COC ValueEngine-Nov-17-2009.pdf

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)Nov. 17, 2009
VALUENGINE RECOMMENDATION & BASIC INFORMATION
Copyright © 1998 - 2009 ValuEngine Inc 1
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©ValuEngine.com 2009RECOMMENDATION
negative neutral positive
SELL HOLD BUY
VALUENGINE RATING
RECOMMENDATION FACTORS
Value Rank
Overall Rank top 19%
Fair Value $31.91 top 46%
1Yr Target Price $30.73 top 11%
P/E Ratio 12.8 top 21%
Last 1-Y Return 5.94%btm 30%
Market Cap(bil)$1.41 top 23%
BASIC INFORMATION
Last Trade $29.61
Trade Date 11/16/09
Market Cap(bil)$1.41092
Trailing P/E 12.8
Forward P/E 13.22
PEG Ratio n/a
P/S Ratio 1.39
M/B Ratio 1.02
Sharpe Ratio -0.1
5-Y Avg Ann Return -1.86%
Volatility 19.48%
EPS Growth -3.17%
Annual Dividend $1.20
Dividend Yield 4.05%
LT Debt/Equity 0.93
Beta 0.39
VALUATION ANALYSIS
IDA Today's Fair value: $31.91
7.22% undervalued
Industry Electrical Utilities
4.90% undervalued
Sector Public Utilities
1.79% undervalued
FORECAST ANALYSIS
Target Price Exp. Return
1-Month $29.66 0.17%
3-Month $29.81 0.67%
6-Month $29.96 1.19%
1-Year $30.73 3.78%
2-Year $33.46 13.01%
3-Year $37.38 26.23%
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 HOLD recommendation for IDACORP INC. on Nov.
17, 2009. Based on the information we have gathered and our resulting
research, we feel that IDACORP INC. has the probability to ROUGHLY MATCH
average market performance for the next year. The company exhibits
ATTRACTIVE volatility and P/E ratio, but UNATTRACTIVE expected EPS
growth and momentum.
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 Nov. 17, 2009, we believe that IDA should be
trading at $31.91. This makes IDA 7.22% 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 $2.31,
forecasted EPS for the next four quarters of $2.24, and correlations to the 30-
year Treasury bond yield of 4.26%. 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 - 2009 ValuEngine Inc 2
OPTIMAL BUY-SELL
Based solely on the Historical Mispricing of IDA, the best
time to buy would be below $28.72 (or valuation below -
10.00%). The best time to sell would be above $39.57 (or
valuation above 24.00%).
EVALUATION & RANKINGS
Value Rank
Valuation -7.22%55
12-Month Return 5.94%30
5-Y Avg Ann Rtn -1.86%59
Volatility 19.48%98
EPS Growth -3.17%18
Market Cap(bill)1.41 78
Sharpe Ratio -0.1 54
P/S Ratio 1.39 47
M/B Ratio 1.02 63
P/E Ratio 12.8 80
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 55: 45% of stocks are more
undervalued
•
Momentum rank 30: 70% of stocks have higher
momentum
•
Sharpe Ratio rank 54: 46% of stocks have a higher
Sharpe Ratio
•
5-Year Average Annual Return 59: 41% of stocks
have higher average annual return
•
Volatility rank 98: 2% of stocks have less volatility•
EPS growth rank 18: 82% of stocks have greater
projected EPS growth
•
Size rank 78: 22% of companies have higher market
capitalization
•
P/E rank 80: 20% of stocks have lower P/E ratios•
Price/Sales rank 47: 53% of stocks have lower
price/sales ratios
•
Market/Book rank 63: 37% 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 PE
Over the past 10 years, IDA's average PE is 14.65. IDA
earned $2.31 per share in its recent 4 quarters. The
analyst consensus estimate is $2.24 for its 4 quarter
forward EPS. IDA's current price sales ratio is 1.39. The
following assessment is based on multiplying the historical
PE with next 4 quarter EPS for IDA.
Fair Value
Historical Average PE 14.65
PE-Based Fair Value $32.82
2. Valuation Based on Comparables' PE
IDA's comparables are ALE, AVA, CNL, HNP and POR.
The current PE average of these comparables is 12.61.
