IDANOTE120712.pdf

Disclosures and Analyst Certifications can be found in Appendix A.
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IIDDAACCOORRPP ((IIDDAA))
Meeting Highlights – Reiterating BUY Rating
Highlights
• We are reiterating our BUY rating on IDA shares. Our revised price target of $47 p/s
(previously $49 p/s) implies a 2013/2014 P/E of 14.4x/13.8x our EPS estimates of $3.26/$3.41. Our 2012 EPS estimate is $3.34. The primary driver of our decreased target
price is contraction in regulated utility industry average valuation multiples (regulated utilities are defined as utilities regulated at both the state/federal level).
• We recently met with IDA senior management. Topics of discussion included (but not limited
to): dividend policy, service territory, regulatory strategy, rate base profile, Boardman-Hemingway transmission line (B-H), 2013 Integrated Resource Plan (IRP), hydro conditions.
• IDA reiterated its commitment to a long-term dividend payout ratio of 50-60%. In September
2012, IDA announced its second dividend increase of the year and 2012 dividend growth totals +26.7%. IDA management also plans to recommend to the Board a dividend increase
of “at least ten percent” in September 2013. We view the 2012 dividend increase and
September 2013 dividend growth guidance favorably. The targeted September 2013 dividend
increase of “at least ten percent” further supports our view of attractive total return potential.
An assumed +10% dividend increase in September 2013 implies a dividend yield of 3.87%
based on yesterday’s closing price.
• IDA service territory is growing supported by immigration, as well as, a pro-business
environment. Idaho is characterized by its favorable quality of life and business-friendly environment. Both industrial and commercial customer base is expanding supporting
economic and infrastructure development in Boise, Idaho and driving retail activity within the IDA service territory. Annual average long-term load growth is forecasted at 1.0-1.3%.
• Recent regulatory outcomes support a constructive regulatory track record, in our opinion,
and we view regulatory risk as manageable for the next several years. We believe the existing Idaho Power 2012-2014 rate plan offers a stable earnings stream with an attractive
earnings floor (9.5% year-end equity earnings floor), thereby, providing earnings visibility through 2014 (no ADITC usage expected in 2012). If needed, we expect IDA to file its next
rate case by June 2014 for rates effective 2015. A filing requesting an extension of the
current rate plan is also possible prior to June 2014. The Power Cost Adjustment (PCA)
mechanism is another example of the numerous mechanisms that allow for timely recovery
of costs and that help mitigate earnings volatility. This is important considering the volatility
in annual hydro conditions.
• 2011 year-end rate base totaled $2.5b and we estimate $100-$120m of annual rate base
growth relative to base capex. The $398m Langley Gulch Generation station, added to rates in July 2012, is the primary driver of near-term rate base growth. The proposed $890-$940m
Boardman-to-Hemingway Line (B-H) and/or new generation are the primary drivers of longer-term rate base growth.
• We expect IDA to file its 2013 Integrated Resource Plan (IRP) in June 2013. We expect
updated load forecast projections. We also expect the IRP to analyze the need for new generation build (400 MW) in 2016 to offset the delay in B-H from 2016 to 2018.
• As of November 2012, Brownlee and Hells Canyon are forecasted to have water supplies
78% and 82% of their 30-year averages, respectively. We assume normal 2013 hydro
conditions, at this time. Due to the mechanics of the PCA, we believe IDA is least sensitive
to changes in annual hydro conditions relative to its northwest regional peers.
• See Table 2 for Financial Summary.
COMPANY & MARKET DATA
Price (December 6, 2012) $43.12
Price Target, Excl Dividends (YE12) $47.00
Prior Target $49.00
52 - Week Range $38.17-$45.67
Mkt. Capitalization (mill) $2,118
Enterprise Value (mill) $3,497
FD Shares Outstanding (mill) 49
Avg. Daily Trading Vol. (000) 207
Book Value per Share (3Q12A) $35.29
Dividend (FY13E) / Yield $1.67 3.87%
FY2011A FY2012E FY2013E
Revenue (mill) $1,027 $1,151 $1,170
1Q EPS $0.60 $0.50A
2Q EPS $0.42 $0.71A
3Q EPS $2.16 $1.84A
4Q EPS $0.18 .$0.29E
EPS $3.36 $3.34 $3.26
Prior EPS
Consensus EPS $3.35 $3.26
P/E 12.8x 12.9x 13.2x
EV/EBITDA 12.3x 9.1x 8.9x
P/FCF nm nm nm
ESTIMATES
Volum e in Millions
0.0
1.0
2.03.0
4.0
$20
$25
$30
$35
$40
$45
$50
Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11

