ARM 42.22.114. INCOME INDICATOR

(1) The income indicator may be determined by consideration of one or more of the following methods depending on the department's analysis of the future earning capacity of the company: (a) capitalization of the company's historic income or average of historic incomes; (b) capitalization of a projected level of income; (c) discounted cash flow analysis; (d) other accepted method. (2) The capitalization rate utilized will be determined by the band of investment theory or other accepted methodology.