20190610McKenzie Exhibit 3 Schedule 3.pdf

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ROE ANALYSIS
SUMMARY OF RESULTS
DCF
Value Line
IBES
Zacks
Internal br + sv
CAPM
Empirical CAPM
Utilitv Risk Premium
Current Bond Yield
Projected Bond Yields
Expected Earnings
Schedule 3
Page I of 1
Average
10.0%
t0.0%
9.2%
8.9%
10.4%
tt.3%
t0.7%
10.2%
10.6%
Midpoint
ll.4yo
11.504
10.0%
10.2%
10.1%
t1.t%
tt.4%
Cost of Equity Range
Flotation Cost Adjustment
Dividend Yield
Flotation Cost Percentage
Adjustment
Recommended ROE Range
9.8%10.8%
9.gYo 10.9o/o
3.40h
3.0%
0.1%
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule 3, Page 1 of 1
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