Intrinsic value of Hawaiian Holdings - HA

Previous Close

$37.70

  Intrinsic Value

$175.44

stock screener

  Rating & Target

str. buy

+365%

  Value-price divergence*

+186%

Previous close

$37.70

 
Intrinsic value

$175.44

 
Up/down potential

+365%

 
Rating

str. buy

 
Value-price divergence*

+186%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.78
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
Revenue, $m
  2,451
  2,779
  3,129
  3,498
  3,887
  4,295
  4,723
  5,170
  5,637
  6,122
  6,628
  7,153
  7,699
  8,267
  8,857
  9,470
  10,107
  10,770
  11,459
  12,176
  12,923
  13,702
  14,513
  15,358
  16,241
  17,161
  18,123
  19,127
  20,177
  21,275
  22,423
Variable operating expenses, $m
 
  2,280
  2,566
  2,867
  3,185
  3,519
  3,868
  4,233
  4,614
  5,010
  5,423
  5,841
  6,287
  6,751
  7,233
  7,733
  8,254
  8,795
  9,358
  9,944
  10,554
  11,189
  11,852
  12,542
  13,263
  14,015
  14,800
  15,620
  16,477
  17,374
  18,311
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,066
  2,280
  2,566
  2,867
  3,185
  3,519
  3,868
  4,233
  4,614
  5,010
  5,423
  5,841
  6,287
  6,751
  7,233
  7,733
  8,254
  8,795
  9,358
  9,944
  10,554
  11,189
  11,852
  12,542
  13,263
  14,015
  14,800
  15,620
  16,477
  17,374
  18,311
Operating income, $m
  385
  499
  563
  631
  702
  777
  855
  937
  1,023
  1,112
  1,205
  1,312
  1,412
  1,516
  1,624
  1,736
  1,853
  1,975
  2,101
  2,233
  2,370
  2,512
  2,661
  2,816
  2,978
  3,147
  3,323
  3,507
  3,700
  3,901
  4,112
EBITDA, $m
  494
  625
  704
  787
  874
  966
  1,062
  1,163
  1,268
  1,377
  1,491
  1,609
  1,732
  1,860
  1,992
  2,130
  2,273
  2,423
  2,578
  2,739
  2,907
  3,082
  3,264
  3,455
  3,653
  3,860
  4,077
  4,302
  4,539
  4,786
  5,044
Interest expense (income), $m
  30
  23
  31
  43
  56
  70
  85
  100
  116
  132
  149
  167
  186
  205
  225
  246
  268
  291
  314
  338
  364
  390
  418
  447
  477
  508
  541
  575
  610
  647
  686
Earnings before tax, $m
  379
  476
  532
  588
  646
  707
  771
  838
  907
  980
  1,055
  1,144
  1,226
  1,311
  1,399
  1,490
  1,585
  1,684
  1,787
  1,894
  2,006
  2,122
  2,243
  2,369
  2,501
  2,639
  2,783
  2,933
  3,090
  3,254
  3,425
Tax expense, $m
  144
  129
  144
  159
  174
  191
  208
  226
  245
  265
  285
  309
  331
  354
  378
  402
  428
  455
  483
  511
  542
  573
  606
  640
  675
  712
  751
  792
  834
  878
  925
Net income, $m
  235
  348
  388
  429
  471
  516
  563
  611
  662
  715
  770
  835
  895
  957
  1,021
  1,088
  1,157
  1,230
  1,305
  1,383
  1,464
  1,549
  1,638
  1,730
  1,826
  1,926
  2,031
  2,141
  2,255
  2,375
  2,500

