CreditSuisse-NVE.PDF

DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. FOR OTHER IMPORTANT DISCLOSURES, visit www.credit-suisse.com/researchdisclosures or call [phone] US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION®
Client-Driven Solutions, Insights, and Access

30 May 2013
Americas/United States
Equity Research
Electric Utilities

NV Energy Inc (NVE)
ACQUISITION
Buffett Liking Utilities; Buying NVE
NVE agreed to be acquired by MidAmerican (subsidiary of Berkshire Hathaway)
in an all cash deal at $23.75 per share. The deal is expected to close in 1Q14
and requires the usual state, federal, and shareholder approvals. The deal
implied valuation is 18.3x / 17.2x 2013 / 2015 P/E and 1.45x / 1.40x rate base in
2013 / 2015. We have a hard time imagining a topping bid. We are updating
our target price to $23.75, reflecting deal execution.
Our take: This transaction will inevitably refocus the spotlight on the
group’s relative value in a low interest rate environment. The deal is to be
executed at a 23% premium to NVE’s current share price or 14% / 19%
premium to the group’s 2013 / 2015 16.1x / 14.5x P/E (or more in-line with our
differentiated target view of 17-20x P/E). We expect the regulated utilities to
respond favorably to MidAm’s implied valuation for regulated assets with single-
state mid-cap utilities like PNW, UNS, CMS, ALE and maybe DTE and WEC
showing the strongest response. To help gauge the perceived opportunity if
using MidAm’s implied valuation on other stocks we on page 2 ascribe the
purchase valuation premium to Street ’13/’15 EPS and in a separate slide deck
published today we provide updated Macro and Utility Valuation thoughts.
■ Deal Rationale. We expect the rationale of the deal to be a combination of a
desire to own a risk averse stream of cash flows, exposure to the US
housing recovery, potential exposure to the California energy / renewable
market, and realize costs savings across the greater MidAm utility portfolio.
■ Deal Getting Done. We expect the deal to get done in a relatively painless
fashion. NVE is a single state regulated utility where we do not foresee any
grave regulatory issues plus believe the deal will realize customer benefit
and not require significant headcount cuts given natural employee attrition.
Share price performance
16
18
20
22
May-12 Aug-12 Nov-12 Feb-13
Daily May 30, 2012 -May 29, 2013, 5/30/12 = US$17.09
Price Indexed S&P 500 INDEX
On 05/29/13 the S&P 500 INDEX closed at 1648.36
Quarterly EPS Q1 Q2 Q3 Q4
2012A 0.05 0.29 0.92 0.07
2013E 0.09 0.23 0.89 0.08
2014E — — — —
Financial and valuation metrics
Year 12/12A 12/13E 12/14E 12/15E
EPS (CS adj.) (US$) 1.33 1.30 1.32 1.38
Prev. EPS (US$) — — — —
P/E (x) 14.4 14.9 14.6 14.0
P/E rel. (%) 89.3 98.6 107.2 113.5
EBITDA (US$ m) 1,163 1,162 1,186 1,209
EV/EBITDA (current) 8.0 8.0 7.9 7.7
Net debt (US$ m) 4,728 4,631 4,463 4,516
FFO/Interest 2.3 2.3 2.4 2.5
FFO/Total Debt 0.14 0.14 0.15 0.15
Number of shares (m) 236 BV/share (12/12A, US$) 15
Net debt (12/12A, US$ m) 4,728 Dividend (current, US$) 0.76
Net debt/tot cap (current, %) — Dividend yield (%) 3.3
Source: Company data, Credit Suisse estimates.
Rating NEUTRAL*
Price (29 May 13, US$) 19.28
Target price (US$) (from 22.00) 23.75¹
52-week price range 21.63 - 16.97
Market cap. (US$ m) 4,541
Enterprise value (US$ m) 9,172 *Stock ratings are relative to the coverage universe in each
analyst's or each team's respective sector.
¹Target price is for 12 months.