IDA earned $2.31 per share in its recent 4 quarters. The
analyst consensus estimate is $2.24 for its 4-quarter-
forward EPS. IDA's current price sales ratio is 1.39. The
following assessment is based on multiplying comparable
stocks' average PE today with IDA's next 4 quarter EPS.
Comparables' PE
Comparables Current PE
ALE 13.75
AVA 11.48
CNL 12.61
HNP 12.19
POR 13.02
Fair Value
Comparable Stocks' Avg PE 12.61
Comparable PE-Based Fair Value $28.25

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
COMPANY ANALYSIS
Copyright © 1998 - 2009 ValuEngine Inc 3
IDACORP, Inc., through its subsidiary, Idaho Power
Company, engages in the generation, transmission,
distribution, sale, and purchase of electric energy in the
United States.
Subsidiaries
The company's other subsidiaries include: IDACORP
Financial Services, Inc. (IFS), an investor in housing and
other real estate investments; and Ida-West Energy
Company (Ida-West), an operator of small hydroelectric
generation projects.
UTILITY OPERATIONS
The company's service territory covers approximately 24,000
square miles in southern Idaho and eastern Oregon, with an
estimated population of approximately one million. As of
December 31, 2008, the company supplied electric energy to
approximately 487,000 general business customers.
IPC owns and operates 17 hydroelectric generation
developments, two natural gas-fired plants and one diesel-
powered generator and shares ownership in three coal-fired
generating plants. IPC’s coal-fired plants are in Wyoming,
Oregon and Nevada, and use low-sulfur coal from Wyoming
and Utah.
The company's principal commercial and industrial
customers are involved in food processing, electronics and
general manufacturing, forest products, beet sugar refining
and winter recreation. In September 2008, the company
entered into an electric service agreement with a new
customer, Hoku Materials, Inc. (Hoku), to provide electric
service to Hoku’s polysilicon production facility under
construction in Pocatello, Idaho.
IFS
IFS invests primarily in 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.
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 - 2009 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 -7.22% 55
Industry -4.90% 55
Sector -1.79% 51
S&P 500 n/a n/a
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 55, IDA
is the same as the average of its industry group, which carries a
Valuation Rank of 55.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
12-Month Return Rank
IDA 5.94% 30
Industry 24.93% 40
Sector 37.87% 46
S&P 500 27.03% 45
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 30, IDA is in line with the industry's
rank score of 40.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
5-Y Avg Ann Rtn Rank
IDA -1.86% 59
Industry 0.78% 64
Sector -1.81% 61
S&P 500 -1.27% 60
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 59, IDA is in line with the industry, which has a rank of
64.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Volatility Rank
IDA 19.48% 98
Industry 38.11% 78
Sector 46.23% 71
S&P 500 19.07% 98
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 -3.17% 18
Industry 18.44% 38
Sector 25.55% 40
S&P 500 n/a n/a
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 18.This is slightly lower than the industry
rank of 38.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Market Cap(bill)Rank
IDA 1.41 78
Industry 6.64 79
Sector 8.75 74
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
78, IDA is in line with the industry, which has a rank of 79.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Sharpe Ratio Rank
IDA -0.1 54
Industry 0.03 63
Sector 0 61
S&P 500 -0.07 57
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 54, IDA is in line with the industry, which
has a rank of 63.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
P/S Ratio Rank
IDA 1.39 47
Industry 2.2 54
Sector 1.78 54
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 47, IDA is in line with the industry
rank of 54.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
M/B Ratio Rank
IDA 1.02 63
Industry 1.48 51
Sector 2.23 46
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 63, which is slightly
higher than the industry rank of 51.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
P/E Ratio Rank
IDA 12.8 80
Industry 14.68 69
Sector 16.77 64
S&P 500 30.65 51
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 80, IDA is slightly higher than the industry
P/E rank of 69.

