Intrinsic value of Hawaiian Electric Industries - HE

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$32.27

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$32.27

 
Intrinsic value

$29.37

 
Up/down potential

-9%

 
Rating

hold

 
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 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

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 3.5

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,381
  2,429
  2,484
  2,548
  2,620
  2,699
  2,787
  2,881
  2,984
  3,095
  3,214
  3,341
  3,476
  3,621
  3,774
  3,937
  4,109
  4,292
  4,485
  4,689
  4,905
  5,132
  5,372
  5,625
  5,891
  6,171
  6,467
  6,777
  7,104
  7,448
  7,810
Variable operating expenses, $m
 
  2,127
  2,176
  2,232
  2,294
  2,364
  2,440
  2,522
  2,612
  2,709
  2,812
  2,915
  3,033
  3,159
  3,293
  3,435
  3,586
  3,745
  3,914
  4,092
  4,280
  4,478
  4,687
  4,908
  5,140
  5,385
  5,642
  5,914
  6,199
  6,499
  6,815
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
  2,127
  2,176
  2,232
  2,294
  2,364
  2,440
  2,522
  2,612
  2,709
  2,812
  2,915
  3,033
  3,159
  3,293
  3,435
  3,586
  3,745
  3,914
  4,092
  4,280
  4,478
  4,687
  4,908
  5,140
  5,385
  5,642
  5,914
  6,199
  6,499
  6,815
Operating income, $m
  348
  301
  308
  317
  326
  336
  347
  359
  372
  386
  401
  426
  443
  461
  481
  502
  524
  547
  572
  598
  625
  654
  685
  717
  751
  786
  824
  864
  905
  949
  995
EBITDA, $m
  542
  504
  515
  528
  543
  560
  578
  598
  619
  642
  666
  693
  721
  751
  783
  816
  852
  890
  930
  972
  1,017
  1,064
  1,114
  1,166
  1,222
  1,280
  1,341
  1,405
  1,473
  1,545
  1,620
Interest expense (income), $m
  84
  79
  88
  99
  111
  124
  139
  155
  173
  192
  213
  235
  259
  284
  312
  340
  371
  403
  437
  473
  511
  552
  594
  639
  687
  736
  789
  844
  902
  963
  1,028
Earnings before tax, $m
  374
  222
  220
  218
  215
  212
  208
  204
  199
  194
  188
  190
  184
  177
  169
  162
  153
  144
  134
  124
  114
  102
  90
  78
  64
  50
  35
  20
  3
  -14
  -32
Tax expense, $m
  124
  60
  59
  59
  58
  57
  56
  55
  54
  52
  51
  51
  50
  48
  46
  44
  41
  39
  36
  34
  31
  28
  24
  21
  17
  14
  10
  5
  1
  0
  0
Net income, $m
  250
  162
  161
  159
  157
  154
  152
  149
  145
  141
  137
  139
  134
  129
  124
  118
  112
  105
  98
  91
  83
  75
  66
  57
  47
  37
  26
  14
  2
  -14
  -32