Research Analysts
Kevin Cole, CFA
212 538 8422
[e-mail]
Dan Eggers, CFA
212 538 8430
[e-mail]
Matthew Davis
212 325 2573
[e-mail]
Katie Chapman
212 325 1261
[e-mail]
[e-mail] lawrence spencer 05/30/13 01:44:42 PM Idacorp, Inc {Inv. Relations}
30 May 2013
NV Energy Inc (NVE) 2
Exhibit 1: Implied Electric Utility Valuations using MidAmerican’s Paid Valuation vs Street Consensus 2013/2015 EPS
Ticker Enterprise Market Street Earnings
Value Cap 2013 2015 2013 2015
18.3x 17.2x 2013 2015
Electric Utilities
DUK 86,102 47,341 4.34 4.76 $79.5 $81.8 18%22%
SO 60,677 38,728 2.76 3.03 $50.4 $52.1 14%18%
NEE 59,113 32,083 4.93 5.56 $90.1 $95.6 19%26%
D 54,196 32,958 3.38 3.77 $61.8 $64.9 8%14%
AEP 41,048 22,464 3.15 3.44 $57.7 $59.1 25%28%
PPL 38,910 19,737 2.31 2.20 $42.3 $37.8 41%26%
SRE 32,362 19,991 4.49 4.95 $82.2 $85.1 2%5%
PCG 32,175 19,497 2.65 3.29 $48.4 $56.6 8%26%
ED 27,902 16,987 3.79 3.99 $69.3 $68.6 20%19%
XEL 24,975 14,054 1.90 2.08 $34.8 $35.8 21%25%
EIX 24,655 15,203 3.52 3.68 $64.4 $63.3 39%37%
NU 22,215 13,187 2.54 2.90 $46.6 $49.8 12%19%
DTE 19,347 11,463 4.07 4.53 $74.5 $77.9 12%18%
NI 16,914 8,894 1.55 1.77 $28.4 $30.4 0%7%
AEE 14,955 8,183 2.12 2.47 $38.7 $42.5 15%26%
CMS 14,731 7,339 1.65 1.85 $30.2 $31.8 11%17%
WEC 14,676 9,454 2.44 2.69 $44.7 $46.3 9%13%
SCG 12,536 6,864 3.36 3.69 $61.5 $63.4 22%26%
POM 10,434 4,941 1.13 1.37 $20.7 $23.6 -1%13%
OGE 10,048 6,770 3.53 4.14 $64.6 $71.2 -5%4%
PNW 9,590 6,202 3.59 3.86 $65.6 $66.4 17%19%
NVE 9,297 4,569 1.30 1.45 $23.8 $24.9 24%29%
LNT 8,796 5,461 3.13 3.47 $57.3 $59.7 16%21%
UGI 7,786 4,429 2.45 3.06 $44.8 $52.6 16%37%
WR 7,472 4,015 2.12 2.27 $38.7 $39.1 23%24%
TEG 7,321 4,621 3.42 3.57 $62.6 $61.4 7%5%
GXP 7,176 3,451 1.57 1.70 $28.8 $29.2 28%30%
MDU 6,627 4,903 1.36 1.68 $24.9 $28.8 -4%11%
TE 6,524 3,751 0.95 1.24 $17.4 $21.3 0%22%
VVC 4,744 2,825 2.00 2.19 $36.5 $37.6 6%10%
HE 4,073 2,591 1.65 1.90 $30.1 $32.6 15%24%
CNL 4,057 2,748 2.52 NM $46.1 NM 2%NM
POR 3,939 2,298 1.92 2.16 $35.2 $37.2 16%22%
IDA 3,932 2,352 3.30 NM $60.4 NM 29%NM
UIL 3,799 1,984 2.18 2.51 $39.9 $43.1 3%11%
UNS 3,682 1,964 2.72 3.26 $49.7 $56.0 6%19%
PNM 3,604 1,782 1.37 1.63 $25.0 $28.1 13%27%
BKH 3,377 2,080 2.34 2.65 $42.8 $45.5 -9%-3%
AVA 2,842 1,587 1.80 1.95 $32.9 $33.5 24%26%
ALE 2,797 1,860 2.75 3.31 $50.4 $56.9 6%19%
NWE 2,720 1,525 2.51 2.78 $45.9 $47.7 13%17%
EE 2,336 1,425 2.42 2.47 $44.3 $42.5 25%19%
EDE 1,640 931 1.38 1.52 $25.2 $26.1 15%20%
MGEE 1,551 1,238 3.01 3.25 $55.1 $55.9 3%4%
CHG 1,487 980 3.25 NM $59.5 NM -8%NM
OTTR 1,370 1,000 1.41 1.65 $25.7 $28.4 -7%3%
UTL 719 392 1.52 1.83 $27.9 $31.4 -2%10%
Implied
Price Retrun
Buffett P/E Valuation
Source: FactSet, Credit Suisse estimates