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  610
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,709
  2,380
  2,679
  2,995
  3,328
  3,678
  4,044
  4,427
  4,826
  5,242
  5,674
  6,124
  6,592
  7,078
  7,583
  8,108
  8,653
  9,221
  9,811
  10,425
  11,065
  11,731
  12,425
  13,149
  13,905
  14,693
  15,516
  16,376
  17,275
  18,215
  19,198
Adjusted assets (=assets-cash), $m
  2,099
  2,380
  2,679
  2,995
  3,328
  3,678
  4,044
  4,427
  4,826
  5,242
  5,674
  6,124
  6,592
  7,078
  7,583
  8,108
  8,653
  9,221
  9,811
  10,425
  11,065
  11,731
  12,425
  13,149
  13,905
  14,693
  15,516
  16,376
  17,275
  18,215
  19,198
Revenue / Adjusted assets
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
Average production assets, $m
  1,621
  1,837
  2,068
  2,312
  2,569
  2,839
  3,122
  3,418
  3,726
  4,047
  4,381
  4,728
  5,089
  5,464
  5,854
  6,260
  6,681
  7,119
  7,574
  8,049
  8,542
  9,057
  9,593
  10,152
  10,735
  11,344
  11,979
  12,643
  13,337
  14,063
  14,821
Working capital, $m
  -32
  -662
  -745
  -832
  -925
  -1,022
  -1,124
  -1,231
  -1,342
  -1,457
  -1,577
  -1,702
  -1,832
  -1,968
  -2,108
  -2,254
  -2,405
  -2,563
  -2,727
  -2,898
  -3,076
  -3,261
  -3,454
  -3,655
  -3,865
  -4,084
  -4,313
  -4,552
  -4,802
  -5,063
  -5,337
Total debt, $m
  557
  670
  939
  1,223
  1,523
  1,838
  2,168
  2,512
  2,871
  3,245
  3,635
  4,040
  4,461
  4,898
  5,353
  5,825
  6,316
  6,827
  7,358
  7,911
  8,486
  9,086
  9,711
  10,362
  11,042
  11,752
  12,493
  13,267
  14,076
  14,921
  15,806
Total liabilities, $m
  2,028
  2,142
  2,411
  2,695
  2,995
  3,310
  3,640
  3,984
  4,343
  4,717
  5,107
  5,512
  5,933
  6,370
  6,825
  7,297
  7,788
  8,299
  8,830
  9,383
  9,958
  10,558
  11,183
  11,834
  12,514
  13,224
  13,965
  14,739
  15,548
  16,393
  17,278
Total equity, $m
  680
  238
  268
  299
  333
  368
  404
  443
  483
  524
  567
  612
  659
  708
  758
  811
  865
  922
  981
  1,043
  1,106
  1,173
  1,243
  1,315
  1,390
  1,469
  1,552
  1,638
  1,728
  1,821
  1,920
Total liabilities and equity, $m
  2,708
  2,380
  2,679
  2,994
  3,328
  3,678
  4,044
  4,427
  4,826
  5,241
  5,674
  6,124
  6,592
  7,078
  7,583
  8,108
  8,653
  9,221
  9,811
  10,426
  11,064
  11,731
  12,426
  13,149
  13,904
  14,693
  15,517
  16,377
  17,276
  18,214
  19,198
Debt-to-equity ratio
  0.819
  2.810
  3.500
  4.080
  4.580
  5.000
  5.360
  5.670
  5.950
  6.190
  6.410
  6.600
  6.770
  6.920
  7.060
  7.180
  7.300
  7.400
  7.500
  7.590
  7.670
  7.750
  7.820
  7.880
  7.940
  8.000
  8.050
  8.100
  8.150
  8.190
  8.230
Adjusted equity ratio
  0.033
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  235
  348
  388
  429
  471
  516
  563
  611
  662
  715
  770
  835
  895
  957
  1,021
  1,088
  1,157
  1,230
  1,305
  1,383
  1,464
  1,549
  1,638
  1,730
  1,826
  1,926
  2,031
  2,141
  2,255
  2,375
  2,500
Depreciation, amort., depletion, $m
  109
  126
  141
  156
  172
  189
  207
  226
  245
  265
  286
  297
  320
  344
  368
  394
  420
  448
  476
  506
  537
  570
  603
  638
  675
  713
  753
  795
  839
  884
  932
Funds from operations, $m
  414
  474
  529
  585
  644
  705
  770
  837
  907
  980
  1,057
  1,133
  1,215
  1,300
  1,389
  1,482
  1,577
  1,677
  1,781
  1,889
  2,002
  2,119
  2,241
  2,368
  2,501
  2,640
  2,785
  2,936
  3,094
  3,260
  3,433
Change in working capital, $m
  -3
  -78
  -83
  -88
  -93
  -97
  -102
  -106
  -111
  -116
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -210
  -219
  -229
  -239
  -250
  -261
  -273
Cash from operations, $m
  417
  552
  612
  673
  736
  803
  872
  944
  1,018
  1,096
  1,177
  1,258
  1,345
  1,436
  1,530
  1,627
  1,729
  1,835
  1,945
  2,060
  2,179
  2,304
  2,434
  2,569
  2,711
  2,859
  3,014
  3,175
  3,344
  3,521
  3,706
Maintenance CAPEX, $m
  0
  -102
  -116
  -130
  -145
  -162
  -179
  -196
  -215
  -234
  -255
  -276
  -297
  -320
  -344
  -368
  -394
  -420
  -448
  -476
  -506
  -537
  -570
  -603
  -638
  -675
  -713
  -753
  -795
  -839
  -884
New CAPEX, $m
  -179
  -216
  -231
  -244
  -257
  -270
  -283
  -295
  -308
  -321
  -334
  -347
  -361
  -375
  -390
  -405
  -421
  -438
  -456
  -474
  -494
  -514
  -536
  -559
  -583
  -609
  -636
  -664
  -694
  -725
  -759
Cash from investing activities, $m
  -154
  -318
  -347
  -374
  -402
  -432
  -462
  -491
  -523
  -555
  -589
  -623
  -658
  -695
  -734
  -773
  -815
  -858
  -904
  -950
  -1,000
  -1,051
  -1,106
  -1,162
  -1,221
  -1,284
  -1,349
  -1,417
  -1,489
  -1,564
  -1,643
Free cash flow, $m
  263
  234
  266
  299
  334
  371
  410
  452
  495
  541
  588
  635
  687
  740
  796
  854
  914
  977
  1,042
  1,109
  1,179
  1,252
  1,328
  1,407
  1,489
  1,575
  1,664
  1,758
  1,855
  1,956
  2,063
Issuance/(repayment) of debt, $m
  -215
  172
  269
  285
  300
  315
  330
  344
  359
  374
  389
  405
  421
  437
  455
  472
  491
  511
  531
  553
  576
  600
  625
  652
  680
  710
  741
  774
  809
  846
  885
Issuance/(repurchase) of shares, $m
  -14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -219
  172
  269
  285
  300
  315
  330
  344
  359
  374
  389
  405
  421
  437
  455
  472
  491
  511
  531
  553
  576
  600
  625
  652
  680
  710
  741
  774
  809
  846
  885
Total cash flow (excl. dividends), $m
  44
  405
  535
  583
  634
  686
  740
  796
  854
  915
  978
  1,040
  1,107
  1,178
  1,251
  1,326
  1,405
  1,487
  1,573
  1,662
  1,755
  1,852
  1,953
  2,059
  2,169
  2,285
  2,405
  2,532
  2,664
  2,802
  2,947
Retained Cash Flow (-), $m
  -234
  -109
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -52
  -55
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -98
Prev. year cash balance distribution, $m
 
