Intrinsic value of Hawaiian Holdings - HA

Previous Close

$42.15

  Intrinsic Value

$147.56

stock screener

  Rating & Target

str. buy

+250%

Previous close

$42.15

 
Intrinsic value

$147.56

 
Up/down potential

+250%

 
Rating

str. buy

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 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
Revenue, $m
  2,966
  3,247
  3,541
  3,847
  4,166
  4,497
  4,842
  5,199
  5,571
  5,958
  6,360
  6,777
  7,212
  7,664
  8,135
  8,626
  9,137
  9,670
  10,226
  10,806
  11,412
  12,045
  12,707
  13,398
  14,122
  14,879
  15,671
  16,500
  17,368
  18,277
Variable operating expenses, $m
  2,140
  2,342
  2,553
  2,773
  3,001
  3,239
  3,486
  3,743
  4,009
  4,287
  4,563
  4,863
  5,174
  5,499
  5,837
  6,189
  6,555
  6,938
  7,337
  7,753
  8,188
  8,642
  9,117
  9,613
  10,132
  10,675
  11,243
  11,838
  12,461
  13,113
Fixed operating expenses, $m
  277
  283
  289
  296
  302
  309
  316
  323
  330
  337
  344
  352
  360
  368
  376
  384
  392
  401
  410
  419
  428
  437
  447
  457
  467
  477
  488
  498
  509
  521
Total operating expenses, $m
  2,417
  2,625
  2,842
  3,069
  3,303
  3,548
  3,802
  4,066
  4,339
  4,624
  4,907
  5,215
  5,534
  5,867
  6,213
  6,573
  6,947
  7,339
  7,747
  8,172
  8,616
  9,079
  9,564
  10,070
  10,599
  11,152
  11,731
  12,336
  12,970
  13,634
Operating income, $m
  549
  622
  699
  779
  863
  950
  1,040
  1,134
  1,232
  1,334
  1,452
  1,563
  1,678
  1,798
  1,923
  2,053
  2,189
  2,331
  2,479
  2,634
  2,796
  2,966
  3,143
  3,329
  3,523
  3,726
  3,940
  4,163
  4,397
  4,643
EBITDA, $m
  767
  860
  957
  1,058
  1,164
  1,274
  1,388
  1,507
  1,631
  1,760
  1,894
  2,033
  2,178
  2,330
  2,487
  2,652
  2,823
  3,002
  3,189
  3,384
  3,588
  3,802
  4,025
  4,258
  4,503
  4,759
  5,027
  5,308
  5,603
  5,912
Interest expense (income), $m
  30
  31
  42
  53
  64
  76
  88
  101
  114
  128
  142
  157
  173
  189
  206
  223
  241
  260
  280
  301
  322
  344
  368
  392
  418
  445
  472
  502
  532
  564
  598
Earnings before tax, $m
  517
  580
  646
  715
  787
  862
  939
  1,020
  1,104
  1,192
  1,295
  1,390
  1,489
  1,592
  1,700
  1,812
  1,929
  2,051
  2,179
  2,312
  2,452
  2,598
  2,751
  2,911
  3,078
  3,254
  3,438
  3,631
  3,833
  4,045
Tax expense, $m
  140
  157
  175
  193
  212
  233
  254
  275
  298
  322
  350
  375
  402
  430
  459
  489
  521
  554
  588
  624
  662
  701
  743
  786
  831
  879
  928
  980
  1,035
  1,092
Net income, $m
  378
  424
  472
  522
  574
  629
  686
  745
  806
  870
  945
  1,015
  1,087
  1,162
  1,241
  1,323
  1,408
  1,497
  1,590
  1,688
  1,790
  1,896
  2,008
  2,125
  2,247
  2,375
  2,510
  2,651
  2,798
  2,953