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT
Copyright © 1998 - 2009 ValuEngine Inc 5
Valuation Rank
IDA -7.22% 55
POR -2.08% 48
CNL 8.77% 34
ALE -15.69% 67
HNP -16.53% 68
12-Month Return Rank
IDA 5.94% 30
POR 16.81% 37
CNL 23.82% 43
ALE 4.14% 29
HNP 31.82% 49
5-Y Avg Ann Rtn Rank
IDA -1.86% 59
POR -12.18% 39
CNL 5.64% 76
ALE -1.23% 60
HNP -3.53% 55
Volatility Rank
IDA 19.48% 98
POR 23.71% 94
CNL 19.56% 98
ALE 23.06% 95
HNP 39.33% 72
EPS Growth Rank
IDA -0.03 18
POR 0 21
CNL 0.19 45
ALE 0.12 37
HNP 0.33 55
Market Cap(bill)Rank
IDA 1.41 78
POR 1.47 78
CNL 1.56 79
ALE 1.17 76
HNP 1.66 80
Sharpe Ratio Rank
IDA -0.1 54
POR -0.51 19
CNL 0.29 87
ALE -0.05 58
HNP -0.09 54
P/S Ratio Rank
IDA 1.39 47
POR 0.83 62
CNL 1.73 41
ALE 1.58 43
HNP 0.16 92
M/B Ratio Rank
IDA 1.02 63
POR 0.94 67
CNL 1.39 48
ALE 1.29 51
HNP 0.3 94
P/E Ratio Rank
IDA 12.8 80
POR 13.07 79
CNL 15.06 73
ALE 15.34 72
HNP 16.26 69
FORECAST COMPARISONS
RETURN FORECAST: EXPECTED RETURN
ALE CNL HNP IDA POR
One-Month -0.51%-0.06%1.27%0.17%-0.51%
Three-Month -0.78%-0.37%2.12%0.67%-0.74%
Six-Month -0.47%-0.33%2.17%1.19%0.26%
One-Year 0.75%1.79%3.70%3.78%2.58%
Two-Year 9.34%11.98%10.77%13.01%14.15%
Three-Year 18.11%23.21%27.79%26.23%23.60%
RISK ASSESSMENT: CHANCE OF GAIN
ALE CNL HNP IDA POR
One-Month 46.92%49.57%54.45%51.20%47.05%
Three-Month 47.29%48.49%54.30%52.75%47.50%
Six-Month 48.84%49.05%53.10%53.44%50.61%
One-Year 51.29%53.64%53.75%57.70%54.33%
Two-Year 61.27%66.76%57.68%68.16%66.34%
Three-Year 67.48%75.34%65.83%78.15%71.72%
RISK ASSESSMENT: CHANCE OF LOSS
ALE CNL HNP IDA POR
One-Month 53.08%50.43%45.55%48.80%52.95%
Three-Month 52.71%51.51%45.70%47.25%52.50%
Six-Month 51.16%50.95%46.90%46.56%49.39%
One-Year 48.71%46.36%46.25%42.30%45.67%
Two-Year 38.73%33.24%42.32%31.84%33.66%
Three-Year 32.52%24.66%34.17%21.84%28.28%
* 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 - 2009 ValuEngine Inc 6
2008-12 2007-12 2006-12 2005-12 2004-12 2003-12 2002-12 2001-12
Cash and Equivalents 8.8 8 9.9 52.4 23.4 75.2 42.7 67
TOTAL CASH & SHORT TERM INVEST 8.8 8 9.9 52.4 23.4 75.2 42.7 67
Accounts Receivable 106.9 98 86.3 103.3 83 81.3 169.2 201
Other Receivables 28.4 11 11.9 22.6 8.8 8.2 15 62
Notes Receivable 0.2 2.1 2.6 3 3.5 3.3 7.6 6
TOTAL RECEIVABLES 135.5 111.1 100.8 128.9 95.3 92.8 191.9 269
INVENTORIES 67 60.5 54.3 44 34.5 27.6 29.8 35
Prepaid Expenses 10.1 9.4 9.3 18.5 30 27.8 34.3 32
Deferred Tax Assets, Curr 37.5 25.7 28 23.9 23.4 ------
Other Current Assets 7.4 52.1 64.3 29.9 14.7 10.4 102.3 250
TOTAL CURRENT ASSETS 266.3 266.7 266.5 297.5 221.4 233.8 401 653
Gross Property Plant and Equip.4263.3 4085.4 3825.3 3678.9 3525.6 3327.9 3201.5 3106
