Intrinsic value of Hawaiian Holdings - HA

Previous Close

$41.90

  Intrinsic Value

$156.16

stock screener

  Rating & Target

str. buy

+273%

  Value-price divergence*

+125%

Previous close

$41.90

 
Intrinsic value

$156.16

 
Up/down potential

+273%

 
Rating

str. buy

 
Value-price divergence*

+125%

*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 2.2

 

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
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  2,451
  2,730
  3,024
  3,332
  3,654
  3,990
  4,341
  4,705
  5,085
  5,479
  5,889
  6,315
  6,757
  7,217
  7,696
  8,193
  8,711
  9,249
  9,811
  10,395
  11,005
  11,641
  12,305
  12,997
  13,721
  14,477
  15,267
  16,094
  16,958
  17,863
  18,810
Variable operating expenses, $m
 
  2,240
  2,480
  2,732
  2,995
  3,269
  3,556
  3,853
  4,163
  4,485
  4,820
  5,157
  5,518
  5,894
  6,284
  6,691
  7,113
  7,553
  8,012
  8,489
  8,987
  9,506
  10,048
  10,614
  11,205
  11,822
  12,468
  13,143
  13,849
  14,588
  15,361
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
  2,240
  2,480
  2,732
  2,995
  3,269
  3,556
  3,853
  4,163
  4,485
  4,820
  5,157
  5,518
  5,894
  6,284
  6,691
  7,113
  7,553
  8,012
  8,489
  8,987
  9,506
  10,048
  10,614
  11,205
  11,822
  12,468
  13,143
  13,849
  14,588
  15,361
Operating income, $m
  385
  490
  544
  600
  659
  721
  785
  852
  922
  994
  1,069
  1,158
  1,239
  1,323
  1,411
  1,502
  1,597
  1,696
  1,799
  1,906
  2,018
  2,135
  2,256
  2,383
  2,516
  2,655
  2,800
  2,951
  3,110
  3,275
  3,449
EBITDA, $m
  494
  614
  680
  750
  822
  898
  976
  1,058
  1,144
  1,232
  1,325
  1,420
  1,520
  1,623
  1,731
  1,843
  1,959
  2,081
  2,207
  2,338
  2,475
  2,618
  2,768
  2,924
  3,086
  3,256
  3,434
  3,620
  3,815
  4,018
  4,231
Interest expense (income), $m
  30
  23
  32
  43
  54
  66
  78
  91
  105
  119
  133
  148
  164
  180
  197
  214
  232
  251
  271
  292
  313
  335
  359
  383
  408
  435
  463
  492
  522
  554
  587
Earnings before tax, $m
  379
  467
  512
  557
  605
  655
  707
  761
  817
  875
  936
  1,010
  1,075
  1,144
  1,214
  1,288
  1,365
  1,445
  1,528
  1,614
  1,705
  1,799
  1,897
  2,000
  2,107
  2,220
  2,337
  2,459
  2,588
  2,722
  2,862
Tax expense, $m
  144
  126
  138
  150
  163
  177
  191
  205
  221
  236
  253
  273
  290
  309
  328
  348
  368
  390
  412
  436
  460
  486
  512
  540
  569
  599
  631
  664
  699
  735
  773
Net income, $m
  235
  341
  373
  407
  442
  478
  516
  555
  596
  639
  683
  737
  785
  835
  887
  940
  996
  1,055
  1,115
  1,179
  1,245
  1,313
  1,385
  1,460
  1,538
  1,620
  1,706
  1,795
  1,889
  1,987
  2,090