  551
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  847
  505
  552
  600
  651
  703
  758
  815
  873
  934
  995
  1,061
  1,129
  1,200
  1,274
  1,351
  1,431
  1,514
  1,601
  1,691
  1,785
  1,884
  1,986
  2,094
  2,206
  2,323
  2,446
  2,574
  2,708
  2,849
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  813
  462
  480
  494
  504
  510
  512
  509
  502
  490
  472
  453
  429
  403
  374
  343
  311
  279
  246
  215
  185
  156
  130
  107
  86
  68
  52
  40
  30
  21
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Hawaiian Holdings, Inc. is a holding company. The Company is engaged in the scheduled air transportation of passengers and cargo amongst the Hawaiian Islands (the Neighbor Island routes), between the Hawaiian Islands and certain cities in the United States (the North America routes), and between the Hawaiian Islands and the South Pacific, Australia, New Zealand and Asia (the International routes), collectively referred to as its Scheduled Operations. It offers non-stop service to Hawai'i from United States gateway cities. As of December 31, 2016, it also provided approximately 160 daily flights between the Hawaiian Islands. The Company operates various charter flights. As of December 31, 2016, the Company's fleet consisted of 20 Boeing 717-200 aircraft for the Neighbor Island routes, eight Boeing 767-300 aircraft, and 23 Airbus A330-200 aircraft for the North America, International, and charter routes.