[e-mail] lawrence spencer 05/30/13 01:44:42 PM Idacorp, Inc {Inv. Relations}
30 May 2013
NV Energy Inc (NVE) 3
Exhibit 2: NVE Income Statement ($in MM)
Income Statement 2012A 1Q13A 2Q13E 3Q13E 4Q13E 2013E 2014E 2015E 2016E
_____________________________________________
Gross Margin ex. Def. Energy Costs 1,842 357 411 648 367 1,783 1,814 1,845 1,872
Energy Efficiency Costs (pass-through)97 10 12 12 12 46 48 48 48
O&M Expense 522 130 128 120 137 514 518 525 533
Other Taxes 61 16 13 15 17 61 62 63 64
_____________________________________________
EBITDA 1,163 201 257 502 201 1,162 1,186 1,209 1,228
D&A 378 96 96 96 97 385 388 390 392
_____________________________________________
Operating Income 785 105 161 405 105 777 798 820 836
Total Other Income (3)2 1 12 (1)13 8 8 8
_____________________________________________
EBIT 783 107 162 417 104 790 806 828 844
Total Interest Exp.299 73 74 76 73 296 291 291 301
Rate 6.1%6.2%6.2%6.5%6.3%6.3%6.4%6.5%6.6%
_____________________________________________
EBT 483 34 88 341 31 494 515 536 543
Taxes 165 12 33 130 12 187 201 209 212
Adj. Tax Rate 34.3%35.9%38.0%38.0%38.0%37.9%39.0%39.0%39.0%
Minority Interest 0 0 0 0 0 0 0 0 0
Preferred Dividends 0 0 0 0 0 0 0 0 0
_____________________________________________
Net Income 318 21 55 212 19 307 314 327 331
Discontinued Ops 0 0 0 0 0 0 0 0 0
Extraordinary Items 4 0 0 0 0 0 0 0 0
GAAP Net Income 322 21 55 212 19 307 314 327 331
Diluted EPS 1.33 0.09 0.23 0.89 0.08 1.30 1.32 1.38 1.39
Diluted Shares 238 237 237 237 237 237 237 238 238
Share Price 17.46 18.14 19.99 20.49 21.00 19.90 22.35 24.66 27.23
Dividends 0.64 0.19 0.19 0.19 0.19 0.76 0.84 0.88 0.90
Payout Ratio 47.9%51.0%54.9%57.5%58.6%58.6%63.2%63.8%64.3%
Dividend Increase 30.6%46.2%11.8%11.8%11.8%18.8%10.0%5.0%2.0%
Adjusted EBITDA 1,160 203 258 514 201 1,175 1,194 1,217 1,236
Weather Actual vs Normal (EPS)0.08 0.00 --------------
Source: Company data, Credit Suisse estimates