Accumulated Depreciation -1505.1 -1468.8 -1406.2 -1364.6 -1316.1 -1239.6 -1295 -1220
NET PROPERTY, PLANT AND EQUIP.2758.2 2616.6 2419.1 2314.3 2209.5 2088.3 1906.5 1886
Long-term Investments 198.6 201.1 202.8 191.6 223.1 204.5 206.3 159
Goodwill ------3.4 --------
Other Intangibles 26.3 29.5 30.5 31.6 31.6 31.6 31.6 31
Loans Receivable, LT 0.1 2.3 2.4 2.9 3.7 4.8 ----
Deferred Charges, LT 696.3 449.7 423.5 415.2 433.3 427.8 482.2 544
Other Long Term Assets 77.1 87.5 100.2 107.7 111.6 111 225 369
TOTAL ASSETS 4022.8 3653.3 3445.1 3364.1 3234.2 3101.7 3252.6 3642
Accounts Payable 96.8 85.1 86.4 83.7 79.2 60.9 130.9 248
Accrued Expenses 16.7 18.9 60.1 87.3 60.7 49.3 63.3 15
Short-term Borrowings 151.2 186.4 129 60.1 36.3 93.7 176.2 363
Current Income Taxes Payable --8.5 ------------
Deferred Tax Liability, Current ----------5.6 21.5 24
Other Current Liabilities 44.4 64.9 39.7 46.2 30.7 29.9 95 221
TOTAL CURRENT LIABILITIES 395.7 375.3 410.3 293.6 285.5 307.3 576.6 907
Long Term Debt 1183.4 1156.9 928.6 1023.6 979.5 998.2 952.1 947
Deferred Tax Liability Non-Current 515.7 466.2 498.5 521.9 555.8 554.7 595.5 590
Other Non-Current Liabilities 625.6 447.6 483.5 499.9 405.1 377.2 253.6 327
TOTAL LIABILITIES 2720.4 2446 2320.9 2338.9 2225.9 2237.4 2377.8 2771
Common Stock 729.6 675.8 638.8 598.7 589.4 473.9 470.4 454
Retained Earnings 581.6 537.7 493.4 437.3 424.3 397.2 415.3 424
Treasury Stock -0 -0 -2.2 -7.3 -4.6 -4.2 -3.7 -3
Comprehensive Income and Other -8.7 -6.2 -5.7 -3.4 -0.9 -2.6 -7.1 -4
TOTAL COMMON EQUITY 1302.4 1207.3 1124.2 1025.2 1008.3 864.3 874.8 871
TOTAL EQUITY 1302.4 1207.3 1124.2 1025.2 1008.3 864.3 874.8 871
TOTAL LIABILITIES AND EQUITY 4022.8 3653.3 3445.1 3364.1 3234.2 3101.7 3252.6 3642

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
ANNUAL FINANCIALS - INCOME STATEMENT (millions)
Copyright © 1998 - 2009 ValuEngine Inc 7
2008-12 2007-12 2006-12 2005-12 2004-12 2003-12 2002-12 2001-12
Revenues 956.1 875.4 920.5 837.7 822.8 802.6 915.5 5635
Other Revenues 4.3 4 5.8 21.8 21.7 20.4 13.4 13
TOTAL REVENUES 960.4 879.4 926.3 859.5 844.5 823 928.8 5648
Cost Of Goods Sold 649.3 613.5 656.8 620 650.4 602.3 721.1 5252
GROSS PROFIT 311.1 265.9 269.5 239.5 194.1 220.7 207.7 396
Selling General and Admin Exp.18.9 13.5 ------24.3 28 66
Depr. and Amortization 102.1 103.1 99.8 101.5 100.9 97.7 93.6 87
OPERATING INCOME 190.2 149.3 169.7 138 93.3 98.7 86.1 243
Interest Expense -73.1 -63.3 -61 -60.2 -63.1 -64.9 -68.6 -76
Interest and Invest. Income --6.9 8.5 ----------
NET INTEREST EXP.-73.1 -56.5 -52.5 -60.2 -63.1 -64.9 -68.6 -76
Income/(Loss) from Affiliates -4 -4.8 -2.9 -0.7 1 ------