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,145
  3,444
  3,755
  4,080
  4,418
  4,769
  5,134
  5,514
  5,908
  6,318
  6,744
  7,187
  7,648
  8,127
  8,627
  9,147
  9,689
  10,254
  10,844
  11,459
  12,102
  12,773
  13,475
  14,208
  14,975
  15,778
  16,618
  17,497
  18,418
  19,382
Adjusted assets (=assets-cash), $m
  3,145
  3,444
  3,755
  4,080
  4,418
  4,769
  5,134
  5,514
  5,908
  6,318
  6,744
  7,187
  7,648
  8,127
  8,627
  9,147
  9,689
  10,254
  10,844
  11,459
  12,102
  12,773
  13,475
  14,208
  14,975
  15,778
  16,618
  17,497
  18,418
  19,382
Revenue / Adjusted assets
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
Average production assets, $m
  2,058
  2,254
  2,458
  2,670
  2,891
  3,121
  3,360
  3,608
  3,867
  4,135
  4,414
  4,703
  5,005
  5,319
  5,646
  5,986
  6,341
  6,711
  7,097
  7,499
  7,920
  8,359
  8,819
  9,299
  9,801
  10,326
  10,875
  11,451
  12,053
  12,684
Working capital, $m
  -116
  -127
  -138
  -150
  -162
  -175
  -189
  -203
  -217
  -232
  -248
  -264
  -281
  -299
  -317
  -336
  -356
  -377
  -399
  -421
  -445
  -470
  -496
  -523
  -551
  -580
  -611
  -643
  -677
  -713
Total debt, $m
  759
  957
  1,163
  1,378
  1,601
  1,834
  2,076
  2,327
  2,588
  2,859
  3,141
  3,435
  3,740
  4,057
  4,388
  4,732
  5,091
  5,465
  5,856
  6,263
  6,688
  7,133
  7,597
  8,083
  8,591
  9,122
  9,678
  10,260
  10,869
  11,508
Total liabilities, $m
  2,082
  2,280
  2,486
  2,701
  2,925
  3,157
  3,399
  3,650
  3,911
  4,182
  4,465
  4,758
  5,063
  5,380
  5,711
  6,055
  6,414
  6,788
  7,179
  7,586
  8,012
  8,456
  8,920
  9,406
  9,914
  10,445
  11,001
  11,583
  12,192
  12,831
Total equity, $m
  1,063
  1,164
  1,269
  1,379
  1,493
  1,612
  1,735
  1,864
  1,997
  2,135
  2,279
  2,429
  2,585
  2,747
  2,916
  3,092
  3,275
  3,466
  3,665
  3,873
  4,090
  4,317
  4,555
  4,802
  5,062
  5,333
  5,617
  5,914
  6,225
  6,551
Total liabilities and equity, $m
  3,145
  3,444
  3,755
  4,080
  4,418
  4,769
  5,134
  5,514
  5,908
  6,317
  6,744
  7,187
  7,648
  8,127
  8,627
  9,147
  9,689
  10,254
  10,844
  11,459
  12,102
  12,773
  13,475
  14,208
  14,976
  15,778
  16,618
  17,497
  18,417
  19,382
Debt-to-equity ratio
  0.710
  0.820
  0.920
  1.000
  1.070
  1.140
  1.200
  1.250
  1.300
  1.340
  1.380
  1.410
  1.450
  1.480
  1.500
  1.530
  1.550
  1.580
  1.600
  1.620
  1.640
  1.650
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
  1.750
  1.760
Adjusted equity ratio
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  378
  424
  472
  522
  574
  629
  686
  745
  806
  870
  945
  1,015
  1,087
  1,162
  1,241
  1,323
  1,408
  1,497
  1,590
  1,688
  1,790
  1,896
  2,008
  2,125
  2,247
  2,375
  2,510
  2,651
  2,798
  2,953
Depreciation, amort., depletion, $m
  218
  238
  258
  279
  301
  324
  348
  373
  399
  426
  441
  470
  501
  532
  565
  599
  634
  671
  710
  750
  792
  836
  882
  930
  980
  1,033
  1,088
  1,145
  1,205
  1,268
Funds from operations, $m
  596
  661
  730
  801
  876
  953
  1,034
  1,118
  1,205
  1,296
  1,387
  1,485
  1,588
  1,694
  1,805
  1,921
  2,042
  2,168
  2,300
  2,438
  2,582
  2,732
  2,890
  3,055
  3,227
  3,408
  3,597
  3,796
  4,004
  4,222
Change in working capital, $m
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
Cash from operations, $m
  606
  672
  741
  813
  888
  966
  1,047
  1,132
  1,219
  1,311
  1,403
  1,501
  1,604
  1,712
  1,824
  1,940
  2,062
  2,189
  2,322
  2,460
  2,605
  2,757
  2,916
  3,082