[e-mail] lawrence spencer 05/30/13 01:44:42 PM Idacorp, Inc {Inv. Relations}
30 May 2013
NV Energy Inc (NVE) 4
Exhibit 3: NVE Balance Sheet ($in MM)
Balance Sheet 2012A 1Q13A 2Q13E 3Q13E 4Q13E 2013E 2014E 2015E 2016E
Cash & Equiv.298 251 251 251 251 251 251 251 251
Acc'ts Receivable 237 317 317 317 317 317 317 317 317
Inventories 138 134 134 134 134 134 134 134 134
Prepaid Exp.0 0 0 0 0 0 0 0 0
Energy Risk Mgm't Assets 0 0 0 0 0 0 0 0 0
Other 237 143 139 193 189 189 248 306 373
_____________________________________________
Total Current Assets 911 845 841 894 890 890 950 1,008 1,075
Gross PP&E 12,031 12,077 12,216 12,355 12,494 12,494 12,938 13,418 13,868
Accumulated Deprec.3,313 3,378 3,475 3,571 3,668 3,668 4,056 4,445 4,837
CWIP 708 730 730 730 730 730 730 730 730
Other 0 0 0 0 0 0 0 0 0
_____________________________________________
Net PP&E 9,426 9,429 9,472 9,514 9,557 9,557 9,613 9,703 9,762
Noncurrent Investments 35 58 58 58 58 58 58 58 58
Intangible Assets 0 0 0 0 0 0 0 0 0
Other 1,612 1,547 1,547 1,547 1,547 1,547 1,547 1,547 1,547
_____________________________________________
Total Assets 11,984 11,879 11,918 12,014 12,052 12,052 12,168 12,316 12,442
ST & Current LT Debt 356 481 481 481 481 481 481 481 481
Accrued Interest Pay.76 76 76 76 76 76 76 76 76
Income Taxes Pay.8 8 8 8 8 8 8 8 8
Other Acc'ts Pay. & Accrued Exp.460 375 375 375 375 375 375 375 375
Energy Risk-Mgm't Liab.0 0 0 0 0 0 0 0 0
Other 119 41 41 41 41 41 41 41 41
_____________________________________________
Total Current Liabilities 1,019 982 982 982 982 982 982 982 982
Postretirement Benefits 162 164 164 164 164 164 164 164 164
Deferred Tax Liability 1,485 1,523 1,553 1,670 1,681 1,681 1,840 1,809 1,778
LT Debt 4,670 4,541 4,539 4,349 4,401 4,401 4,233 4,286 4,316
Other 1,091 1,124 1,124 1,124 1,124 1,124 1,124 1,124 1,124
_____________________________________________
Total Liabilities 8,427 8,335 8,362 8,290 8,352 8,352 8,344 8,365 8,365
Preferred Stock 0 0 0 0 0 0 0 0 0
Equity 3,557 3,544 3,555 3,724 3,700 3,700 3,824 3,951 4,077
_____________________________________________
Shareholders' Equity + Liab.11,984 11,879 11,918 12,014 12,052 12,052 12,168 12,316 12,442
Balance 0 0 0 0 0 0 0 0 0
Source: Company data, Credit Suisse estimates

[e-mail] lawrence spencer 05/30/13 01:44:42 PM Idacorp, Inc {Inv. Relations}
30 May 2013
NV Energy Inc (NVE) 5
Exhibit 4: NVE Cash Flow Statement ($in MM)
Cash Flow Statement 2012A 1Q13A 2Q13E 3Q13E 4Q13E 2013E 2014E 2015E 2016E
Net Income 322 21 55 212 19 307 314 327 331
D&A 360 92 96 96 97 381 388 390 392
Amort. of Deferred Energy Costs 18 4 4 4 4 16 0 0 0
Def. Taxes & Inv. Tax Credits 187 12 30 117 11 170 160 (31)(31)
Change in Working Capital (15)0 0 0 0 0 0 0 0
Other 3 (41)0 (57)0 (98)(60)(58)(67)
_____________________________________________
Operating Cash Flow 875 89 185 371 131 776 802 628 625
Capex (499)(98)(139)(139)(139)(515)(444)(480)(450)
Asset Purchases 0 0 0 0 0 0 0 0 0
Asset Sales 0 0 0 0 0 0 0 0 0
Other 85 13 0 0 0 13 0 0 0
_____________________________________________
Investing Cash Flow (414)(85)(139)(139)(139)(502)(444)(480)(450)
Change in ST Debt 0 0 0 0 0 0 0 0 0
Change in LT Debt 110 (4)(3)61 51 106 (43)303 690
Debt Repayment Obligations (250)0 0 (250)0 (250)(125)(250)(660)
Net Preferred Issues 0 0 0 0 0 0 0 0 0
Net Common Issues (17)(3)2 2 2 3 8 8 8
Dividends Paid to Sharehold.(151)(45)(45)(45)(45)(180)(198)(209)(213)
Other 0 0 0 0 0 0 0 0 0
_____________________________________________
Financing Cash Flow (308)(51)(46)(232)8 (321)(358)(148)(175)
Other Cash Flow 0 0 0 0 0 0 0 0 0
Change in Cash 152 (47)0 0 0 (47)0 0 0
Starting Cash 146 298 251 251 251 298 251 251 251
_____________________________________________
Ending Cash 298 251 251 251 251 251 251 251 251
Source: Company data, Credit Suisse estimates