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
  2,416
  2,676
  2,949
  3,234
  3,531
  3,841
  4,164
  4,500
  4,849
  5,211
  5,588
  5,980
  6,387
  6,810
  7,250
  7,709
  8,185
  8,682
  9,199
  9,739
  10,302
  10,889
  11,502
  12,142
  12,811
  13,511
  14,242
  15,007
  15,808
  16,646
Adjusted assets (=assets-cash), $m
  2,099
  2,416
  2,676
  2,949
  3,234
  3,531
  3,841
  4,164
  4,500
  4,849
  5,211
  5,588
  5,980
  6,387
  6,810
  7,250
  7,709
  8,185
  8,682
  9,199
  9,739
  10,302
  10,889
  11,502
  12,142
  12,811
  13,511
  14,242
  15,007
  15,808
  16,646
Revenue / Adjusted assets
  1.168
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
  1.130
Average production assets, $m
  1,621
  1,805
  1,999
  2,203
  2,415
  2,638
  2,869
  3,110
  3,361
  3,622
  3,893
  4,174
  4,467
  4,771
  5,087
  5,416
  5,758
  6,114
  6,485
  6,871
  7,274
  7,695
  8,133
  8,591
  9,069
  9,569
  10,092
  10,638
  11,210
  11,808
  12,434
Working capital, $m
  -32
  -273
  -302
  -333
  -365
  -399
  -434
  -471
  -508
  -548
  -589
  -631
  -676
  -722
  -770
  -819
  -871
  -925
  -981
  -1,040
  -1,101
  -1,164
  -1,230
  -1,300
  -1,372
  -1,448
  -1,527
  -1,609
  -1,696
  -1,786
  -1,881
Total debt, $m
  557
  703
  937
  1,182
  1,438
  1,706
  1,985
  2,276
  2,578
  2,892
  3,218
  3,557
  3,910
  4,276
  4,657
  5,053
  5,466
  5,895
  6,342
  6,808
  7,293
  7,800
  8,328
  8,880
  9,456
  10,058
  10,688
  11,346
  12,035
  12,755
  13,510
Total liabilities, $m
  2,028
  2,175
  2,409
  2,654
  2,910
  3,178
  3,457
  3,748
  4,050
  4,364
  4,690
  5,029
  5,382
  5,748
  6,129
  6,525
  6,938
  7,367
  7,814
  8,280
  8,765
  9,272
  9,800
  10,352
  10,928
  11,530
  12,160
  12,818
  13,507
  14,227
  14,982
Total equity, $m
  680
  242
  268
  295
  323
  353
  384
  416
  450
  485
  521
  559
  598
  639
  681
  725
  771
  819
  868
  920
  974
  1,030
  1,089
  1,150
  1,214
  1,281
  1,351
  1,424
  1,501
  1,581
  1,665
Total liabilities and equity, $m
  2,708
  2,417
  2,677
  2,949
  3,233
  3,531
  3,841
  4,164
  4,500
  4,849
  5,211
  5,588
  5,980
  6,387
  6,810
  7,250
  7,709
  8,186
  8,682
  9,200
  9,739
  10,302
  10,889
  11,502
  12,142
  12,811
  13,511
  14,242
  15,008
  15,808
  16,647
Debt-to-equity ratio
  0.819
  2.910
  3.500
  4.010
  4.450
  4.830
  5.170
  5.470
  5.730
  5.960
  6.180
  6.370
  6.540
  6.700
  6.840
  6.970
  7.090
  7.200
  7.300
  7.400
  7.490
  7.570
  7.650
  7.720
  7.790
  7.850
  7.910
  7.970
  8.020
  8.070
  8.120
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
  341
  373
  407
  442
  478
  516
  555
  596
  639
  683
  737
  785
  835
  887
  940
  996
  1,055
  1,115
  1,179
  1,245
  1,313
  1,385
  1,460
  1,538
  1,620
  1,706
  1,795
  1,889
  1,987
  2,090
Depreciation, amort., depletion, $m
  109
  124
  136
  149
  163
  177
  191
  206
  222
  238
  256
  263
  281
  300
  320
  341
  362
  385
  408
  432
  458
  484
  512
  540
  570
  602
  635
  669
  705
  743
  782
Funds from operations, $m
  414
  465
  510
  556
  604
  655
  707
  762
  818
  878
  939
  1,000
  1,066
  1,135
  1,206
  1,281
  1,358
  1,439
  1,523
  1,611
  1,702
  1,797
  1,897
  2,000
  2,109
  2,222
  2,341
  2,464
  2,594
  2,730
  2,872
Change in working capital, $m
  -3
  -28
  -29
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -95
Cash from operations, $m
  417
  493
  539
  587
  636
  688
  742
  798
  856
  917
  980
  1,042
  1,110
  1,181
  1,254
  1,331
  1,410
  1,493
  1,579
  1,669
  1,763
  1,861
  1,963
  2,070
  2,181
  2,298
  2,420
  2,547
  2,680
  2,820
  2,966
Maintenance CAPEX, $m
  0
  -102
  -114
  -126
  -139
  -152
  -166
  -180
  -196
  -211
  -228
  -245
  -263
  -281
  -300
  -320
  -341
  -362
  -385
  -408
  -432
  -458
  -484
  -512
  -540
  -570
  -602
  -635
  -669
  -705
  -743
New CAPEX, $m
  -179
  -184
  -194
  -204
  -213
  -222
  -232
  -241
  -251
  -261
  -271
  -281
  -293
  -304
  -316
  -329
  -342
  -356
  -371
  -387
  -403
  -420
  -439
  -458
  -478
  -500
  -522
  -546
  -571
  -598
  -626
Cash from investing activities, $m
  -154
  -286
  -308
  -330
  -352
  -374
  -398
  -421
  -447
  -472
  -499
  -526
  -556
  -585
  -616
  -649
  -683
  -718
  -756
  -795
  -835
  -878
  -923
  -970
  -1,018
  -1,070
  -1,124
  -1,181
  -1,240
  -1,303
  -1,369
Free cash flow, $m
  263
  207
  232
  257
  285
  314
  345
  377
  410
  445
  481
  516
  555
  596
  638
  682
  727
  775
  824
  875
  928
  983
  1,040
  1,100
  1,163
  1,228
  1,295
  1,366
  1,440
  1,517
  1,598
Issuance/(repayment) of debt, $m
  -215
  205
  234
  245
  257
  268
  279
  290
  302
  314
  326
  339
  352
  366
  381
  396
  412
  429
  447
  466
  486
  506
  529
  552
  576
  602
  629
  658
  689
  721
  754
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
  205
  234
  245
  257
  268
  279
  290
  302
  314
  326
  339
  352
  366
  381
  396
  412
  429
  447
  466
  486
  506
  529
  552
  576
  602
  629
  658
  689
  721
  754
Total cash flow (excl. dividends), $m
  44
  412
  465
  503
  542
  582
  624
  667
  712
  759
  808
  855
  908
  962
  1,019
  1,078
  1,140
  1,204
  1,271
  1,341
  1,413
  1,489
  1,569
  1,652
  1,739
  1,830
  1,925
  2,024
  2,129
  2,238
  2,352
Retained Cash Flow (-), $m
  -234
  -43
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
Prev. year cash balance distribution, $m
 