Other Non-Oper. Inc. (Exp.)4.5 8 1.1 9.7 15.1 10.7 7.1 21
EBT EXCL. UNUSUAL ITEMS 117.6 96 115.5 86.9 48.2 40.1 20.6 188
Gain (Loss) On Sale Of Invest.--------2 -4.3 -4 --
Gain (Loss) On Sale Of Assets --------------2
Asset Writedown -------------10.1 --
Legal Settlements -----------12.1 ----
Other Unusual Items -------10.3 ---2.6 ----
EBT INCL. UNUSUAL ITEMS 117.6 96 115.5 76.6 48.2 25.5 10.5 190
Income Tax Expense 19.2 13.7 15.4 12.9 -24.8 -21.1 -51.1 65
EARNINGS FROM CONTINUING 98.4 82.3 100.1 63.7 73 46.6 61.7 125
Earnings Of Discontinued Oper.--0.1 7.3 ----------
NET INCOME 98.4 82.3 107.4 63.7 73 46.6 61.7 125
NI TO COMMON INCL EXTRA ITEMS 98.4 82.3 107.4 63.7 73 46.6 61.7 125
Basic EPS 2.2 1.9 2.5 1.5 1.9 1.2 1.6 3.3
Basic EPS Excl. Extra Items 2.2 1.9 2.3 1.5 1.9 1.2 1.6 3.3
Weighted Avg. Basic Shares Out.45.1 44.2 42.7 42.3 38.4 38.2 37.7 37.4
Diluted EPS 2.2 1.9 2.5 1.5 1.9 1.2 1.6 3.3
Diluted EPS Excl Extra Items 2.2 1.9 2.3 1.5 1.9 1.2 1.6 3.3
Weighted Avg. Diluted Shares Out.45.3 44.3 42.9 42.4 38.4 38.2 37.7 37.4

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
ANNUAL FINANCIALS - CASH FLOW STATEMENT (millions)
Copyright © 1998 - 2009 ValuEngine Inc 8
2008-12 2007-12 2006-12 2005-12 2004-12 2003-12 2002-12 2001-12
Net Income 98.4 82.3 107.4 63.7 73 46.6 61.7 125
Depreciation and Amortization 122.4 120.4 122.6 124.1 124.2 129.1 93.6 111
Amortization Of Goodwill ------------29.2 --
DEPRECIATION AND AMORT., TOTAL 122.4 120.4 122.6 124.1 124.2 129.1 122.8 111
(Gain) Loss From Sale Of Asset -3.4 -4.8 -25.7 -2.1 -4.5 -----2
(Gain) Loss On Sale Of Invest.----------1.9 1 --
Asset Writedown and Restruct. Costs ----2 10.3 9.1 3.5 8.1 --
(Income) Loss On Equity Investments -7.4 -6.3 -9.6 -16.8 --------
Tax Benefit from Stock Options -0.1 -0.1 -1.4 ----------
Prov. and Write-off of Bad debts ----0.1 -10.7 --2.5 0.8 20
Other Operating Activities -51.5 -124.1 -20.6 2.9 9.7 122.9 230.2 -278
Change In Accounts Receivable -1.7 -10.3 24.3 -6.4 -1.4 96.8 28.8 41
Change In Inventories ----------2.2 3.6 --
Change In Accounts Payable 16.2 2.2 6.7 1.8 15.8 -70.3 -145.9 4
Change In Income Taxes -26.5 -9.5 -24.1 26.4 0.7 -11 99 -67
Change In Deferred Taxes 4.7 11 -17.3 -31.8 -33.9 -62 -110.7 150
Change In Other Working Capital -14.5 19.6 5.2 0.1 2 49 48.2 -112
CASH FROM OPERATIONS 136.5 80.6 169.8 161.5 194.7 311.2 347.6 -8
Capital Expenditure -243.5 -287.8 -225 -193.3 -199.8 -149.1 -134.2 -180
Sale of Prop., Plant, and Equip.5.8 --0.1 1 5.6 ----12
Divestitures --7.3 21.5 ----------
Sale (Purchase) of Intangible assets 3 19.8 11.3 70.8 --------
Invest. in Marketable and Eqty Securties -9.5 -6.2 -16.4 30.4 -33.9 ---43.9 --
