Intrinsic value of Hawaiian Electric Industries - HE

Previous Close

$34.45

  Intrinsic Value

$35.38

stock screener

  Rating & Target

hold

+3%

Previous close

$34.45

 
Intrinsic value

$35.38

 
Up/down potential

+3%

 
Rating

hold

We calculate the intrinsic value of HE 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -8.53
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  2,381
  2,481
  2,587
  2,700
  2,819
  2,945
  3,079
  3,219
  3,368
  3,525
  3,690
  3,864
  4,048
  4,241
  4,445
  4,659
  4,884
  5,121
  5,370
  5,632
  5,908
  6,197
  6,502
  6,822
  7,158
  7,511
  7,882
  8,273
  8,682
  9,113
  9,565
Variable operating expenses, $m
 
  2,173
  2,266
  2,364
  2,468
  2,578
  2,694
  2,817
  2,947
  3,084
  3,228
  3,372
  3,532
  3,701
  3,878
  4,065
  4,261
  4,468
  4,686
  4,914
  5,155
  5,407
  5,673
  5,952
  6,246
  6,554
  6,878
  7,218
  7,576
  7,951
  8,346
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
  2,032
  2,173
  2,266
  2,364
  2,468
  2,578
  2,694
  2,817
  2,947
  3,084
  3,228
  3,372
  3,532
  3,701
  3,878
  4,065
  4,261
  4,468
  4,686
  4,914
  5,155
  5,407
  5,673
  5,952
  6,246
  6,554
  6,878
  7,218
  7,576
  7,951
  8,346
Operating income, $m
  348
  308
  322
  336
  351
  367
  384
  402
  421
  441
  462
  492
  516
  541
  566
  594
  622
  653
  684
  718
  753
  790
  829
  869
  912
  957
  1,005
  1,054
  1,107
  1,161
  1,219
EBITDA, $m
  542
  514
  536
  560
  585
  611
  638
  668
  698
  731
  765
  801
  839
  879
  922
  966
  1,013
  1,062
  1,114
  1,168
  1,225
  1,285
  1,348
  1,415
  1,484
  1,558
  1,635
  1,715
  1,800
  1,890
  1,983
Interest expense (income), $m
  84
  79
  98
  118
  139
  161
  185
  210
  236
  264
  294
  325
  357
  391
  428
  466
  506
  548
  592
  639
  688
  739
  794
  851
  911
  973
  1,040
  1,109
  1,182
  1,259
  1,339
Earnings before tax, $m
  374
  229
  223
  218
  212
  206
  199
  192
  185
  177
  169
  168
  159
  149
  139
  128
  117
  105
  92
  79
  65
  50
  35
  19
  2
  -16
  -35
  -55
  -76
  -97
  -120
Tax expense, $m
  124
  62
  60
  59
  57
  56
  54
  52
  50
  48
  45
  45
  43
  40
  37
  35
  32
  28
  25
  21
  18
  14
  9
  5
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  250
  167
  163
  159
  155
  150
  145
  140
  135
  129
  123
  123
  116
  109
  101
  93
  85
  76
  67
  58
  47
  37
  25
  14
  1
  -16
  -35
  -55
  -76
  -97
  -120