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
  12,391
  12,676
  13,002
  13,367
  13,773
  14,217
  14,702
  15,226
  15,790
  16,396
  17,045
  17,736
  18,473
  19,256
  20,086
  20,967
  21,898
  22,884
  23,925
  25,024
  26,184
  27,407
  28,697
  30,055
  31,486
  32,993
  34,578
  36,247
  38,002
  39,849
Adjusted assets (=assets-cash), $m
  12,148
  12,391
  12,676
  13,002
  13,367
  13,773
  14,217
  14,702
  15,226
  15,790
  16,396
  17,045
  17,736
  18,473
  19,256
  20,086
  20,967
  21,898
  22,884
  23,925
  25,024
  26,184
  27,407
  28,697
  30,055
  31,486
  32,993
  34,578
  36,247
  38,002
  39,849
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
  4,580
  4,686
  4,806
  4,941
  5,091
  5,256
  5,435
  5,628
  5,837
  6,061
  6,301
  6,556
  6,829
  7,118
  7,425
  7,750
  8,095
  8,459
  8,844
  9,250
  9,679
  10,131
  10,608
  11,110
  11,639
  12,196
  12,782
  13,399
  14,048
  14,730
Working capital, $m
  0
  -284
  -291
  -298
  -307
  -316
  -326
  -337
  -349
  -362
  -376
  -391
  -407
  -424
  -442
  -461
  -481
  -502
  -525
  -549
  -574
  -600
  -629
  -658
  -689
  -722
  -757
  -793
  -831
  -871
  -914
Total debt, $m
  1,846
  2,056
  2,300
  2,577
  2,889
  3,235
  3,614
  4,027
  4,474
  4,956
  5,473
  6,026
  6,616
  7,244
  7,912
  8,621
  9,371
  10,166
  11,007
  11,895
  12,833
  13,822
  14,865
  15,965
  17,124
  18,345
  19,630
  20,982
  22,406
  23,903
  25,478
Total liabilities, $m
  10,359
  10,569
  10,813
  11,090
  11,402
  11,748
  12,127
  12,540
  12,987
  13,469
  13,986
  14,539
  15,129
  15,757
  16,425
  17,134
  17,884
  18,679
  19,520
  20,408
  21,346
  22,335
  23,378
  24,478
  25,637
  26,858
  28,143
  29,495
  30,919
  32,416
  33,991
Total equity, $m
  2,067
  1,821
  1,863
  1,911
  1,965
  2,025
  2,090
  2,161
  2,238
  2,321
  2,410
  2,506
  2,607
  2,716
  2,831
  2,953
  3,082
  3,219
  3,364
  3,517
  3,679
  3,849
  4,029
  4,218
  4,418
  4,628
  4,850
  5,083
  5,328
  5,586
  5,858
Total liabilities and equity, $m
  12,426
  12,390
  12,676
  13,001
  13,367
  13,773
  14,217
  14,701
  15,225
  15,790
  16,396
  17,045
  17,736
  18,473
  19,256
  20,087
  20,966
  21,898
  22,884
  23,925
  25,025
  26,184
  27,407
  28,696
  30,055
  31,486
  32,993
  34,578
  36,247
  38,002
  39,849
Debt-to-equity ratio
  0.893
  1.130
  1.230
  1.350
  1.470
  1.600
  1.730
  1.860
  2.000
  2.140
  2.270
  2.410
  2.540
  2.670
  2.800
  2.920
  3.040
  3.160
  3.270
  3.380
  3.490
  3.590
  3.690
  3.780
  3.880
  3.960
  4.050
  4.130
  4.210
  4.280
  4.350
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
  162
  161
  159
  157
  154
  152
  149
  145
  141
  137
  139
  134
  129
  124
  118
  112
  105
  98
  91
  83
  75
  66
  57
  47
  37
  26
  14
  2
  -14
  -32
Depreciation, amort., depletion, $m
  194
  202
  207
  212
  218
  224
  231
  238
  247
  256
  265
  267
  278
  289
  302
  315
  328
  343
  358
  375
  392
  410
  429
  449
  471
  493
  517
  542
  568
  595
  624
Funds from operations, $m
  489
  364
  367
  371
  374
  378
  383
  387
  392
  397
  402
  406
  412
  419
  425
  433
  440
  448
  457
  466
  475
  485
  495
  506
  518
  530
  543
  556
  570
  581
  592
Change in working capital, $m
  -6
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
Cash from operations, $m
  495
  483
  374
  378
  383
  388
  393
  398
  404
  410
  416
  421
  428
  435
  443
  452
  460
  470
  479
  489
  500
  511
  523
  536
  549
  563
  577
  592
  608
  621
  634
Maintenance CAPEX, $m
  0
  -190
  -194
  -199
  -204
  -209
  -216
  -223
  -230
  -238
  -247
  -257
  -267
  -278
  -289
  -302
  -315
  -328
  -343
  -358
  -375
  -392
  -410
  -429
  -449
  -471
  -493
  -517
  -542
  -568
  -595
New CAPEX, $m
  -330
  -89
  -105
  -120
  -135
  -150
  -164
  -179
  -194
  -209
  -224
  -240
  -256
  -272
  -289
  -307
  -325
  -344
  -364
  -385
  -406
  -429
  -452
  -477
  -502
  -529
  -557
  -586
  -617
  -649
  -683
Cash from investing activities, $m
  -736
  -279
  -299
  -319
  -339
  -359
  -380
  -402
  -424
  -447
  -471
  -497
  -523
  -550
  -578
  -609
  -640
  -672
  -707
  -743
  -781
  -821
  -862
  -906
  -951
  -1,000
  -1,050
  -1,103
  -1,159
  -1,217
  -1,278
Free cash flow, $m
  -241
  203
  74
  59
  44
  28
  13
  -3
  -20
  -37
  -55
  -76
  -95
  -115
  -135
  -157
  -180
  -203
  -228
  -254
  -281
  -309
  -339
  -370
  -403
  -437
  -473
  -511
  -550
  -595
  -644
Issuance/(repayment) of debt, $m
  -155
  210
  243
  278
  312
  346
  379
  413
  447
  482
  517
  553
  590
  628
  668
  709
  751
  795
  841
  888
  938
  989
  1,043
  1,100
  1,159
  1,221
  1,285
  1,353
  1,423
  1,497
  1,575
Issuance/(repurchase) of shares, $m
  13
  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  
  338
  210
  243
  278
  312
  346
  379
  413
  447
  482
  517
  553
  590
  628
  668
  709
  751
  795
  841
  888
  938
  989
  1,043
  1,100
  1,159
  1,221
  1,285
  1,353
  1,423
  1,497
  1,575
Total cash flow (excl. dividends), $m
  97
  414
  318
  337
  356
  374
  392
  410
  427
  444
  462
  477
  495
  514
  532
  551
  571
  591
  612
  634
  657
  680
  704
  730
  756
  783
  812
  842
  873
  902
  931
Retained Cash Flow (-), $m
  -139
  -32
  -42
  -48
  -54
  -60
  -65
  -71
  -77
  -83
  -89
  -95
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -210
  -221
  -233
  -245
  -258
  -271
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
 
