Intrinsic value of Hawaiian Holdings - HA

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$49.75

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$49.75

 
Intrinsic value

$164.97

 
Up/down potential

+232%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 2.6

 

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
  29
  39
  50
  62
  74
  86
  99
  113
  126
  141
  156
  172
  188
  205
  223
  241
  260
  280
  301
  322
  345
  368
  393
  419
  445
  473
  503
  533
  565
Earnings before tax, $m
  379
  467
  515
  561
  609
  659
  712
  766
  823
  881
  943
  1,017
  1,083
  1,152
  1,223
  1,297
  1,375
  1,455
  1,539
  1,626
  1,717
  1,812
  1,911
  2,015
  2,123
  2,236
  2,354
  2,478
  2,607
  2,742
  2,884
Tax expense, $m
  144
  126
  139
  151
  164
  178
  192
  207
  222
  238
  255
  275
  292
  311
  330
  350
  371
  393
  415
  439
  464
  489
  516
  544
  573
  604
  636
  669
  704
  740
  779
Net income, $m
  235
  341
  376
  409
  445
  481
  519
  559
  600
  643
  688
  742
  791
  841
  893
  947
  1,003
  1,062
  1,123
  1,187
  1,254
  1,323
  1,395
  1,471
  1,550
  1,632
  1,718
  1,809
  1,903
  2,002
  2,105

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
  2,338
  2,589
  2,853
  3,129
  3,416
  3,716
  4,029
  4,353
  4,691
  5,042
  5,406
  5,785
  6,179
  6,589
  7,015
  7,458
  7,919
  8,400
  8,900
  9,422
  9,967
  10,535
  11,128
  11,747
  12,395
  13,071
  13,779
  14,519
  15,294
  16,105
Adjusted assets (=assets-cash), $m
  2,099
  2,338
  2,589
  2,853
  3,129
  3,416
  3,716
  4,029
  4,353
  4,691
  5,042
  5,406
  5,785
  6,179
  6,589
  7,015
  7,458
  7,919
  8,400
  8,900
  9,422
  9,967
  10,535
  11,128
  11,747
  12,395
  13,071
  13,779
  14,519
  15,294
  16,105
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
  1,805
  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
  -650
  -720
  -793
  -870
  -950
  -1,033
  -1,120
  -1,210
  -1,304
  -1,402
  -1,503
  -1,608
  -1,718
  -1,832
  -1,950
  -2,073
  -2,201
  -2,335
  -2,474
  -2,619
  -2,771
  -2,928
  -3,093
  -3,266
  -3,446
  -3,634
  -3,830
  -4,036
  -4,251
  -4,477
Total debt, $m
  557
  632
  858
  1,096
  1,344
  1,603
  1,873
  2,154
  2,446
  2,750
  3,066
  3,394
  3,735
  4,089
  4,458
  4,841
  5,240
  5,655
  6,088
  6,538
  7,008
  7,498
  8,009
  8,543
  9,101
  9,683
  10,292
  10,929
  11,595
  12,292
  13,022
Total liabilities, $m
  2,028
  2,104
  2,330
  2,568
  2,816
  3,075
  3,345
  3,626
  3,918
  4,222
  4,538
  4,866
  5,207
  5,561
  5,930
  6,313
  6,712
  7,127
  7,560
  8,010
  8,480
  8,970
  9,481
  10,015
  10,573
  11,155
  11,764
  12,401
  13,067
  13,764
  14,494
Total equity, $m
  680
  234
  259
  285
  313
  342
  372
  403
  435
  469
  504
  541
  579
  618
  659
  701
  746
  792
  840
  890
  942
  997
  1,053
  1,113
  1,175
  1,239
  1,307
  1,378
  1,452
  1,529
  1,610
Total liabilities and equity, $m
  2,708
  2,338
  2,589
  2,853
  3,129
  3,417
  3,717
  4,029
  4,353
  4,691
  5,042
  5,407
  5,786
  6,179
  6,589
  7,014
  7,458
  7,919
  8,400
  8,900
  9,422
  9,967
  10,534
  11,128
  11,748
  12,394
  13,071
  13,779
  14,519
  15,293
  16,104
Debt-to-equity ratio
  0.819
  2.700
  3.310
  3.840
  4.300
  4.690
  5.040
  5.350
  5.620
  5.860
  6.080
  6.280
  6.460
  6.620
  6.770
  6.900
  7.030
  7.140
  7.250
  7.350
  7.440
  7.520
  7.600
  7.680
  7.750
  7.810
  7.870
  7.930
  7.990
  8.040
  8.090
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
  376
  409
  445
  481
  519
  559
  600
  643
  688
  742
  791
  841
  893
  947
  1,003
  1,062
  1,123
  1,187
  1,254
  1,323
  1,395
  1,471
  1,550
  1,632
  1,718
  1,809
  1,903
  2,002
  2,105
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
  512
  559
  607
  658
  711
  765
  823
  882
  944
  1,005
  1,071
  1,141
  1,213
  1,288
  1,366
  1,447
  1,531
  1,619
  1,711
  1,807
  1,907
  2,011
  2,120
  2,234
  2,353
  2,478
  2,608
  2,744
  2,887
Change in working capital, $m
  -3
  -67
  -70
  -73
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -215
  -225
Cash from operations, $m
  417
  582
  582
  632
  684
  738
  794
  852
  913
  976
  1,041
  1,106
  1,177
  1,250
  1,327
  1,406
  1,489
  1,575
  1,665
  1,758
  1,856
  1,958
  2,065
  2,176
  2,292
  2,414
  2,541
  2,674
  2,814
  2,960
  3,112
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
  296
  274
  303
  332
  364
  396
  431
  467
  504
  543
  580
  622
  665
  710
  757
  806
  857
  909
  964
  1,021
  1,080
  1,142
  1,207
  1,274
  1,344
  1,417
  1,493
  1,573
  1,657
  1,744
Issuance/(repayment) of debt, $m
  -215
  134
  226
  237
  248
  259
  270
  281
  292
  304
  316
  328
  341
  354
  369
  383
  399
  415
  432
  451
  470
  490
  511
  534
  558
  583
  609
  637
  666
  697
  730
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
  134
  226
  237
  248
  259
  270
  281
  292
  304
  316
  328
  341
  354
  369
  383
  399
  415
  432
  451
  470
  490
  511
  534
  558
  583
  609
  637
  666
  697
  730
Total cash flow (excl. dividends), $m
  44
  430
  501
  540
  581
  623
  666
  712
  759
  808
  858
  908
  963
  1,020
  1,079
  1,141
  1,205
  1,272
  1,342
  1,415
  1,491
  1,570
  1,653
  1,740
  1,831
  1,926
  2,026
  2,130
  2,239
  2,354
  2,474
Retained Cash Flow (-), $m
  -234
  -105
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
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
 
