Intrinsic value of Hawaiian Electric Industries - HE

Previous Close

$33.19

  Intrinsic Value

$47.67

stock screener

  Rating & Target

buy

+44%

  Value-price divergence*

+6%

Previous close

$33.19

 
Intrinsic value

$47.67

 
Up/down potential

+44%

 
Rating

buy

 
Value-price divergence*

+6%

*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 3.6

 

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, %
  -8.53
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  2,381
  2,557
  2,740
  2,931
  3,128
  3,334
  3,548
  3,771
  4,002
  4,244
  4,496
  4,758
  5,032
  5,317
  5,616
  5,927
  6,253
  6,593
  6,950
  7,322
  7,712
  8,120
  8,547
  8,995
  9,464
  9,955
  10,470
  11,010
  11,576
  12,169
  12,791
Variable operating expenses, $m
 
  2,239
  2,399
  2,565
  2,738
  2,917
  3,104
  3,298
  3,501
  3,711
  3,931
  4,152
  4,390
  4,640
  4,900
  5,172
  5,456
  5,753
  6,064
  6,389
  6,729
  7,085
  7,458
  7,849
  8,258
  8,686
  9,136
  9,607
  10,100
  10,618
  11,161
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
  2,239
  2,399
  2,565
  2,738
  2,917
  3,104
  3,298
  3,501
  3,711
  3,931
  4,152
  4,390
  4,640
  4,900
  5,172
  5,456
  5,753
  6,064
  6,389
  6,729
  7,085
  7,458
  7,849
  8,258
  8,686
  9,136
  9,607
  10,100
  10,618
  11,161
Operating income, $m
  348
  318
  341
  365
  390
  417
  444
  472
  502
  533
  565
  606
  641
  678
  716
  755
  797
  840
  886
  933
  983
  1,035
  1,089
  1,146
  1,206
  1,269
  1,334
  1,403
  1,475
  1,551
  1,630
EBITDA, $m
  542
  530
  568
  608
  649
  691
  736
  782
  830
  880
  932
  987
  1,043
  1,103
  1,164
  1,229
  1,297
  1,367
  1,441
  1,518
  1,599
  1,684
  1,772
  1,865
  1,962
  2,064
  2,171
  2,283
  2,400
  2,523
  2,652
Interest expense (income), $m
  84
  79
  112
  147
  182
  219
  258
  298
  340
  383
  428
  475
  524
  576
  629
  685
  743
  804
  868
  934
  1,004
  1,077
  1,154
  1,233
  1,317
  1,405
  1,497
  1,593
  1,694
  1,800
  1,911
Earnings before tax, $m
  374
  238
  229
  219
  208
  197
  186
  174
  162
  150
  137
  131
  117
  102
  87
  71
  54
  36
  18
  -1
  -21
  -42
  -64
  -87
  -111
  -136
  -163
  -190
  -219
  -249
  -281
Tax expense, $m
  124
  64
  62
  59
  56
  53
  50
  47
  44
  40
  37
  35
  32
  28
  23
  19
  15
  10
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  250
  174
  167
  160
  152
  144
  136
  127
  118
  109
  100
  96
  85
  75
  63
  51
  39
  26
  13
  -1
  -21
  -42
  -64
  -87
  -111
  -136
  -163
  -190
  -219
  -249
  -281

