management
(a) The Value Line Investment Survey (Jan. 25, Feb.22, Mar. 15, Mar.22, Apr. 5 &
Apr. 19,2019).
(b) www.finance.yahoo.com (retrieved Apr. 17, 2019).
(c) www.zacks.com (retrieved Apr. 17 ,2019).
o
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule 1 1, Page 2 of 3
o DCF MODEL. NON-UTILITY GROUP
DCF COST OF EOUITY ESTIMATES
Company
(a) (a) (a)
Earnings Growth
Value Line IBES Zacks
Schedule l1
Page 3 of3
o
I Church & Dwight
2 Coca-Cola
3 Colgate-Palmolive
4 Federal Realty Inv.
5 General Mills
6 Kellogg
7 Kimberly-Clark
8 Eli Lilly and Co.
9 McCormick & Co.
l0 PepsiCo,lnc.
11 Procter & Gamble
12 Public Storage
13 Smucker (J.M.)
14 Sysco Corp.
15 Verizon Communications
16 Walmart Inc.
l7 Waste Management
Average (b)
Midpoint (b,c)
98%
99%
85%
n/a
7.9%
8.5%
10.4%
13.6%
10.0%
9.6%
13.4%
nla
85%
14.3%
8.t%
9.1%
tt.0%
9.9%
8.8%
9.7%
93%
6.6%
6.3%
13.3%
10.3%
7.8%
9.t%
20.8%
6.4%
t2.t%
8.3%
5.7%
12.5%
9.7%
10.5%
7.9%
8.1%
tt.4%
8.s%
8.9%
tt.4%
t0.5%
10.4%
9.8%
7.8%
8.8%
12.6%
8.9%
6.7%
10.7%
10.20
ll.lo
l0.lo/o
10.5o/o
9.60/0
9.70h
(a) Sum ofdividend yield (Schedule 1 l, p. l) and respective growth rate (Schedule I l, p. 2).
(b) Excludes highlighted figures.
(c) Average oflow and high values.
o
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule l l, Page 3 of 3
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