Other Investing Activities 41.5 -0.3 -44.6 2.2 -1.5 -4.4 -8.3 -3
CASH FLOW FROM INVESTING -202.8 -267.1 -253 -88.9 -229.6 -153.6 -186.5 -171
Short-Term Debt Issued 170 57.4 68.9 23.8 ------242
Long-Term Debt Issued 120 240 116.3 65 106.4 255.3 200 120
TOTAL DEBT ISSUED 290 297.4 185.2 88.8 106.4 255.3 200 362
Short-Term Debt Repaid -39.1 -------58.2 -82.6 -186.3 --
Long-Term Debt Repaid -177.4 -95 -132.6 -83.1 -79.9 -230 -89.4 -144
TOTAL DEBT REPAID -216.5 -95 -132.6 -83.1 -138.1 -312.6 -275.7 -144
TOTAL DIVIDENDS PAID -54.2 -53 -51.3 -50.7 -45.8 -64.7 -70.2 -70
Other Financing Activities -2.6 -1.7 -1.7 -5 -53.5 -6.6 -53.9 -5
CASH FROM FINANCING 67.2 184.6 40.8 -43.6 -16.8 -125.2 -185 139
NET CHANGE IN CASH 0.9 -1.9 -42.5 29 -51.8 32.4 -24 -40
Cash Interest Paid 67 62 60.4 57.5 55.1 58.9 62.7 70
Cash Taxes Paid 20.4 3 54.5 18.9 7.7 52.9 -39.7 -18
Net Debt Issued 73.5 202.4 52.6 5.8 -31.7 -57.3 -75.7 218

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
QUARTERLY FINANCIALS - BALANCE SHEET (millions)
Copyright © 1998 - 2009 ValuEngine Inc 9
2009-06 2009-03 2008-12 2008-09 2008-06 2008-03 2007-12 2007-09
Cash and Equivalents 16 89.1 8.8 57.7 8.9 7.4 8 16.7
TOTAL CASH & SHORT TERM INVEST 16 89.1 8.8 57.7 8.9 7.4 8 16.7
Accounts Receivable 117.8 105.2 106.9 115.9 114 96.5 98 96.3
Other Receivables 14.3 24.8 28.4 6.6 7.2 7.5 11 21.3
Notes Receivable ----0.2 0.2 2.2 2.2 2.1 2.3
TOTAL RECEIVABLES 132.1 130 135.5 122.7 123.4 106.2 111.1 120
INVENTORIES 74.6 66.7 67 75.7 74 64.4 60.5 62.6
Prepaid Expenses 9.5 9.9 10.1 10.3 8.8 7.7 9.4 10.4
Deferred Tax Assets, Curr 14.7 14.8 37.5 14.4 9.9 24.9 25.7 31.5
Other Current Assets 8.6 9 7.4 33.8 34 53.3 52.1 50.4
TOTAL CURRENT ASSETS 255.5 319.5 266.3 314.7 259 263.9 266.7 291.6
Gross Property Plant and Equip.4335 4289.7 4263.3 4217.1 4167.9 4110.9 4085.4 4021.3
Accumulated Depreciation -1540.5 -1520.9 -1505.1 -1499.9 -1480.1 -1461.9 -1468.8 -1466.7
NET PROPERTY, PLANT AND EQUIP.2794.5 2768.8 2758.2 2717.1 2687.8 2649 2616.6 2554.6
Long-term Investments 193.5 185.5 198.6 201.8 207.3 205.5 201.1 201.5
Other Intangibles 24.7 25 26.3 26.6 26.9 27.1 29.5 29.8
Loans Receivable, LT ----0.1 0.1 2.5 2.3 2.3 2.4
Deferred Charges, LT 693.4 692.3 696.3 502.6 477.9 473.1 449.7 454.1
Other Long Term Assets 81 78.6 77.1 88.4 87.2 88.5 87.5 78.7
TOTAL ASSETS 4042.7 4069.7 4022.8 3851.3 3748.6 3709.5 3653.3 3612.6
Accounts Payable 66 53 96.8 66.2 68.7 58.5 85.1 65.8
Accrued Expenses 17.9 24.1 16.7 29.6 18.7 28 18.9 28.2
Short-term Borrowings 79.1 150.7 151.2 203.9 279.4 243.5 186.4 144.8
Current Income Taxes Payable ------14.7 3.5 3 8.5 --
Other Current Liabilities 44.1 51.5 44.4 64.2 73.1 69.6 64.9 53.4