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
  13,047
  13,981
  14,952
  15,961
  17,010
  18,102
  19,238
  20,421
  21,653
  22,937
  24,276
  25,672
  27,130
  28,652
  30,242
  31,903
  33,640
  35,457
  37,358
  39,346
  41,429
  43,609
  45,892
  48,285
  50,791
  53,418
  56,172
  59,059
  62,086
  65,261
Adjusted assets (=assets-cash), $m
  12,148
  13,047
  13,981
  14,952
  15,961
  17,010
  18,102
  19,238
  20,421
  21,653
  22,937
  24,276
  25,672
  27,130
  28,652
  30,242
  31,903
  33,640
  35,457
  37,358
  39,346
  41,429
  43,609
  45,892
  48,285
  50,791
  53,418
  56,172
  59,059
  62,086
  65,261
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
  4,823
  5,168
  5,527
  5,900
  6,288
  6,692
  7,111
  7,549
  8,004
  8,479
  8,974
  9,490
  10,029
  10,591
  11,179
  11,793
  12,435
  13,107
  13,809
  14,545
  15,314
  16,120
  16,964
  17,849
  18,775
  19,746
  20,764
  21,832
  22,951
  24,124
Working capital, $m
  0
  -256
  -274
  -293
  -313
  -333
  -355
  -377
  -400
  -424
  -450
  -476
  -503
  -532
  -562
  -593
  -625
  -659
  -695
  -732
  -771
  -812
  -855
  -899
  -946
  -996
  -1,047
  -1,101
  -1,158
  -1,217
  -1,279
Total debt, $m
  1,846
  2,616
  3,413
  4,241
  5,102
  5,997
  6,928
  7,897
  8,906
  9,957
  11,052
  12,194
  13,385
  14,629
  15,927
  17,283
  18,700
  20,182
  21,732
  23,353
  25,050
  26,826
  28,685
  30,633
  32,674
  34,812
  37,053
  39,402
  41,864
  44,447
  47,154
Total liabilities, $m
  10,359
  11,129
  11,926
  12,754
  13,615
  14,510
  15,441
  16,410
  17,419
  18,470
  19,565
  20,707
  21,898
  23,142
  24,440
  25,796
  27,213
  28,695
  30,245
  31,866
  33,563
  35,339
  37,198
  39,146
  41,187
  43,325
  45,566
  47,915
  50,377
  52,960
  55,667
Total equity, $m
  2,067
  1,918
  2,055
  2,198
  2,346
  2,501
  2,661
  2,828
  3,002
  3,183
  3,372
  3,569
  3,774
  3,988
  4,212
  4,446
  4,690
  4,945
  5,212
  5,492
  5,784
  6,090
  6,411
  6,746
  7,098
  7,466
  7,852
  8,257
  8,682
  9,127
  9,593
Total liabilities and equity, $m
  12,426
  13,047
  13,981
  14,952
  15,961
  17,011
  18,102
  19,238
  20,421
  21,653
  22,937
  24,276
  25,672
  27,130
  28,652
  30,242
  31,903
  33,640
  35,457
  37,358
  39,347
  41,429
  43,609
  45,892
  48,285
  50,791
  53,418
  56,172
  59,059
  62,087
  65,260
Debt-to-equity ratio
  0.893
  1.360
  1.660
  1.930
  2.170
  2.400
  2.600
  2.790
  2.970
  3.130
  3.280
  3.420
  3.550
  3.670
  3.780
  3.890
  3.990
  4.080
  4.170
  4.250
  4.330
  4.400
  4.470
  4.540
  4.600
  4.660
  4.720
  4.770
  4.820
  4.870
  4.920
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
  174
  167
  160
  152
  144
  136
  127
  118
  109
  100
  96
  85
  75
  63
  51
  39
  26
  13
  -1
  -21
  -42
  -64
  -87
  -111
  -136
  -163
  -190
  -219
  -249
  -281
Depreciation, amort., depletion, $m
  194
  213
  227
  242
  258
  275
  292
  310
  328
  347
  367
  380
  402
  425
  449
  474
  500
  527
  555
  585
  616
  649
  683
  719
  756
  796
  837
  880
  925
  972
  1,022
Funds from operations, $m
  489
  387
  394
  402
  410
  419
  428
  437
  447
  457
  467
  476
  487
  499
  512
  525
  539
  553
  568
  584
  595
  607
  619
  632
  645
  659
  674
  690
  706
  723
  741
Change in working capital, $m
  -6
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -59
  -62
Cash from operations, $m
  495
  404
  412
  421
  430
  439
  449
  459
  470
  481
  492
  502
  515
  528
  542
  556
  572
  587
  604
  621
  634
  647
  662
  676
  692
  708