Brian J. Russo, CFA 646-432-6312
[e-mail]
Ira Reibeisen
212-409-2051
[e-mail]
Power and Utilities Sector
Company Update

December 7, 2012
BUY
Brian Russo 646.432.6312 IDACORP (IDA)

Ladenburg Thalmann & Co. Inc. PAGE - 2 -

Investment Conclusion
Meeting Highlights
We recently met with IDA senior management. Topics of discussion included
(but not limited to): dividend policy, service territory, regulatory strategy, rate
base profile, Boardman-Hemingway transmission line (B-H), 2013 Integrated
Resource Plan (IRP), hydro conditions.
Dividend Policy
IDA reiterated its commitment to a long-term dividend payout ratio of 50-60%. In
September 2012, IDA announced its second dividend increase of the year and
2012 dividend growth totals +26.7%. IDA management also plans to recommend
to the Board a dividend increase of “at least ten percent” in September 2013.
Given the company’s growth opportunities, IDA believes the 50-60% payout
allows for financing flexibility of upcoming investments consistent with its strategy
to fund capital investments with minimal external equity.
We view the 2012 dividend increase and September 2013 dividend growth
guidance favorably. The targeted September 2013 dividend increase of “at least
ten percent” further supports our view of attractive total return potential. An
assumed +10% dividend increase in September 2013 implies an annualized
dividend of $1.67, a 2013 implied dividend payout ratio of 51% and an implied
dividend yield of 3.87% based on yesterday closing price.
Service Territory and Local Economy
IDA service territory is expanding supported by immigration, as well as, a pro-
business environment. Idaho is characterized by its favorable quality of life
(weather, cost of living) and business-friendly environment (balanced state
budget, incentive tax laws, low energy costs). YTD2012 general business
customer growth totaled 5,228, up from 3,201 reported in the same period a year
ago. Both industrial and commercial customer base is expanding supporting
economic and infrastructure development in Boise, Idaho and driving retail
activity within its service territory. Annual average long-term load growth is
forecasted at 1.0-1.3% with load growth primarily supported by customer growth
not usage per customer.
Regulatory Strategy and Regulatory Track Record
Recent regulatory outcomes support a constructive regulatory track record, in our
opinion. We view regulatory risk as manageable for the next several years. The
existing Idaho Power 2012-2014 rate plan supports this view. In our opinion, the
settlement offers a stable earnings stream with an attractive earnings floor (9.5%
year-end equity earnings floor), thereby, providing earnings visibility through
2014. Also, customers can benefit under the sharing mechanisms if Idaho Power
earned returns at certain levels. Customer refunds are expected in 4Q12 as
Idaho Power returns are above the sharing triggers providing customers with
refunds to offset existing rates. If needed, we would expect IDA to file its next
rate case by June 2014 for rates effective 2015. A filing requesting an extension
of the current rate plan is also possible prior to June 2014.
As a reminder, Idaho Power may use up to $45m in aggregate of deferred
investment tax credits (ADITC) over a three year-period (2012-2014) to reach a
minimum 9.5% return-on-year-end equity. No more than $25m can be used in
Brian Russo 646.432.6312 IDACORP (IDA)