[e-mail] lawrence spencer 05/30/13 01:44:42 PM Idacorp, Inc {Inv. Relations}
30 May 2013
NV Energy Inc (NVE) 6
Companies Mentioned (Price as of 29-May-2013)
ALLETE (ALE.N, $47.69)
Alliant Energy (LNT.N, $49.3)
Ameren (AEE.N, $33.73) American Electric Power Co. Inc. (AEP.N, $46.19) Avista (AVA.N, $26.49) Berkshire Hath (BRKa.N, $169402.0) Black Hills Corp (BKH.N, $46.95) CH Energy Group (CHG.N, $64.69)
CMS Energy (CMS.N, $27.09)
Chesapeake Corp (CPK.N, $52.65)
Chesapeake Energy Corp. (CHK.N, $22.58)
Cleco (CNL.N, $45.3)
Con Edison (ED.N, $57.74)
DTE Energy (DTE.N, $66.26)
Dominion Resources (D.N, $57.07)
Duke Energy (DUK.N, $67.15)
Eden Energy (EDE.AX, A$0.015)
Edison International (EIX.N, $46.21)
El Paso Electric (EE.N, $35.56)
Great Plains Inc (GXP.N, $22.45)
Hawaiian Elec (HE.N, $26.29)
Idacorp (IDA.N, $46.97)
Integrys Energy (TEG.N, $58.27) MDU Resources (MDU.N, $25.91) MGE Energy (MGEE.OQ, $53.55) NV Energy Inc (NVE.N, $19.28, NEUTRAL, TP $23.75) NextEra Energy Inc. (NEE.N, $75.72) NiSource Inc. (NI.N, $28.5) NorthWestern (NWE.N, $40.68)
Northeast Utilities (NU.N, $41.73)
OGE Energy (OGE.N, $68.11)
Otter Tail (OTTR.OQ, $27.58)
PG&E Corporation (PCG.N, $44.82)
PGE Co (POR.N, $30.36)
PNM Resources (PNM.N, $22.11)
PPL Corporation (PPL.N, $30.04)
Pepco Holdings Inc. (POM.N, $20.85)
Pinnacle West Capital Corp. (PNW.N, $55.96)
SCANA (SCG.N, $50.43)
Sempra Ener (SRE.N, $80.76)
Southern Company (SO.N, $44.26)
TECO Energy (TE.N, $17.4)
UGI (UGI.N, $38.45) UIL Holdings (UIL.N, $38.79) Unisource Energy Corp (UNS.N, $46.9) Unitil (UTL.N, $28.5) Vectren (VVC.N, $34.33) Westar Energy (WR.N, $31.46) Wisconsin Energy (WEC.N, $40.89)
Xcel Energy (XEL.N, $28.65)

Disclosure Appendix
Important Global Disclosures
I, Kevin Cole, CFA, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and
securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in
this report.
[e-mail] lawrence spencer 05/30/13 01:44:42 PM Idacorp, Inc {Inv. Relations}
30 May 2013
NV Energy Inc (NVE) 7
3-Year Price and Rating History for NV Energy Inc (NVE.N)

NVE.N Closing Price Target Price
Date (US$) (US$) Rating
22-Feb-11 14.86 15.00 N
24-Jun-11 15.10 16.00
01-Aug-11 14.55 15.50
09-Dec-11 15.29 17.00
30-Jul-12 18.54 18.50
04-Oct-12 18.25 20.00
17-Apr-13 20.80 22.00
* Asterisk signifies initiation or assumption of coverage.