  726
  744
  763
  782
  803
Maintenance CAPEX, $m
  0
  -190
  -204
  -219
  -234
  -250
  -266
  -284
  -301
  -320
  -339
  -359
  -380
  -402
  -425
  -449
  -474
  -500
  -527
  -555
  -585
  -616
  -649
  -683
  -719
  -756
  -796
  -837
  -880
  -925
  -972
New CAPEX, $m
  -330
  -332
  -345
  -359
  -373
  -388
  -404
  -420
  -437
  -455
  -475
  -495
  -516
  -539
  -563
  -588
  -614
  -642
  -672
  -703
  -735
  -770
  -806
  -844
  -884
  -927
  -971
  -1,018
  -1,067
  -1,119
  -1,173
Cash from investing activities, $m
  -736
  -522
  -549
  -578
  -607
  -638
  -670
  -704
  -738
  -775
  -814
  -854
  -896
  -941
  -988
  -1,037
  -1,088
  -1,142
  -1,199
  -1,258
  -1,320
  -1,386
  -1,455
  -1,527
  -1,603
  -1,683
  -1,767
  -1,855
  -1,947
  -2,044
  -2,145
Free cash flow, $m
  -241
  -118
  -137
  -157
  -177
  -199
  -221
  -244
  -269
  -294
  -321
  -352
  -382
  -413
  -446
  -480
  -516
  -554
  -594
  -637
  -686
  -739
  -793
  -851
  -911
  -974
  -1,041
  -1,111
  -1,184
  -1,262
  -1,343
Issuance/(repayment) of debt, $m
  -155
  770
  797
  828
  861
  895
  931
  969
  1,009
  1,051
  1,095
  1,142
  1,191
  1,243
  1,298
  1,356
  1,417
  1,482
  1,550
  1,621
  1,697
  1,776
  1,860
  1,948
  2,041
  2,138
  2,241
  2,349
  2,463
  2,582
  2,708
Issuance/(repurchase) of shares, $m
  13
  0
  0
  0
  0
  10
  25
  40
  55
  72
  89
  101
  120
  140
  160
  182
  205
  229
  254
  281
  314
  348
  385
  423
  463
  505
  549
  595
  643
  694
  748
Cash from financing (excl. dividends), $m  
  338
  770
  797
  828
  861
  905
  956
  1,009
  1,064
  1,123
  1,184
  1,243
  1,311
  1,383
  1,458
  1,538
  1,622
  1,711
  1,804
  1,902
  2,011
  2,124
  2,245
  2,371
  2,504
  2,643
  2,790
  2,944
  3,106
  3,276
  3,456
Total cash flow (excl. dividends), $m
  97
  652
  659
  671
  684
  707
  735
  764
  795
  828
  863
  891
  930
  970
  1,013
  1,058
  1,106
  1,156
  1,209
  1,265
  1,324
  1,386
  1,451
  1,520
  1,592
  1,668
  1,749
  1,833
  1,922
  2,015
  2,113
Retained Cash Flow (-), $m
  -139
  -129
  -137
  -143
  -148
  -154
  -160
  -167
  -174
  -181
  -189
  -197
  -205
  -214
  -224
  -234
  -244
  -255
  -267
  -281
  -314
  -348
  -385
  -423
  -463
  -505
  -549
  -595
  -643
  -694
  -748
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
 
  801
  522
  529
  535
  552
  574
  597
  622
  647
  674
  694
  724
  756
  789
  825
  862
  901
  942
  984
  1,010
  1,038
  1,066
  1,097
  1,130
  1,164
  1,200
  1,238
  1,278
  1,321
  1,365
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
 
  753
  458
  431
  402
  380
  359
  336
  312
  287
  262
  233
  208
  184
  160
  138
  117
  98
  80
  65
  50
  39
  29
  21
  15
  11
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  99.8
  99.2
  98.4
  97.3
  95.9
  94.4
  92.8
  91.1
  89.2
  87.2
  85.1
  82.9
  80.6
  78.3
  76.0
  73.5
  71.1
  68.6
  66.1
  63.6
  61.1
  58.6
  56.2
  53.8
  51.4
  49.1

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 14.4
Price to Sales 1.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow 21.8
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 7.4% 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 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 -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 - $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 108.553 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 $3.6 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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