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  278
  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
  12,426
  12,658
  13,200
  13,774
  14,383
  15,026
  15,707
  16,425
  17,184
  17,984
  18,827
  19,716
  20,652
  21,638
  22,676
  23,769
  24,918
  26,127
  27,398
  28,735
  30,141
  31,619
  33,172
  34,804
  36,520
  38,323
  40,217
  42,207
  44,298
  46,494
  48,801
Adjusted assets (=assets-cash), $m
  12,148
  12,658
  13,200
  13,774
  14,383
  15,026
  15,707
  16,425
  17,184
  17,984
  18,827
  19,716
  20,652
  21,638
  22,676
  23,769
  24,918
  26,127
  27,398
  28,735
  30,141
  31,619
  33,172
  34,804
  36,520
  38,323
  40,217
  42,207
  44,298
  46,494
  48,801
Revenue / Adjusted assets
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
Average production assets, $m
  4,491
  4,679
  4,879
  5,092
  5,317
  5,555
  5,806
  6,072
  6,352
  6,648
  6,960
  7,288
  7,634
  7,999
  8,382
  8,786
  9,211
  9,658
  10,128
  10,622
  11,142
  11,688
  12,262
  12,866
  13,500
  14,166
  14,866
  15,602
  16,375
  17,187
  18,040
Working capital, $m
  0
  -290
  -303
  -316
  -330
  -345
  -360
  -377
  -394
  -412
  -432
  -452
  -474
  -496
  -520
  -545
  -571
  -599
  -628
  -659
  -691
  -725
  -761
  -798
  -837
  -879
  -922
  -968
  -1,016
  -1,066
  -1,119
Total debt, $m
  1,846
  2,284
  2,747
  3,237
  3,756
  4,305
  4,885
  5,498
  6,145
  6,827
  7,547
  8,305
  9,103
  9,944
  10,830
  11,762
  12,742
  13,773
  14,858
  15,998
  17,197
  18,458
  19,783
  21,175
  22,639
  24,176
  25,792
  27,489
  29,273
  31,146
  33,114
Total liabilities, $m
  10,359
  10,797
  11,260
  11,750
  12,269
  12,818
  13,398
  14,011
  14,658
  15,340
  16,060
  16,818
  17,616
  18,457
  19,343
  20,275
  21,255
  22,286
  23,371
  24,511
  25,710
  26,971
  28,296
  29,688
  31,152
  32,689
  34,305
  36,002
  37,786
  39,659
  41,627
Total equity, $m
  2,067
  1,861
  1,940
  2,025
  2,114
  2,209
  2,309
  2,415
  2,526
  2,644
  2,768
  2,898
  3,036
  3,181
  3,333
  3,494
  3,663
  3,841
  4,028
  4,224
  4,431
  4,648
  4,876
  5,116
  5,368
  5,633
  5,912
  6,204
  6,512
  6,835
  7,174
Total liabilities and equity, $m
  12,426
  12,658
  13,200
  13,775
  14,383
  15,027
  15,707
  16,426
  17,184
  17,984
  18,828
  19,716
  20,652
  21,638
  22,676
  23,769
  24,918
  26,127
  27,399
  28,735
  30,141
  31,619
  33,172
  34,804
  36,520
  38,322
  40,217
  42,206
  44,298
  46,494
  48,801
Debt-to-equity ratio
  0.893
  1.230
  1.420
  1.600
  1.780
  1.950
  2.120
  2.280
  2.430
  2.580
  2.730
  2.870
  3.000
  3.130
  3.250
  3.370
  3.480
  3.590
  3.690
  3.790
  3.880
  3.970
  4.060
  4.140
  4.220
  4.290
  4.360
  4.430
  4.500
  4.560
  4.620
Adjusted equity ratio
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  250
  167
  163
  159
  155
  150
  145
  140
  135
  129
  123
  123
  116
  109
  101
  93
  85
  76
  67
  58
  47
  37
  25
  14
  1
  -16
  -35
  -55
  -76
  -97
  -120
Depreciation, amort., depletion, $m
  194
  206
  215
  224
  233
  244
  254
  265
  277
  290
  303
  309
  323
  339
  355
  372
  390
  409
  429
  450
  472
  495
  520
  545
  572
  600
  630
  661
  694
  728
  764
Funds from operations, $m
  489
  373
  378
  383
  388
  394
  400
  406
  412
  419
  426
  431
  439
  448
  457
  466
  475
  486
  496
  508
  520
  532
  545
  559
  573
  584
  595
  606
  618
  631
  644
Change in working capital, $m
  -6
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
Cash from operations, $m
  495
  385
  390
  396
  402
  408
  415
  422
  430
  437
  445
  452
  461
  470
  480
  491
  502
  513
  526
  538
  552
  566
  581
  596
  613
  625
  638
  652
  666
  681
  697
Maintenance CAPEX, $m
  0
  -190
  -198
  -207
  -216
  -225
  -235
  -246
  -257
  -269
  -282
  -295
  -309
  -323
  -339
  -355
  -372
  -390
  -409
  -429
  -450
  -472
  -495
  -520
  -545
  -572
  -600
  -630
  -661
  -694
  -728
New CAPEX, $m
  -330
  -188
  -200
  -212
  -225
  -238
  -251
  -266
  -280
  -296
  -312
  -329
  -346
  -364
  -384
  -404
  -425
  -447
  -470
  -494
  -520
  -546
  -574
  -603
  -634
  -666
  -700
  -736
  -773
  -812
  -853
Cash from investing activities, $m
  -736
  -378
  -398
  -419
  -441
  -463
  -486
  -512
  -537
  -565
  -594
  -624
  -655
  -687
  -723
  -759
  -797
  -837
  -879
  -923
  -970
  -1,018
  -1,069
  -1,123
  -1,179
  -1,238
  -1,300
  -1,366
  -1,434
  -1,506
  -1,581
Free cash flow, $m
  -241
  7
  -8
  -23
  -39
  -55
  -72
  -89
  -108
  -128
  -148
  -172
  -194
  -218
  -242
  -268
  -295
  -324
  -354
  -385
  -418
  -452
  -489
  -527
  -567
  -613
  -662
  -714
  -768
  -824
  -884
Issuance/(repayment) of debt, $m
  -155
  438
  462
  490
  519
  549
  580
  613
  647
  682
  719
  758
  799
  841
  885
  932
  980
  1,031
  1,085
  1,140
  1,199
  1,261
  1,325
  1,392
  1,463
  1,538
  1,616
  1,698
  1,783
  1,873
  1,968
Issuance/(repurchase) of shares, $m
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  8
  22
  36
  51
  67
  84
  101
  120
  139
  159
  180
  203
  226
  251
  281
  313
  347
  383
  420
  459
Cash from financing (excl. dividends), $m  
  338
  438
  462
  490
  519
  549
  580
  613
  647
  682
  720
  766
  821
  877
  936
  999
  1,064
  1,132
  1,205
  1,279
  1,358
  1,441
  1,528
  1,618
  1,714
  1,819
  1,929
  2,045
  2,166
  2,293
  2,427
Total cash flow (excl. dividends), $m
  97
  445
  454
  467
  480
  494
  509
  523
  539
  555
  572
  595
  626
  660
  694
  731
  769
  809
  851
  894
  940
  989
  1,039
  1,092
  1,148
  1,206
  1,267
  1,331
  1,399
  1,469
  1,543
Retained Cash Flow (-), $m
  -139
  -72
  -80
  -84
  -89
  -95
  -100
  -106
  -111
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -281
  -313
  -347
  -383
  -420
  -459
Prev. year cash balance distribution, $m
 