NEUTRAL The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's
total revenues, a portion of which are generated by Credit Suisse's investment banking activities
As of December 10, 2012 Analysts’ stock rating are defined as follows:
Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark*over the next 12 months.
Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months.
Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months.
*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which
consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ra tings are based on a stock’s total
return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the
most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings
are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; Australia, New Zealand are, and prior to 2nd
October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the re lative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, 12-month rolling yield is incorporated in the absolute total return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and
7.5% thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese ratings were
based on a stock’s total return relative to the average total return of the relevant country or regional benchmark.
Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications,
including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other
circumstances.
Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24
months or the analyst expects significant volatility going forward.
Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or
valuation of the sector* relative to the group’s historic fundamentals and/or valuation:
Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months.
Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months.
Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months.
*An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.
Credit Suisse's distribution of stock ratings (and banking clients) is:
Global Ratings Distribution
Outperform/Buy* 42% (53% banking clients)
Neutral/Hold* 39% (48% banking clients)
Underperform/Sell* 15% (38% banking clients)
Restricted 3%
*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely
correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.
[e-mail] lawrence spencer 05/30/13 01:44:42 PM Idacorp, Inc {Inv. Relations}
30 May 2013
NV Energy Inc (NVE) 8
Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the
market that may have a material impact on the research views or opinions stated herein.
Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer
to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research and
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Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot
be used, by any taxpayer for the purposes of avoiding any penalties.
Price Target: (12 months) for NV Energy Inc (NVE.N)
Method: Our $23.75 target price on NV Energy is based on a successful execution of MidAmerican's offer price of $23.75.
Risk: Risk to our $23.75 share price is execution of the MidAmerican purchase. The deal is expected to close 1Q2014 and requires the usual
state, federal, and shareholder approvals. We expect the deal to close as scheduled.
Please refer to the firm's disclosure website at www.credit-suisse.com/researchdisclosures for the definitions of abbreviations typically used in the
target price method and risk sections.
See the Companies Mentioned section for full company names
The subject company (NVE.N, EIX.N, PPL.N, CMS.N, SO.N, DUK.N, BKH.N, D.N, NI.N, NEE.N, PNW.N, POM.N, TE.N, UNS.N, NU.N, CHK.N,
AEP.N) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit Suisse.
Credit Suisse provided investment banking services to the subject company (PPL.N, CMS.N, SO.N, DUK.N, BKH.N, NI.N, NEE.N, POM.N, TE.N,
CHK.N, AEP.N) within the past 12 months.
Credit Suisse provided non-investment banking services to the subject company (NVE.N, EIX.N, PPL.N, SO.N, DUK.N, BKH.N, D.N, NEE.N,
PNW.N, TE.N, UNS.N, NU.N, CHK.N, AEP.N) within the past 12 months
Credit Suisse has managed or co-managed a public offering of securities for the subject company (PPL.N, DUK.N, NI.N, NEE.N, POM.N, CHK.N,
AEP.N) within the past 12 months.
Credit Suisse has received investment banking related compensation from the subject company (PPL.N, CMS.N, SO.N, DUK.N, BKH.N, NI.N,
NEE.N, POM.N, TE.N, CHK.N, AEP.N) within the past 12 months
Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (NVE.N, EIX.N, PPL.N,
CMS.N, SO.N, DUK.N, BKH.N, D.N, ED.N, NI.N, NEE.N, PCG.N, PNW.N, POM.N, TE.N, CHK.N, AEP.N) within the next 3 months.
Credit Suisse has received compensation for products and services other than investment banking services from the subject company (NVE.N,
EIX.N, PPL.N, SO.N, DUK.N, BKH.N, D.N, NEE.N, PNW.N, TE.N, UNS.N, NU.N, CHK.N, AEP.N) within the past 12 months
As of the date of this report, Credit Suisse makes a market in the following subject companies (NVE.N, EIX.N, PPL.N, CMS.N, SO.N, DUK.N, BKH.N,
D.N, DTE.N, ED.N, NI.N, NEE.N, PCG.N, PNW.N, POM.N, TE.N, UNS.N, NU.N, CHK.N, AEP.N).
As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (CHK.N).
Credit Suisse has a material conflict of interest with the subject company (TE.N). Credit Suisse Securities (USA) LLC is acting as Financial Advisor
to Continental Energy Systems LLC on the announced sale of New Mexico Gas Company to Teco Energy, Inc
Important Regional Disclosures
Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report.
The analyst(s) involved in the preparation of this report have not visited the material operations of the subject company (NVE.N, EIX.N, PPL.N,
CMS.N, SO.N, DUK.N, BKH.N, D.N, DTE.N, ED.N, NI.N, NEE.N, PCG.N, PNW.N, POM.N, TE.N, UNS.N, NU.N, CHK.N, AEP.N) within the past 12
months
Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares;
SVS--Subordinate Voting Shares.
Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not
contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report.
For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit
http://www.csfb.com/legal_terms/canada_research_policy.shtml.
As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.
Principal is not guaranteed in the case of equities because equity prices are variable.
Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that.
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NV Energy Inc (NVE) 9
For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at www.credit-
suisse.com/researchdisclosures or call [phone].
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30 May 2013
NV Energy Inc (NVE) 10
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NVE 5 30 13 Acquisition v2
(target price change).doc
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