Ladenburg Thalmann & Co. Inc. PAGE - 3 -

any one year and we assume no ADITC usage in 2012. IDA is essentially
earning at least 9.5% of year-end shareholder equity. If Idaho Power return on
year-end equity for 2012-2014 exceeds 10.0% but less than 10.5% then equal
sharing (50/50) between Idaho Power and customers would be triggered. If
Idaho Power return on year-end equity for 2012-2014 exceeds 10.5% then 75%
customer sharing and 25% Idaho Power sharing would be triggered.
The Power Cost Adjustment (PCA) mechanism is another example of the
numerous mechanisms that allow for timely recovery of costs and that help
mitigate earnings volatility. The PCA addresses power supply cost volatility and
provides for annual adjustments to rates. Updated each spring, the PCA
captures differences in actual supply costs and those costs currently recovered in
rates with the variances deferred for future recovery/refund, as well as, to
forecast future supply costs. This is important considering the volatility in annual
hydro conditions. Due to the mechanics of the PCA, we believe IDA is least
sensitive to changes in annual hydro conditions relative to its northwest regional
peers.
Rate Base Profile and Growth Drivers
2011 year-end rate base totaled $2.5b including Idaho and Oregon rate base of
$2.4b and $0.1b, respectively. Annual base capital expenditures of $250m
exceed annual depreciation expense of $130m and support approximately $100-
$120m per year of rate base growth. The $398m Langley Gulch Generation
station ($335m net of bonus depreciation), added to rates in July 2012, is the
primary driver of near-term rate base growth. The proposed $890-$940m (total
investment) Boardman-to-Hemingway Line (B-H) and/or new generation are the
primarily drivers of longer-term rate base growth.
Boardman-Hemingway Transmission Line Project
As previously disclosed, due to permitting delays, the Boardman-Hemingway (B-
H) transmission project is delayed from 2016 to 2018. The $890-$940m B-H
(300 mile, 500 kV transmission line, 1000 MW capacity) is designed to wheel
capacity from the West into Idaho Power service territory. The B-H project is
reliability-driven and not growth-driven. Per the 2011 IRP, the line is needed for
summer peak reliability beginning in 2016. Due to the daily intermittence of wind
energy (hourly wind output declines during hourly peak energy usage), IDA
needs 400/200 MW of summer/winter peak capacity and the B-H line was
identified as the preferred option to manage the summer peak reserve margin.
The development joint venture includes BPA and Pacificorp. IDA interest is
estimated at 21%. A draft EIS is expected in 1H13 which may include a BLM
preferred route and the line was identified as a “BPA Top Priority” for 2013 and
beyond.
Upcoming 2013 Integrated Resource Plan
We expect IDA to file its 2013 Integrated Resource Plan (IRP) in June 2013. We
expect updated load forecast projections and we sense that load projections may
have moderated (since the 2011 IRP) due to the overall economy and the loss of
a previously expected 80 MW industrial customer. We expect the IRP to analyze
the need for new generation build (400 MW) in 2016 to offset the delay in B-H
from 2016 to 2018. Options include: new build (Langley Gulch site has
expansion potential), import capacity from east of Idaho (PPA) to bridge the
capacity gap until B-H line is completed. The need for 2016 generation capacity
remains uncertain, at this time.

Brian Russo 646.432.6312 IDACORP (IDA)

