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Idacorp (IDA)
NYSE:IDA
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IdaCorp
(NYSE:IDA)74Outperform
Positive Factors
Earnings
IDA reported a beat on earnings, driven by strong customer growth and new rates in Idaho.
Growth Outlook
The growth outlook for IDA remains strong, supported by a robust local economy and increased interest from large energy-intensive customers.
Negative Factors
Credit Metrics
The credit metrics have been weak in recent periods, leading to a Moody's negative outlook.
IdaCorp (IDA) vs. S&P 500 (SPY)
Market Cap
$6.13B
Dividend Yield3.01%
Average Volume (3M)313.74K
Price to Earnings (P/E)20.7
Beta (1Y)0.25
Revenue Growth3.48%
EPS Growth6.67%
CountryUS
Employees2,100
SectorUtilities
Sector Strength79
IndustryRegulated Utilities
Share Statistics
EPS (TTM)5.49
Shares Outstanding53,977,013
10 Day Avg. Volume373,367
30 Day Avg. Volume313,741
Financial Highlights & Ratios
PEG Ratio3.10
Price to Book (P/B)N/A
Price to Sales (P/S)3.36
Price to Cash Flow (P/CF)11.20
P/FCF Ratio8.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$122.17Price Target Upside7.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
IdaCorp Business Overview & Revenue Model
Company DescriptionIdaCorp, Inc. (IDA) is a holding company engaged primarily in the generation, transmission, distribution, sale, and purchase of electric energy. The company operates through its main subsidiary, Idaho Power Company, which serves a large area in southern Idaho and eastern Oregon. IdaCorp focuses on providing reliable and sustainable energy solutions, emphasizing renewable energy sources to meet growing environmental standards and customer expectations.
How the Company Makes MoneyIdaCorp makes money primarily through its regulated utility operations under Idaho Power Company. Revenue is generated from the sale of electricity to residential, commercial, and industrial customers within its service areas. The company's income is largely determined by rates approved by state regulatory commissions, which are designed to provide a reasonable return on investment while covering operating and capital costs. Additionally, IdaCorp benefits from various renewable energy initiatives and federal incentives aimed at promoting cleaner energy production. The company may also engage in wholesale energy markets to buy and sell electricity, further contributing to its revenue streams.
IdaCorp Financial Statement Overview
Summary
IdaCorp demonstrates steady growth and profitability, supported by strong revenue and operational efficiency. However, increased leverage poses a financial risk. Cash flow generation is robust, though impacted by high capital expenditures. Overall, the company exhibits a strong financial position with room for improving capital management.Income Statement
IdaCorp has shown consistent revenue growth over the past years, with a notable increase from $1.35 billion in 2020 to $1.83 billion in 2024. The gross profit margin is strong, consistently above 75%, reflecting efficient cost management. However, the net profit margin shows a moderate improvement, indicating some cost pressures. EBIT and EBITDA margins are stable, showcasing operational efficiency.78
Positive
Balance Sheet
The debt-to-equity ratio has increased due to rising debt levels, currently at 0.92. This suggests higher leverage, which may increase financial risk. Return on equity remains robust, driven by steady net income growth. The equity ratio has slightly declined, indicating increased liabilities compared to assets.70
Positive
Cash Flow
Operating cash flow has improved significantly, indicating strong cash generation. However, free cash flow has been volatile, impacted by substantial capital expenditures. The ratio of operating cash flow to net income has improved, suggesting better conversion of earnings into cash.65
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 1.83B | 1.77B | 1.64B | 1.46B | 1.35B | Gross Profit |
| 1.40B | 316.84M | 330.11M | 332.24M | 312.17M | EBIT |
| 327.84M | 313.48M | 327.18M | 329.65M | 309.52M | EBITDA |
| 668.96M | 605.55M | 491.54M | 493.85M | 473.60M | Net Income Common Stockholders |
| 289.17M | 261.19M | 258.98M | 245.55M | 237.42M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 368.87M | 327.43M | 177.58M | 215.24M | 300.12M | Total Assets |
| 9.24B | 8.48B | 7.54B | 7.21B | 7.10B | Total Debt |
| 3.07B | 2.83B | 2.19B | 2.00B | 2.00B | Net Debt |
| 2.70B | 2.50B | 2.02B | 1.79B | 1.73B | Total Liabilities |
| 5.90B | 5.56B | 4.73B | 4.54B | 4.53B | Stockholders Equity |
| 3.33B | 2.91B | 2.81B | 2.67B | 2.56B |
| Cash Flow | Free Cash Flow | |||
| 561.25M | -344.11M | -81.30M | 63.27M | 77.19M | Operating Cash Flow |
| 561.25M | 267.03M | 351.29M | 363.26M | 388.13M | Investing Cash Flow |
| -915.38M | -589.95M | -424.27M | -273.65M | -347.26M | Financing Cash Flow |
| 271.25M | 472.77M | 35.32M | -149.48M | 16.99M |
IdaCorp Technical Analysis
Positive
113.19
Price Trends
110.30
Positive
110.11
Positive
103.16
Positive
Market Momentum
1.39
Positive
48.78
Neutral
26.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IDA, the sentiment is Positive. The current price of 113.19 is below the 20-day moving average (MA) of 113.22, above the 50-day MA of 110.30, and above the 200-day MA of 103.16, indicating a neutral trend. The MACD of 1.39 indicates Positive momentum. The RSI at 48.78 is Neutral, neither overbought nor oversold. The STOCH value of 26.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IDA.