  3,255
  3,437
  3,628
  3,828
  4,037
  4,257
Maintenance CAPEX, $m
  -187
  -206
  -225
  -246
  -267
  -289
  -312
  -336
  -361
  -387
  -413
  -441
  -470
  -501
  -532
  -565
  -599
  -634
  -671
  -710
  -750
  -792
  -836
  -882
  -930
  -980
  -1,033
  -1,088
  -1,145
  -1,205
New CAPEX, $m
  -187
  -196
  -204
  -212
  -221
  -230
  -239
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
  -340
  -355
  -370
  -386
  -403
  -421
  -439
  -459
  -480
  -502
  -525
  -550
  -575
  -603
  -631
Cash from investing activities, $m
  -374
  -402
  -429
  -458
  -488
  -519
  -551
  -584
  -619
  -655
  -692
  -731
  -772
  -815
  -859
  -905
  -954
  -1,004
  -1,057
  -1,113
  -1,171
  -1,231
  -1,295
  -1,362
  -1,432
  -1,505
  -1,583
  -1,663
  -1,748
  -1,836
Free cash flow, $m
  232
  271
  312
  355
  400
  447
  496
  547
  601
  656
  710
  770
  833
  897
  965
  1,035
  1,109
  1,185
  1,265
  1,348
  1,435
  1,526
  1,621
  1,720
  1,824
  1,932
  2,046
  2,165
  2,290
  2,421
Issuance/(repayment) of debt, $m
  188
  198
  206
  215
  224
  233
  242
  251
  261
  271
  282
  293
  305
  317
  331
  344
  359
  374
  390
  407
  425
  444
  464
  486
  508
  531
  556
  582
  609
  638
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  188
  198
  206
  215
  224
  233
  242
  251
  261
  271
  282
  293
  305
  317
  331
  344
  359
  374
  390
  407
  425
  444
  464
  486
  508
  531
  556
  582
  609
  638
Total cash flow (excl. dividends), $m
  420
  469
  518
  570
  624
  680
  738
  799
  862
  927
  992
  1,063
  1,138
  1,215
  1,296
  1,380
  1,468
  1,559
  1,655
  1,755
  1,860
  1,970
  2,085
  2,205
  2,331
  2,463
  2,602
  2,747
  2,899
  3,059
Retained Cash Flow (-), $m
  -97
  -101
  -105
  -110
  -114
  -119
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -217
  -227
  -237
  -248
  -259
  -271
  -284
  -297
  -311
  -326
Prev. year cash balance distribution, $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 flow adjustment, $m
  8
  9
  10
  11
  12
  12
  13
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  49
  52
Cash available for distribution, $m
  323
  368
  413
  460
  510
  561
  614
  670
  728
  789
  848
  914
  982
  1,053
  1,127
  1,204
  1,284
  1,368
  1,456
  1,547
  1,643
  1,743
  1,848
  1,957
  2,072
  2,192
  2,318
  2,450
  2,588
  2,733
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
  310
  337
  359
  379
  395
  407
  415
  419
  418
  413
  403
  390
  373
  353
  331
  306
  279
  252
  224
  197
  170
  145
  121
  100
  81
  64
  50
  38
  28
  21
Current shareholders' claim on cash, %
  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. is a holding company. The Company is engaged in the scheduled air transportation of passengers and cargo amongst the Hawaiian Islands (the Neighbor Island routes), between the Hawaiian Islands and certain cities in the United States (the North America routes), and between the Hawaiian Islands and the South Pacific, Australia, New Zealand and Asia (the International routes), collectively referred to as its Scheduled Operations. It offers non-stop service to Hawai'i from United States gateway cities. As of December 31, 2016, it also provided approximately 160 daily flights between the Hawaiian Islands. The Company operates various charter flights. As of December 31, 2016, the Company's fleet consisted of 20 Boeing 717-200 aircraft for the Neighbor Island routes, eight Boeing 767-300 aircraft, and 23 Airbus A330-200 aircraft for the North America, International, and charter routes.