Ladenburg Thalmann & Co. Inc. PAGE - 4 -

Hydro Conditions
As of November 2012, Brownlee and Hells Canyon are forecasted to have water
supplies at 78% and 82% of their 30-year averages, respectively. We begin
monitoring hydro conditions in the northwest late in the year, particularly
snowpack and forecasted stream flows. We assume normal 2013 hydro
conditions, at this time.
IDA’s hydroelectric facilities (1,709 MW nameplate capacity and 47% of total
generation capacity) are primarily located on the Snake River along the
Idaho/Oregon border. The majority of IDA’s water supply is held at the Brownlee
Reservoir. In a normal year, hydroelectric capacity totals 8.6m MWh. Any
shortfall (as compared with the median) is generally replaced with purchase
power from the open markets and 95% of those costs are recovered through the
PCA mechanism in Idaho. IDA was authorized by the Idaho Public Utility
Commission (IPUC) in January 2009 to change its sharing mechanism to 95/5
(previously 90/10 sharing with customers), as well as, the implementation of a
forward-looking model forecasting fuel costs. We view IDA as the least sensitive
to changes in hydro conditions relative to its northwest peers.
Table 2: IDA – Financial Summar $000, exce t /s amount
Year Ending 31 December 2009 2010 2011 2012E 2013E 2014E
FINANCIAL SUMMARY1
EP 2.64 2.9 3.3 3.34 3.26 3.41P/E ratio 17.83 15.91 13.97 14.07 14.40 13.80
EBITDAPS 6.66 6.51 5.73 7.80 7.91 7.84
P/EBITDAPS 7.06 7.22 8.20 6.03 5.94 5.99Free CFPS 0.69 -0.68 -0.56 0.93 -0.71 -0.60
P/Free CFPS 68.26 -69.16 -84.63 50.46 -65.83 -78.95DPS 1.20 1.20 1.20 1.52 1.67 1.84Dividend yield 2.6% 2.6% 2.6% 3.2% 3.6% 3.9%
Dividend payout ratio 45.5% 40.6% 35.7% 45.5% 51.2% 54.0%
BV PS 29.71 31.76 33.53 35.33 36.93 38.49
P/BV PS 1.58 1.48 1.40 1.33 1.27 1.22
Dilluted Shares Out 47,182 48,340 49,558 49,558 49,558 49,558
Enterprise value 3,574,297 3,531,590 3,688,963 3,718,133 3,751,376 3,787,025EV/Sales 3.40 3.41 3.59 3.23 3.21 3.21EV/EBITDA 11.38 11.23 12.99 9.62 9.57 9.74
EV/EBIT 16.28 16.29 19.81 13.70 14.03 14.29INCOME STATEMENT (USDm)
Revenues 1,049,800 1,036,029 1,026,756 1,151,017 1,169,587 1,179,401
Gross margin 203,583 198,670 164,248 262,973 263,074 258,290
Operating EBITDA 314,209 314,591 284,037 386,355 392,190 388,698Depreciation & Amortization 110,626 115,921 119,789 123,383 129,116 130,408EBIT 219,547 216,843 186,255 271,362 267,463 265,091
Interest expense 72,810 75,114 71,526 75,417 75,417 75,418Net income 124,350 142,798 166,693 165,574 161,799 168,800
Net income per share 2.64 2.95 3.36 3.34 3.26 3.41
CASH FLOW (USDm)Cash flow from operations 284,425 305,400 310,243 281,159 287,118 292,998
Cash flow from investing (242,405) (328,334) (332,358) (235,000) (322,500) (322,500)Capital expenditures 251,937 338,252 337,765 235,000 322,500 322,500
Cash flow from financing 2,139 198,624 (178,749) 24,672 2,139 (6,147)Common dividends (56,820) (57,872) (59,668) (75,328) (82,861) 0
Free cash flow 32,488 (32,852) (27,522) 46,159 (35,382) (29,502)
BALANCE SHEET (USDm)Cash and marketable sec 52,987 228,677 27,813 98,643 65,400 29,751
Total assets 4,238,727 4,676,055 4,960,609 4,809,462 5,055,102 5,211,545Total debt/lease 1,409,730 1,488,287 1,387,550 1,487,550 1,487,550 1,487,550
Total liabilities 2,905,637 3,140,071 3,298,915 2,904,904 2,904,904 2,904,904
Shareholders' equity 1,401,544 1,535,284 1,661,694 1,751,051 1,829,989 1,907,643RATIO ANALYSIS
Sales growth (%) 9.3% -1.3% -0.9% 12.1% 1.6% 0.8%Gross margin/sales (%) 19.4% 19.2% 16.0% 22.8% 22.5% 21.9%
EBIT/Assets 5.2% 4.6% 3.8% 5.6% 5.3% 5.1%CFO/Assets 6.7% 6.5% 6.3% 5.8% 5.7% 5.6%ROA 2.9% 3.1% 3.4% 3.4% 3.2% 3.2%
ROE 8.9% 9.3% 10.0% 9.5% 8.8% 8.8%
Total debt/total capital 50.1% 49.2% 45.5% 45.9% 44.8% 43.8%
Total debt/EBITDA 4.5 4.7 4.9 3.9 3.8 3.8
EBITDA/interest expense 4.3 4.2 4.0 5.1 5.2 5.2
FFO/Debt 20.2% 20.5% 22.4% 18.9% 19.3% 19.7%
RATE BASE ANALYSIS 0.085828395 0.035327784 0.069153389
Implied Rate Base2 2,487,522 2,701,022 2,796,443 2,989,826
ADITC EXTENSION ANALYSIS AND EARNINGS SUMMARY3
Idaho Power (IPC) year-end shareholder equity 1,593,456 1,679,015 1,755,031
Idaho Power Idaho-jurisdictional Earnings4 158,708 154,721 161,726Idaho Power Oregon-jurisdictional Earnings 5,610 5,722 5,837
Total Idaho Power Earnings Per Share $3.32 $3.24 $3.38
Financial, Ida-West, Holdco $0.03 $0.03 $0.03Consolidated EPS $3.34 $3.26 $3.41
Source: Ladenburg Thalmann & Co, Inc., Company Reports

Brian Russo 646.432.6312 IDACORP (IDA)

Ladenburg Thalmann & Co. Inc. PAGE - 5 -

APPENDIX A: IMPORTANT RESEARCH DISCLOSURES

ANALYST CERTIFICATION
I, Brian Russo, attest that the views expressed in this research report accurately reflect my personal views about the subject security
and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or
views expressed in this research report, provided, however, that:
The research analyst primarily responsible for the preparation of this research report has or will receive compensation based upon
various factors, including the volume of trading at the firm in the subject security, as well as the firm’s total revenues, a portion of
which is generated by investment banking activities.
COMPANY BACKGROUND
Headquartered in Boise, Idaho, IDACORP, Inc., (IDA) is a holding company formed in 1998 that is primarily engaged in the
generation, transmission, distribution, sale and purchase of energy. IDA serves over 466,000 retail customers across its 24,000sq
mile service territory in both Idaho and Oregon, and owns approximately 3,267MW of generating capacity. IDA’s principal operating
subsidiary is Idaho Power Company (IPC). The company’s unregulated utilities include IDACORP Financial (IFS) that invests in
affordable housing and real estate and Ida-West Energy Company (Ida-West) that operates small hydroelectric generation projects.