  482
  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
 
  850
  439
  476
  513
  552
  593
  635
  679
  724
  771
  817
  868
  922
  977
  1,034
  1,094
  1,156
  1,221
  1,289
  1,359
  1,433
  1,510
  1,591
  1,675
  1,763
  1,855
  1,951
  2,052
  2,158
  2,268
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
 
  815
  402
  414
  422
  428
  430
  429
  424
  416
  404
  388
  371
  350
  328
  304
  278
  252
  225
  198
  173
  148
  125
  104
  85
  69
  54
  42
  32
  24
  17
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., through its subsidiary, Hawaiian Airlines, Inc., engages in the scheduled air transportation of passengers and cargo. The company offers daily services on North America routes between the State of Hawai'i and Los Angeles, Oakland, Sacramento, San Diego, San Francisco, and San Jose, California; Las Vegas, Nevada; Phoenix, Arizona; Portland, Oregon; and Seattle, Washington. It also provides daily service on Neighbor Island routes among the six islands of the State of Hawai'I; and international routes between the State of Hawai'i and Sydney, Australia, as well as Tokyo and Osaka, Japan. In addition, the company offers scheduled service between the State of Hawai'i and New York City, New York; Pago Pago, American Samoa; Papeete, Tahiti; Brisbane, Australia; Auckland, New Zealand; Sapporo, Japan; Seoul, South Korea; and Beijing, China, as well as various ad hoc charters. It markets and distributes its tickets through various distribution channels, including its Website hawaiianairlines.com primarily for North America and Neighbor Island routes, as well as through travel agencies and wholesale distributors for its International routes. As of December 31, 2016, the company’s fleet consisted of 20 Boeing 717-200 aircraft for the Neighbor Island routes; 8 Boeing 767-300 aircraft; and 23 Airbus A330-200 aircraft for the North America, International, and charter routes, as well as owns 3 ATR42 aircraft. Hawaiian Holdings, Inc. was founded in 1929 and is headquartered in Honolulu, the State of Hawai'i.

FINANCIAL RATIOS  of  Hawaiian Holdings (HA)

Valuation Ratios
P/E Ratio 9.5
Price to Sales 0.9
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 9.4
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 39.7%
Gross Margin - 3 Yr. Avg. 36.2%
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 11.4% 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 -10%. 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 52.429 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 $2.2 billion.

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ALK Alaska Air Gro 87.72 613.50  str.buy
JBLU JetBlue Airway 22.07 37.01  str.buy
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COMPANY NEWS

▶ 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]
▶ Southwest Airlines Gets Serious About Hawaii   [May-22-17 01:45PM  Motley Fool]
▶ Hawaiian Airlines tries to grow number of Chinese travelers, boosts marketing efforts   [May-12-17 07:00PM  American City Business Journals]
▶ Hawaiian Airlines Unveils New Brand and Livery   [May-01-17 03:15PM  PR Newswire]
▶ Airline Stock Roundup: JBLU, HA, UAL, AAL   [Apr-26-17 05:32PM  Zacks]
▶ Passengers may hate airlines, but investors love them   [Apr-22-17 10:07AM  MarketWatch]
▶ Mattel and Schlumberger slide while Honeywell jumps   [Apr-21-17 04:39PM  Associated Press]
▶ Visa, Hawaiian Holdings, Proofpoint, E-Trade Beat Views Late   [Apr-20-17 04:41PM  Investor's Business Daily]
▶ Hawaiian Holdings beats Street 1Q forecasts   [04:16PM  Associated Press]
▶ Millennials boost American Airlines over Delta for brand of the year   [03:08PM  American City Business Journals]
▶ 3 Cheap Stocks You Can Buy Today   [10:13AM  Motley Fool]
▶ Your first trade for Monday, April 17   [Apr-17-17 09:20AM  CNBC]
Stock chart of HA Financial statements of HA Annual reports 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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