TOTAL CURRENT LIABILITIES 290.6 360.8 395.7 386.5 452 413.9 375.3 384.5
Long Term Debt 1283.6 1279.5 1183.4 1273 1153.4 1155.3 1156.9 1061.3
Minority Interest 4.1 4 ------------
Deferred Tax Liability Non-Current 513 511.3 515.7 473.8 468.9 479.6 466.2 486
Other Non-Current Liabilities 625 605.4 625.6 447.3 449.6 443.2 447.6 472.7
TOTAL LIABILITIES 2716.3 2761 2720.4 2580.6 2523.9 2492 2446 2404.5
Common Stock 734.9 731.8 729.6 691.2 682.1 678.7 675.8 672.9
Retained Earnings 599.7 586.4 581.6 588 549.8 545.9 537.7 540.8
Treasury Stock -0 -0 -0 -0 -0 -0 -0 -0
Comprehensive Income and Other -8.2 -9.5 -8.7 -8.5 -7.3 -7.2 -6.2 -5.6
TOTAL COMMON EQUITY 1326.4 1308.7 1302.4 1270.7 1224.7 1217.5 1207.3 1208.1
TOTAL EQUITY 1326.4 1308.7 1302.4 1270.7 1224.7 1217.5 1207.3 1208.1
TOTAL LIABILITIES AND EQUITY 4042.7 4069.7 4022.8 3851.3 3748.6 3709.5 3653.3 3612.6

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
QUARTERLY FINANCIALS - INCOME STATEMENT (millions)
Copyright © 1998 - 2009 ValuEngine Inc 10
2009-06 2009-03 2008-12 2008-09 2008-06 2008-03 2007-12 2007-09
Revenues 242.5 228 216.2 298.1 228.9 212.8 196.4 260.5
Other Revenues 1.1 0.5 0.8 1.6 1.3 0.6 1 0.9
TOTAL REVENUES 243.6 228.6 217 299.7 230.2 213.4 197.4 261.5
Cost Of Goods Sold 157.8 162.5 163.9 186.6 159.5 139.6 142.9 185.1
GROSS PROFIT 85.8 66.1 53.2 113.1 70.7 73.9 54.5 76.3
Selling General and Admin Exp.8.7 4.1 5.6 6 3.9 3.4 4.5 4.3
Depr. and Amortization 26.8 26 24 25.7 26.6 25.8 26.2 26
OPERATING INCOME 50.3 36 23.5 81.4 40.2 44.8 23.8 46.1
Interest Expense -18.3 -17.5 -20 -18.5 -17.1 -17.5 -16.7 -16.6
Interest and Invest. Income 0.1 ----------0.5 --
NET INTEREST EXP.-18.2 -17.5 -20 -18.5 -17.1 -17.5 -16.2 -16.6
Income/(Loss) from Affiliates -2.6 0.4 0.7 2.6 -3.3 -4 -1.6 -0.4
Other Non-Oper. Inc. (Exp.)3.2 6.5 -5.9 2 4.6 4.1 5.1 4.4
EBT EXCL. UNUSUAL ITEMS 32.7 25.5 -1.7 67.5 24.5 27.3 11.1 33.5
EBT INCL. UNUSUAL ITEMS 32.7 25.5 -1.7 67.5 24.5 27.3 11.1 33.5
Income Tax Expense 5.2 6.8 -9.1 15.8 6.9 5.6 0.8 4.6
Minority Int. in Earnings -0.1 0.2 ------------
EARNINGS FROM CONTINUING 27.5 18.9 7.4 51.7 17.5 21.7 10.3 28.9
NET INCOME 27.5 18.9 7.4 51.7 17.5 21.7 10.3 28.9
NI TO COMMON INCL EXTRA ITEMS 27.5 18.9 7.4 51.7 17.5 21.7 10.3 28.9
Basic EPS 0.6 0.4 0.2 1.1 0.4 0.5 0.2 0.6
Basic EPS Excl. Extra Items 0.6 0.4 0.2 1.1 0.4 0.5 0.2 0.6
Weighted Avg. Basic Shares Out.47 46.8 45.8 45 44.9 44.8 44.8 44.4
Diluted EPS 0.6 0.4 0.2 1.1 0.4 0.5 0.2 0.6
Diluted EPS Excl Extra Items 0.6 0.4 0.2 1.1 0.4 0.5 0.2 0.6
Weighted Avg. Diluted Shares Out.47 46.9 46 45.2 45.1 45 44.9 44.5

Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