VALUATION METHODOLOGY
We value equities utilizing a multi-faceted approach which includes; sum-of-the-parts, net asset value, discounted cash flow, leading
P/E, and EV/EBITDA.
RISKS
On top of normal economic and market risk factors that impact most all equities, Idacorp (IDA) is uniquely at risk to:
Because of IPC’s predominantly hydroelectric generating base and heavy reliance on hydroelectric generation, which can be
adversely affected by weather, reduced hydroelectric generation can reduce revenues and increase costs.
Continuing declines in stream flows and over-appropriation of water in Idaho may reduce hydroelectric generation and revenues and
increase costs.
Load growth in IPC’s service territory due to customer growth and demand for energy exposes it to greater market and operational risk
as increased reliance on purchased power to meet load requirements could increase costs and reduce earnings and cash flows.
IPC’s reliance on coal and natural gas to fuel its generating facilities exposes it to risk of increased market prices, which could
increase costs and reduced earnings.
Changes in temperature and precipitation can reduce power sales and revenues.
Climate change could affect customer demand and hydroelectric generation and lead to restrictions on generation resources.
If Idaho Public Utility Commission (IPUC), the Oregon Public Utility Commission (OPUC) or the Federal Energy Regulatory
Commission (FERC) grant less rate recovery in rate case filings than IPC needs to cover the costs of providing services, financial
results could be adversely impacted and economic expansion may be limited.
Conditions that may be imposed in connection with hydroelectric license renewals may require large capital expenditures and reduce
earnings and cash flows.
The cost of complying with environmental regulations related to air quality, water quality, natural resources and health and safety can
increase capital expenditures and operating costs and reduce earnings and cash flows.
IDACORP and its subsidiaries are subject to costs and other effects of legal and regulatory proceedings, settlements, investigations
and claims, including those that have arisen out of the western energy situation.
IPC’s business is subject to substantial governmental regulation and may be adversely affected by increased costs resulting from, or
liability under, existing or future regulations or requirements.
Increased capital expenditures can significantly affect liquidity.
As a holding company, IDACORP does not have its own operating income and must rely on the upstream cash flows from its
subsidiaries to pay dividends and make debt payments.
A downgrade in IDA’s credit ratings could negatively affect the company’s ability to access capital and increase their cost of
borrowing.
Adverse results of income tax audits could reduce earnings and cash flows.
Employee workforce factors, including the loss or retirement of key personnel, availability of qualified personnel and an aging
workforce, could increase costs and reduce earnings.
Brian Russo 646.432.6312 IDACORP (IDA)

Ladenburg Thalmann & Co. Inc. PAGE - 6 -

STOCK RATING DEFINITIONS
Buy: The stock’s return is expected to exceed 12.5% over the next twelve months.
Neutral: The stock’s return is expected to be plus or minus 12.5% over the next twelve months.
Sell: The stock’s return is expected to be negative 12.5% or more over the next twelve months.

Investment Ratings are determined by the ranges described above at the time of initiation of coverage, a change in risk, or a change
in target price. At other times, the expected returns may fall outside of these ranges because of price movement and/or volatility. Such
interim deviations from specified ranges will be permitted but will become subject to review.

RATINGS DISPERSION AND BANKING RELATIONSHIPS (AS OF 11/30/12)
Buy: 78% (30% are banking clients)
Neutral: 21% (8% are banking clients)
Sell: 1% (0% are banking clients)

INVESTMENT RATING AND PRICE TARGET HISTORY

Brian Russo 646.432.6312 IDACORP (IDA)

Ladenburg Thalmann & Co. Inc. PAGE - 7 -

COMPANY SPECIFIC DISCLOSURES:
Ladenburg Thalmann & Co. Inc. does not make a market in subject company. Ladenburg Thalmann & Co. Inc. has neither had an
investment banking relationship with, nor received investment banking fees from the subject company in the past 12 months. Neither
the Analyst, nor members of the Analyst’s household own any securities issued by the subject Company.

GENERAL DISCLAIMERS
Information and opinions presented in this report have been obtained or derived from sources believed by Ladenburg Thalmann & Co.
Inc. to be reliable. The opinions, estimates and projections contained in this report are those of Ladenburg Thalmann as of the date of
this report and are subject to change without notice.

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this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to
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the potential losses may exceed the amount of initial investment and, in such circumstances; you may be required to pay more money
to support these losses.

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