20190610McKenzie Exhibit 3 Schedule 5.pdf

o DCF MODEL - UTILITY GROUP
DIVIDEND YIELD
(b)
Dividends
$0.s6
$2.38
$ 1.96
$1.82
$1.57
$2.08
$1.16
$1.s6
$3.67
$3.90
$1.54
$2.3s
$3.68
$ l.4s
$l.s4
$ 1.29
$2.60
$2.33
sl.s8
s 1.42
$1.19
$3.95
Schedule 5
Page I of3
Yield
s.0%
2.9%
2.7%
3.6%
3.8%
2.9%
3.8%
2.8%
4.8%
3.2%
2.6%
4.7%
3.9%
2.9%
3.8%
3.2%
2.6%
3.3%
3.7%
2.8%
2.6%
3.1%
3.40h
Exhibit No. 3
Case No. AVU-E-'I9-04
A. McKenzie, Avista
Schedule 5, Page 1 of 3
o
Company
1 Algonquin Pwr & Util
2 ALLETE
3 Ameren Corp.
4 Avangrid,Inc.
5 Avista Corp.
6 Black Hills Corp.
7 CenterPoint Energy
8 CMS Energy Corp.
9 Dominion Energy
l0 DTE Energy Co.
1l El Paso Electric Co.
12 Emera Inc.
13 Entergy Corp.
14 Exelon Corp.
15 FirstEnergy Corp.
16 Hawaiian Elec. Ind.
l7 IDACORP,Inc.
l8 NorthWestern Corp.
19 OGE Energy Corp.
20 Otter Tail Corp.
2l PNM Resources
22 SempraEnergy
Average
(a)
Price
$1L34
$81.60
$72.33
$s0.61
s4l.l6
$72.61
$30.s 1
$s4.86
$76. I 6
$123.72
$s8.96
$s0. I 9
$94.61
$49.83
$41.04
$40.80
$98.58
$69.81
$42.44
$49.87
$46. l 9
$126.59
(a) Average ofclosing prices for 30 trading days ended Apr.26,2019.
(b) The Value Line Investment Survey, Summary & Index (Apr. 26,2019).
o
DCF MODEL - UTILITY GROUP Schedule 5
Page 2 of3 o
GROWTH RATES
(a) (b)
Earnings Growth
(c)(d)
br*sv
Growth
nla
2.9%
4.8%
2.0%
2.9%
45%
4.8%
6A%
73%
5.0%
3.7%
s.0%
4.7%
s.s%
10.0%
4.s%
3.7%
3.2%
33%
4.8%
s.3%
8.0%
Company Value Line
n/a
s.0%
6.s%
12.0%
35%
6.0%
12.5%
7.0%
6.5%
5.0%
45%
8.0%
0.0%
7.5%
63%
4.5%
35%
3.0%
6.5%
5.0%
8.s%
tt.0%
IBES
10.8%
6.0%
6.7%
6.2%
5.7%
3.6%
6.1%
3.s%
4.7%
4.2%
3.80
4.3%
-4.7%
0.8o/o
-6.6%
5.9%
2.4%
3.2%
-3.t%
9.0%
3.9%
2.4%
Zacks
8.2%
7.2%
63%
7.7%
3.2%
4.8%
5.3%
6.4%
4.9%
6.0%
4.7%
nla
n/a
4.0%
6.0%
5.4%
3.8%
2.6%
4.6%
7.0%
4.8%
8.3%
I Algonquin Pwr & Util.
2 ALLETE
3 Ameren Corp.
4 Avangrid, lnc.
5 Avista Corp.
6 Black Hills Corp.
7 CenterPoint Energy
8 CMS Energy Corp.
9 Dominion Energy
l0 DTE Energy Co.
I I El Paso Electric Co.
12 Emera lnc.
l3 Entergy Corp.
14 Exelon Corp.
l5 FirstEnergy Corp.
l6 Hawaiian Elec. Ind.
17 IDACORP,Inc.
l8 NorthWestern Corp.
19 OGE Energy Corp.
20 Otter Tail Corp.
2l PNM Resources
22 Sempra Energy
o
(a) The Value Line Investment Survey (Feb. 15, Mar
(b) www.fi nance.yahoo.com (retreived May 4, 2019).
(c) www.zacks.com (retrieved May 4,2019).
(d) See Schedule 6.
15, Mar. 22, & 4pr.26,2019).
o
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule 5, Page 2 of 3
o DCF MODEL - UTILITY GROUP
DCF COST OF EOUITY ESTIMATES
Company
I Algonquin Pwr & Util.
2 ALLETE
3 Ameren Corp.
4 Avangrid,Inc.
5 Avista Corp.
6 Black Hills Corp.
7 CenterPoint Energy
8 CMS Energy Corp.
9 Dominion Energy
l0 DTE Energy Co.
1l El Paso Electric Co.
12 Emera lnc.
13 Entergy Corp.
14 Exelon Corp.
l5 FirstEnergy Corp.
l6 Hawaiian Elec. Ind.
17 IDACORP,Inc.
l8 NorthWestern Corp.
l9 OGE Energy Corp.
20 Otter Tail Corp.
21 PNM Resources
22 Sempra Energy
Average (b)
Midpoint (b,c)
(a) (a)
Earnings Growth
Schedule 5
Page 3 of3
Value Line
nla
7.9%
9.2%
15.6%
73%
8.9%
93%
tt.3%
8.2%
7.1%
12.7%
6.1%
6.3%
10.2%
7.8%
tt.t%
t4.t%
l0.[Yo
tl.4Yo
15.8%
8.9%
9.4%
9.8%
95%
13.2%
10.1%
9.0%
rr.3%
7.0%
7.6%
9.1%
9.2%
9.7%
9.2%
7.3%
nla
n/a
6.9%
9.8%
8.6%
(a)
br*sv
Growth
5.9%
7.5%
5.6%
6.7%
7.4%
8.6%
9.2%
12.3%
8.2%
6.3%
9.7%
8.6%
8.4%
t3.8%
7.7%
(a)
IBES Zacks
nla
6.5%
16.3%9.9%
6.3%
9.s%
7.3%
6.4%
9.0%
3.9%
r0/%
10.3%
7.7%9.1%
o -0.8%
3.7%
-2.9%
5.0%
6.6%
0.6%
tt.8%
6.5%
5.5%
10.0o/o
ll.5o/o
6.4%
5.9%
8.3%
9.8%
7.3%
tt.5%
9.20h
l0.$Yo
6.3%
65%
7.2%
7.7%
73%
ll.lo
8.9V"
l0.zYo
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule 5, Page 3 of 3
(a) Sum ofdividend yield (Schedule 5, p. l) and respective growth rate (Schedule 5,p.2).
(b) Excludes highlighted figures.
(c) Average oflow and high values.
o