HomeMy WebLinkAbout20051028Avera Exhibit 09.pdfBEFORE TH IDAHO PUBLIC UTiliTIES COMMISSIONCASE NO. IPC-O5-IDAHO POWER COMPANY
EXHIBIT NO.
WilliAM E. AVERA
CONSTANT GROWTH DCF MODEL
SUSTAINABLE GROWTH RATES
CO
N
S
T
A
N
T
G
R
O
W
T
H
D
C
F
M
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D
E
L
Exhibit WEA-Page 1 of 1
SU
S
T
A
I
N
A
B
L
E
G
R
O
W
T
H
R
A
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E
(a
)
(a
)
(a
)
(a
)
(b)(c)(d)(e)(f)(g)(h)
Pr
o
j
e
c
t
i
o
n
s
2
0
0
8
-
20
0
4
Mid-Year
Ne
t
B
o
o
k
N
e
t
Bo
o
k
Ann ualAdj ustmentAd j usted "b x rSustainable
Co
m
p
a
n
y
EP
S
DP
S
Va
l
u
e
V
a
l
u
e
ChangeFactorgrowthFactorGrowth
Bl
a
c
k
H
i
l
l
s
C
o
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p
.
$2
.
25
$
1
.
$2
6
.
$2
2
.
1.015736.12%
Ed
i
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r
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$2
.
45
$
1
.
$2
4
.
$1
8
.
5
7
1.026342.10.4%01%4.5%
Ha
w
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a
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l
e
c
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c
$1
.
7
5
$1
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2
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$1
7
.
$1
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1.013929.10.03%
ID
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P
,
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c
.
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10
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8
.
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1.016342.06%
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5
0
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4
.
1.045764.11. 7%1.17%
PN
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024544.38%
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1.014826.30%2.5%
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1.018336.33%
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3
.
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10.048567.12.95%
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.
5
0
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0
5
$1
5
.
$1
2
.
1.016030.10.66%
Av
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r
a
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60/0
(a
)
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.
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q
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(
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)
/
(
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,
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(d
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-
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)
/
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.
(e
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2
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V
a
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(f
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(
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(e
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.
(g
)
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.
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+
(
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.
" equals (1- l/projected market-to-book ratio).EXHIBIT NO.CASE NO. IPC-O5-W. AVERA, IPC Page 1 of 1