  876
  476
  514
  553
  594
  636
  681
  726
  774
  823
  872
  925
  980
  1,038
  1,098
  1,161
  1,226
  1,294
  1,365
  1,439
  1,516
  1,597
  1,681
  1,769
  1,862
  1,958
  2,060
  2,165
  2,276
  2,393
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
 
  840
  435
  447
  455
  460
  462
  460
  454
  445
  432
  414
  395
  373
  348
  322
  295
  267
  238
  210
  183
  157
  132
  110
  90
  72
  57
  44
  34
  25
  18
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 11.3
Price to Sales 1.1
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 11.2
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 -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 52.808 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 $2.6 billion.


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COMPANY NEWS

▶ 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]
▶ Final Trade: HA, SBUX & more   [05:58PM  CNBC Videos]
▶ United's pain, rivals' gain?   [05:22PM  CNBC Videos]
▶ Story Stocks from Briefing.com   [Apr-10-17 11:48AM  Briefing.com]
▶ Hawaiian Airlines signs on as official partner of APP World Tour   [Mar-28-17 08:09PM  at bizjournals.com]
▶ Hawaiian Airlines signs on as official partner of APP World Tour   [08:09PM  American City Business Journals]
▶ Hawaiian Airlines agrees on new 63-month contract with pilots   [Mar-24-17 06:30PM  at bizjournals.com]
▶ Hawaiian Airlines agrees on new 63-month contract with pilots   [06:30PM  American City Business Journals]
▶ Hawaiian Airlines Pilots Ratify Contract   [04:25PM  PR Newswire]
▶ Hawaiian Airlines, HTA back airport authority bill   [Mar-17-17 08:34PM  at bizjournals.com]
▶ Phoenix Airport Upgrades Data Analytics to First Class   [Mar-14-17 04:43PM  at The Wall Street Journal]
▶ Favorable Trends Create A Buying Opportunity For Airlines   [Feb-21-17 04:08PM  at Barrons.com]
▶ Hawaiian Airlines Pilots to Vote on Tentative Agreement   [Feb-11-17 01:13AM  PR Newswire]
▶ Why Hawaiian Holdings, Inc. Stock Fell 10.6% in January   [Feb-07-17 06:48PM  at Motley Fool]
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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