5 4 2012 IDA 1Q12 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
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N RTH E T
IDACORP, Inc. (IDA) May 4, 2012
$38.88 | HOLD Price Target: $39

Reasonable Q1; Maintaining Hold
• IDACORP reported Q1 EPS of $0.50 compared to last year’s $0.60.
Revenues were 4% lower on warmer weather while operating costs
moved down only 1%. We view the results as reasonable.
• We are leaving our 2012 EPS estimate of $3.00 and 2013 estimate
of $3.10 unchanged. We maintain our Hold rating and price target of
$39 based on a 12.5x multiple of our 2013 EPS. We would be very
interesting in adding to positions in the low $30-range.
• Risks: rate case uncertainty, rising interest rates, natural gas price
volatility and poor hydrogeneration conditions.

52-Week High $42.89
52-Week Low $33.88
Shares Out (M) 50.1
Market Cap (M) $1,948
Avg Daily Vol 238,584
Dividend / Yield $1.32 / 3.30%
Tangible Book Value $32.78
3-5 yr. EPS Growth 5%
Fiscal Year End December

Annual EPS Estimates:
EPS 2011A 2012E 2013E
FY $3.37 $3.00 $3.10
PE 11.5x 13.0x 12.5x

Company Description:
IDACORP provides electric service to retail
customers in Idaho and Oregon through its Idaho Power Company subsidiary, which comprises more
than 95% of earnings, and invests in housing and
other real estate properties through its other
subsidiaries. The company was founded in 1915 and
is based in Boise, Idaho.
Jennifer Sireklove, CFA
[e-mail]
206.664.8875
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Source: FactSet Prices
Idacorp (IDA) 3-year Price History
01-May-2009 to 03-May-2012 (Daily)
McAdams Wright Ragen
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, as of March 31, 2012:

Jennifer Sireklove, CFA, [e-mail], 206.664.8875

I, Jennifer Sireklove, 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.

% of rated stocks currently 
assigned the following rating 
% of rated stocks to whom MWR provided investment 
banking services within the previous 12 months 
BUY 29% 0%
HOLD 51% 0%
SELL 20% 0%

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

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.

McAdams Wright Ragen employs a Ratings System (in effect since 12/20/2011) defined as follows:
Buy: We expect the Stock to Outperform the Market
Hold: We expect the Stock to be a Market Performer
Sell: We expect the Stock to Underperform the Market

Ratings System in effect between 6/12/2002 and 12/20/2011:
Buy/Addition to MWR Focus List: We expect the Stock to Outperform the Market.
Hold: We expect the Stock to be a Market Performer.
Sell/Removal from MWR Focus 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

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.

For additional price Chart and Ratings History disclosures, or to request information, please contact MWR’s Research Department
at [phone], [e-mail].
4/09 7/09 10/09 1/10 4/10 7/10 10/10 1/11 4/11 7/11 10/11 1/12 4/12
0
5
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45
Initiation at HOLD
PT: $36 May 24
PT: $39 Mar. 7
Source: FactSet Prices
Idacorp (IDA) 3-year Price History Chart
31-Mar-2009 to 30-Mar-2012 (Daily) Price (USD)