  659
  276
  289
  302
  315
  327
  338
  350
  361
  373
  382
  394
  405
  417
  429
  442
  454
  468
  481
  495
  510
  525
  540
  556
  573
  591
  609
  628
  644
  660
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
 
  620
  242
  236
  227
  216
  204
  190
  176
  160
  145
  128
  113
  99
  85
  72
  60
  49
  40
  32
  25
  19
  14
  10
  7
  5
  4
  2
  2
  1
  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
  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 Electric Industries, Inc., through its subsidiaries, engages in the electric utility and banking businesses primarily in the State of Hawaii. The company is involved in the production, purchase, transmission, distribution, and sale of electricity. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, sugarcane waste, municipal waste, and other bio fuels. The company distributes and sells electricity on the islands of Oahu, Hawaii, Maui, Lanai, and Molokai; and serves suburban communities, resorts, the United States armed forces installations, and agricultural operations. It also provides banking and other financial services, including deposit products, such as savings accounts, checking accounts, money market accounts, and certificates of deposit; and loans comprising residential and commercial real estate, residential mortgage, construction and development, multifamily residential and commercial real estate, consumer, and commercial loans to consumers and business. Hawaiian Electric Industries Inc. was founded in 1891 and is headquartered in Honolulu, Hawaii.

FINANCIAL RATIOS  of  Hawaiian Electric Industries (HE)

Valuation Ratios
P/E Ratio 14
Price to Sales 1.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 21.2
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 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 108.376 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 $3.5 billion.


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COMPANY NEWS

▶ 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]
▶ Hawaii's largest solar farm now operational   [Jan-25-17 11:25PM  at bizjournals.com]
▶ Hawaiian Electric Companies submit updated energy plans   [Dec-23-16 07:43PM  PR Newswire]
▶ Hawaiian Electric rate hike proposal seeks 7% increase   [Dec-16-16 10:15PM  at bizjournals.com]
▶ Energy developer sues Hawaiian Electric, NextEra Energy for $555M   [Dec-02-16 08:05PM  at bizjournals.com]
▶ Hawaiian Electric Industries, Inc. Maintains Dividend   [Nov-02-16 08:00PM  PR Newswire]
Stock chart of HE Financial statements of HE Annual reports 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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