QUARTERLY FINANCIALS - CASH FLOW STATEMENT (millions)
Copyright © 1998 - 2009 ValuEngine Inc 11
2009-06 2009-03 2008-12 2008-09 2008-06 2008-03 2007-12 2007-09
Net Income 27.6 18.7 7.4 51.7 17.5 21.7 10.3 28.9
Depreciation and Amortization 24.3 31.2 29.2 29.9 32.5 30.8 29.1 30.9
DEPRECIATION AND AMORT., TOTAL 24.3 31.2 29.2 29.9 32.5 30.8 29.1 30.9
(Gain) Loss From Sale Of Asset -0 -0.4 -0.1 0 -3.4 ---0.3 -1.8
(Income) Loss On Equity Investments 9.9 0 -3.7 -4.9 0.2 0.9 -1.6 -1.7
Tax Benefit from Stock Options 0.1 -0.1 -0.1 -------0.1 --
Other Operating Activities 22.9 17.3 -6.2 -22.5 -22.9 0.1 -19 -44.4
Change In Accounts Receivable -0.8 -8.1 10.1 -13.8 0.2 1.8 -0.6 -6.7
Change In Accounts Payable 13.4 -41.7 33 -3.3 16.4 -29.9 22.2 -16.4
Change In Income Taxes 9.6 8.6 -32.7 11.5 0.6 -5.8 5.6 -2.5
Change In Deferred Taxes -7.1 14.7 -11.4 -0.7 4.2 12.6 -18.2 10.5
Change In Other Working Capital -33.5 4.2 -4.5 13.9 -12.6 -11.3 6 9
CASH FROM OPERATIONS 66.3 44.4 21.1 61.9 32.6 20.9 33.4 5.7
Capital Expenditure -50.7 -49.6 -67.1 -51.1 -72.5 -52.9 -84.7 -80.9
Sale of Prop., Plant, and Equip.2 0.2 0.1 0.1 5.7 ------
Sale (Purchase) of Intangible assets --2.3 --2.1 0.8 ----17.2
Invest. in Marketable and Eqty Securties -1.2 4 0.3 5.6 -3.7 -11.7 -3.5 -0.8
Other Investing Activities -5.7 2.4 29.4 -6.4 19 -0.5 -0.1 -1.6
CASH FLOW FROM INVESTING -55.6 -40.6 -37.3 -49.7 -50.7 -65.1 -88.3 -66.1
Short-Term Debt Issued ----117.3 --32 57.1 41.6 57.9
Long-Term Debt Issued --100 --118.7 ----14.9 --
TOTAL DEBT ISSUED --100 117.3 118.7 32 57.1 56.6 57.9
Short-Term Debt Repaid -71.6 -0.6 ---75.5 --------
Long-Term Debt Repaid ---8.7 -173.7 ---0.6 -1.8 ---2.3
TOTAL DEBT REPAID -71.6 -9.3 -173.7 -75.5 -0.6 -1.8 ---2.3
TOTAL DIVIDENDS PAID -13.9 -14.4 -13.7 -13.5 -13.5 -13.5 -13.4 -13.3
Other Financing Activities -0.8 -0.9 -0.9 -1.3 -0.3 -0.1 0.7 -0.2
CASH FROM FINANCING -83.8 76.6 -32.7 36.6 19.7 43.6 46.2 64.5
NET CHANGE IN CASH -73.1 80.3 -48.9 48.8 1.5 -0.6 -8.7 4.2
Net Debt Issued -71.6 90.7 -56.4 43.2 31.4 55.3 56.6 55.6

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Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
VALUENGINE SERVICE DESCRIPTIONS
Copyright © 1998 - 2009 ValuEngine Inc 12
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ValuEngine's research combines the most advanced academic concepts with real world Wall Street practice. The result is
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Vglu ngineETM DETAILED RESEARCH REPORT
IDACORP INC.(IDA)
VALUENGINE'S METHODOLOGY
Copyright © 1998 - 2009 ValuEngine Inc 13
Engine Rating and Average Annual Return
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