FINANCIAL RATIOS  of  Hawaiian Holdings (HA)

Valuation Ratios
P/E Ratio 8.6
Price to Sales 0.8
Price to Book 3
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 8.5
Growth Rates
Sales Growth Rate 5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50.4%
Cap. Spend. - 3 Yr. Gr. Rate -12.1%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 73.2%
Total Debt to Equity 81.9%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 19.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.9%
Return On Equity 41.7%
Return On Equity - 3 Yr. Avg. 34.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 35.3%
Gross Margin - 3 Yr. Avg. 31.8%
EBITDA Margin 21.1%
EBITDA Margin - 3 Yr. Avg. 17.1%
Operating Margin 15.7%
Oper. Margin - 3 Yr. Avg. 14.7%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 11%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 38%
Eff/ Tax Rate - 3 Yr. Avg. 38.4%
Payout Ratio 0%

HA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HA stock intrinsic value calculation we used $2451 million for the last fiscal year's total revenue generated by Hawaiian Holdings. The default revenue input number comes from 2016 income statement of Hawaiian Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HA stock valuation model: a) initial revenue growth rate of 13.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HA is calculated based on our internal credit rating of Hawaiian Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hawaiian Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HA stock the variable cost ratio is equal to 82.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for Hawaiian Holdings.

Corporate tax rate of 27% is the nominal tax rate for Hawaiian Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HA are equal to 66.1%.

Life of production assets of 15.9 years is the average useful life of capital assets used in Hawaiian Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HA is equal to -23.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $680 million for Hawaiian Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 55.416 million for Hawaiian Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hawaiian Holdings at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
AAL American Airli 47.06 50.07  hold
DAL Delta Air Line 48.47 159.50  str.buy
UAL United Contine 58.80 405.36  str.buy
ALK Alaska Air Gro 74.75 1,260.67  str.buy
JBLU JetBlue Airway 18.62 43.85  str.buy
ALGT Allegiant Trav 130.10 355.03  str.buy
LUV Southwest Airl 54.93 90.39  str.buy

COMPANY NEWS

▶ Cue the luau dancers: Southwest gearing up for flights to Hawaii?   [Sep-19-17 05:13PM  American City Business Journals]
▶ Hawaiian Airlines expands service to New Zealand   [Sep-18-17 01:50PM  American City Business Journals]
▶ Abhi Dhar Joins Hawaiian Airlines Board of Directors   [Sep-14-17 04:01PM  PR Newswire]
▶ Hawaiian Airlines Reports August 2017 Traffic Statistics   [Sep-07-17 04:01PM  PR Newswire]
▶ Hawaiian Airlines, Honolulu airport lead ranking for on-time performances   [Aug-23-17 02:56PM  American City Business Journals]
▶ 3 Beaten-Up Cheap Stocks: Are They Bargains?   [Aug-22-17 06:04AM  Motley Fool]
▶ Hawaiian Airlines Reports July 2017 Traffic Statistics   [Aug-07-17 04:01PM  PR Newswire]
▶ Hawaiian Holdings tops 2Q profit forecasts   [Jul-25-17 10:47PM  Associated Press]
▶ Hawaiian Airlines posts 1% profit increase in Q2   [09:05PM  American City Business Journals]
▶ Chipotle, Wynn Resorts, U.S. Steel, Hawaiian Earnings Top   [04:39PM  Investor's Business Daily]
▶ Hawaiian Airlines adding three new routes for new A321neo planes   [Jul-24-17 08:00PM  American City Business Journals]
▶ Better Buy: Delta Air Lines, Inc. vs. Hawaiian Holdings   [Jun-20-17 05:18PM  Motley Fool]
▶ Hawaiian Holdings Stock Has Fallen Way Too Far   [Jun-19-17 08:20AM  Motley Fool]
▶ Business leaders, celebrities and visitors welcome Hokulea   [Jun-17-17 09:54PM  American City Business Journals]
▶ United just obliterated Hawaiian Airlines' stock   [01:21PM  Business Insider]
▶ Airline Industry News And Stocks To Watch   [Jun-12-17 12:28PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [12:18PM  Investor's Business Daily]
▶ Market hits new highs despite political bickering   [Jun-05-17 06:11AM  CNBC Videos]
Financial statements of HA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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