  278
  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
 
  651
  374
  383
  391
  400
  409
  418
  427
  437
  448
  464
  489
  515
  542
  570
  600
  631
  664
  698
  734
  771
  811
  852
  895
  925
  954
  984
  1,016
  1,049
  1,084
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  612
  329
  312
  294
  275
  255
  235
  214
  194
  174
  156
  141
  125
  110
  95
  81
  68
  56
  46
  37
  29
  22
  16
  12
  8
  6
  4
  3
  2
  1
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
  99.8
  99.4
  98.8
  97.9
  96.8
  95.6
  94.1
  92.6
  90.8
  89.0
  87.0
  85.0
  82.9
  80.7
  78.5
  76.1
  73.8
  71.3
  68.9
  66.5

Hawaiian Electric Industries, Inc. is a holding company with its principal subsidiaries engaged in electric utility and banking businesses operating primarily in the State of Hawaii. The Company's subsidiaries include Hawaiian Electric Company, Inc. (Hawaiian Electric) and ASB Hawaii, Inc. (ASB Hawaii). Its segments include Electric utility, Bank and Other. It operates its electric utility business through Hawaiian Electric and its subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric Light) and Maui Electric Company, Limited (Maui Electric). It operates its Bank segment through ASB Hawaii's subsidiary, American Savings Bank, F.S.B. (ASB). Its electric public utilities are in the business of generating, purchasing, transmitting, distributing and selling electric energy. ASB is a federally chartered savings bank providing a range of banking services to individual and business customers.

FINANCIAL RATIOS  of  Hawaiian Electric Industries (HE)

Valuation Ratios
P/E Ratio 15
Price to Sales 1.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow 22.7
Growth Rates
Sales Growth Rate -8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.3%
Cap. Spend. - 3 Yr. Gr. Rate -3.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 89.3%
Total Debt to Equity 89.3%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 14.6%
Gross Margin - 3 Yr. Avg. 12.4%
EBITDA Margin 27.4%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 14.7%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 15.7%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 10.5%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 33.2%
Eff/ Tax Rate - 3 Yr. Avg. 35.2%
Payout Ratio 47.6%

HE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HE stock intrinsic value calculation we used $2381 million for the last fiscal year's total revenue generated by Hawaiian Electric Industries. The default revenue input number comes from 2016 income statement of Hawaiian Electric Industries. 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 HE stock valuation model: a) initial revenue growth rate of 4.2% 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 6.4%, whose default value for HE is calculated based on our internal credit rating of Hawaiian Electric Industries, 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 Electric Industries.
    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 HE stock the variable cost ratio is equal to 87.6%.