IdaCorp Risk Analysis
IdaCorp disclosed 33 risk factors in its most recent earnings report. IdaCorp reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IdaCorp Peers Comparison
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $4.80B | 14.61 | 8.80% | 4.50% | 15.67% | 29.07% | |
74 Outperform | $6.13B | 20.68 | 9.27% | 3.01% | 3.48% | 6.67% | |
73 Outperform | $3.79B | 21.11 | 6.34% | 4.36% | -18.62% | -27.88% | |
73 Outperform | $8.87B | 20.08 | 9.65% | 3.81% | 11.63% | 5.61% | |
66 Neutral | $22.04B | 21.38 | 10.02% | 2.48% | -0.61% | 15.54% | |
65 Neutral | $12.05B | 15.92 | 6.71% | 4.32% | 8.04% | 3.76% | |
56 Neutral | $3.13B | 17.10 | 7.09% | 4.90% | 10.64% | 2.28% |
* Utilities Sector Average
Performance Comparison
IDA
IdaCorp
113.19
26.71
30.89%
ALE
Allete
65.27
10.01
18.11%
AVA
Avista
39.70
7.25
22.34%
CNP
Centerpoint Energy
34.26
6.70
24.31%
OGE
OGE Energy
43.91
11.54
35.65%
POR
Portland GE
44.55
4.86
12.24%
IdaCorp Earnings Call Summary
Earnings Call Date: Feb 20, 2025 | % Change Since: 1.02% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Positive
The earnings call reflected a positive outlook with strong earnings growth, robust customer growth, and successful infrastructure expansion. However, increased operational expenses and regulatory lag present challenges to be addressed.Highlights
17th Consecutive Year of Earnings Growth
IDACORP achieved its 17th consecutive year of earnings growth, with diluted earnings per share increasing to $5.50 from $5.14 in the previous year.
Strong Customer Growth
Idaho Power experienced 2.6% customer growth, ending the year with nearly 650,000 customers. The local economy is expected to grow by 4.5% in 2025 and 3.7% in 2026.
Infrastructure and Capacity Expansion
IDACORP is expanding infrastructure to support new projects, including a 600 MW Wyoming wind project and a high-voltage line from Nevada to Idaho, with construction expected to begin soon.
Positive Regulatory Outcomes
Idaho limited issue rate case concluded with an overall increase of $50.1 million or 3.7%, effective January 1, and the Oregon general rate case resulted in a $6.7 million or 12.14% increase.
Hydropower Conditions and Snowpack
The current snowpack is over 120% of average, which is favorable for hydropower operations.
Lowlights
Increased O&M Expenses
Total other O&M expenses increased by $61.1 million due to pension-related expenses and increased wildfire mitigation and insurance expenses.
Higher Depreciation Expenses
Depreciation expense increased by $28.1 million due to ongoing system investments.
Increased Interest Expenses
Non-operating expenses increased by $2.2 million, primarily driven by an increase in interest expense due to higher long-term debt balances.
Regulatory Lag Concerns
The company is addressing regulatory lag concerns through frequent rate filings and potential new mechanisms, indicating ongoing challenges in aligning rates with infrastructure investments.
Company Guidance
During IDACORP's Fourth Quarter and Year-End 2024 Earnings Conference Call, the company provided several key metrics and guidance for 2025. IDACORP reported diluted earnings per share of $5.50 for 2024, up from $5.14 in the previous year, with a significant $29.8 million tax credit amortization contributing to this increase. The company anticipates 2025 earnings per share to range between $5.65 and $5.85, supported by an expected $60 million to $77 million in additional tax credit amortization. Customer growth was strong at 2.6%, with nearly 650,000 customers by the end of 2024. The company's capital expenditure forecast for the next five years averages $1.1 billion annually, with a projected rate base growth of 16.1% CAGR from 2025 to 2029, reaching approximately $5.1 billion by the end of 2029. IDACORP also aims to maintain a balanced debt-to-equity ratio, with plans to raise $1.4 billion in equity and $2.2 billion in debt over the next five years. Hydropower generation is expected to be between 6.5 million and 8.5 million megawatt hours in 2025, with favorable snowpack conditions noted.IdaCorp Corporate Events
Financial Disclosures
IDACORP Reports Increased Earnings for 2024
Positive
Feb 20, 2025
IDACORP, Inc. reported a net income of $37.9 million for the fourth quarter of 2024 and $289.2 million for the full year, showing increased earnings compared to 2023. This growth was driven by customer growth, favorable weather conditions, and tax credits, although higher depreciation and financing costs posed challenges. Looking ahead to 2025, IDACORP anticipates earnings in the range of $5.65 to $5.85 per diluted share, underpinned by continued capital investment and the utilization of tax credits.
Executive/Board ChangesBusiness Operations and Strategy
IdaCorp Strengthens Leadership with New Board Appointments
Positive
Feb 13, 2025
On February 13, 2025, IDACORP, Inc. and Idaho Power Company announced the appointment of Scott W. Madison to their boards of directors. Madison, who recently retired from MDU Utilities Group, brings extensive experience in business strategy and the natural gas industry, enhancing the board’s expertise in utility operations. Furthermore, Idaho Power promoted Angelique Rood to Vice President of Corporate Services and Communications, highlighting internal leadership development. These strategic appointments are set to strengthen the company’s leadership and continue its tradition of providing essential infrastructure in Idaho and Oregon.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.