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 HE 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 4.3% for Hawaiian Electric Industries.

Corporate tax rate of 27% is the nominal tax rate for Hawaiian Electric Industries. 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 HE 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 HE are equal to 188.6%.

Life of production assets of 23.6 years is the average useful life of capital assets used in Hawaiian Electric Industries 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 HE is equal to -11.7%. 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 - $2067 million for Hawaiian Electric Industries - 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 109.267 million for Hawaiian Electric Industries 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 Electric Industries at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ HECO considers putting Ward Ave site on the market, move to new campus   [Jan-10-18 01:05PM  American City Business Journals]
▶ Hawaiian Electric files motion with state regulators to recover pension contributions   [Dec-26-17 11:15PM  American City Business Journals]
▶ NRG Energy seeks $350M in financing to build solar farms in Hawaii   [Nov-08-17 08:05PM  American City Business Journals]
▶ HEI misses 3Q profit forecasts   [Nov-02-17 02:24PM  Associated Press]
▶ HEI Maintains Quarterly Dividend Of $0.31 Per Share   [Nov-01-17 08:00AM  PR Newswire]
▶ Hawaiian Electric starts regulatory process to solicit new renewable energy proposals   [Oct-24-17 08:15PM  American City Business Journals]
▶ New HEI subsidiary buys 60-megawatt Big Island power plant   [Sep-21-17 01:16PM  American City Business Journals]
▶ Honolulu receives $1.4 M in federal funding to purchase, deploy electric buses   [Sep-18-17 09:25PM  American City Business Journals]
▶ This Week in Solar   [Sep-01-17 08:02PM  Motley Fool]
▶ HEI posts 2Q profit   [01:31AM  Associated Press]
▶ HEI Reports Second Quarter 2017 Earnings   [Aug-03-17 02:15PM  PR Newswire]
▶ HEI Maintains Quarterly Dividend Of $0.31 Per Share   [Aug-02-17 08:00AM  PR Newswire]
▶ Hawaiian Electric invests in Google Trekker to showcase tourist sites   [Jun-21-17 08:35PM  American City Business Journals]
▶ Maui Land & Pineapple stock up triple digits as Dow, Nasdaq, S&P 500 hit new highs   [Jun-01-17 07:51PM  American City Business Journals]
▶ Hu Honua, HELCO reach settlement to put lawsuit on hold   [May-26-17 07:15PM  American City Business Journals]
▶ HEI posts 1Q profit   [May-05-17 01:38PM  Associated Press]
▶ HEI Reports First Quarter 2017 Earnings   [01:15PM  PR Newswire]
▶ Hawaiian Electric, NRG Energy strike deal on 3rd Oahu solar farm   [Apr-24-17 03:50PM  American City Business Journals]
▶ Houstons NRG Energy sets construction start date for 3 Oahu solar projects   [Apr-13-17 11:35PM  American City Business Journals]
▶ Companies eyeing purchase of Maui Electric Co.   [Mar-23-17 09:51PM  at bizjournals.com]
▶ Companies eyeing purchase of Maui Electric Co.   [09:51PM  American City Business Journals]
▶ Head of Hawaiian Electric Industries gets bump in compensation   [05:20PM  American City Business Journals]
▶ UH cancer center, medical school getting energy storage pilot projects   [08:45PM  American City Business Journals]
▶ Regulators ruling unleashes more room for rooftop solar installations   [07:15PM  American City Business Journals]
▶ Major power plants may be in the works at 2 Hawaii military bases   [Mar-03-17 09:14PM  at bizjournals.com]
▶ Hawaiian Electric CEO Alan Oshima gets bump in pay in 2016   [Feb-24-17 08:15PM  at bizjournals.com]
▶ Kelvin Taketa to step down as CEO of Hawaii Community Foundation   [Feb-16-17 12:23PM  at bizjournals.com]
▶ Hawaii PUC plans its next move   [Feb-10-17 11:30AM  at bizjournals.com]
Financial statements of HE
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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