FINANCIAL RATIOS  of  Hawaiian Holdings (HA)

Valuation Ratios
P/E Ratio 9.6
Price to Sales 0.9
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 9.5
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 35.3%
Gross Margin - 3 Yr. Avg. 31.8%
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 $2696 million for the last fiscal year's total revenue generated by Hawaiian Holdings. The default revenue input number comes from 2017 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 10% 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 72.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $271 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 5.5% 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 0.3%.

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 69.4%.

Life of production assets of 10 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 -3.9%. 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 - $966 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 53 million for Hawaiian Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hawaiian Holdings at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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UAL United Contine 81.44 118.31  str.buy
ALK Alaska Air Gro 62.75 542.76  str.buy
JBLU JetBlue Airway 18.32 30.40  str.buy
ALGT Allegiant Trav 134.80 292.53  str.buy
LUV Southwest Airl 59.09 57.59  hold

COMPANY NEWS

▶ Hawaiian Airlines Reports July 2018 Traffic Statistics   [Aug-07-18 04:01PM  PR Newswire]
▶ Hawaiian Holdings: 2Q Earnings Snapshot   [05:12PM  Associated Press]
▶ Boeing, Hawaiian Airlines finalise deal on 787s   [Jul-19-18 07:40AM  Reuters]
▶ PBN names Hawaii airline veteran as career achievement honoree for Pineapple Awards   [Jul-13-18 12:30PM  American City Business Journals]
▶ Southwest is America's favorite 'value airline' brand   [Jul-03-18 10:48AM  Yahoo Finance]
▶ Hawaiian Airlines to Add Daily Sacramento-Maui Service   [Jun-29-18 04:47PM  PR Newswire]
▶ Is It Time To Buy Hawaiian Holdings Inc (NASDAQ:HA)?   [Jun-26-18 03:32PM  Simply Wall St.]
▶ Boeing rival Airbus delivers first US-made A321 to Hawaiian Airlines (Photos)   [Jun-15-18 06:03PM  American City Business Journals]
▶ Stock Market News For Jun 12, 2018   [Jun-12-18 09:54AM  Zacks]
▶ Discussing the impact of higher fuel prices for airlines   [Jun-03-18 08:49PM  CNBC Videos]
▶ Hawaiian Airlines Celebrates New Long Beach Service   [Jun-01-18 01:56PM  PR Newswire]
▶ The Best Airline Stock to Own if Fuel Prices Stay High   [May-26-18 02:15PM  Motley Fool]
▶ Summer travel takes flight as jet fuel surges   [May-23-18 03:42PM  CNBC Videos]
▶ Southwest Airlines Confirms Its International Ambitions   [May-19-18 08:45AM  Motley Fool]
▶ Hawaii volcano could disrupt air travel   [May-18-18 01:03PM  Yahoo Finance Video]
▶ Hawaiian Airlines announces new Featured Chef lineup   [May-15-18 05:04PM  American City Business Journals]
▶ Hawaiian Airlines Reports April 2018 Traffic Statistics   [May-07-18 04:01PM  PR Newswire]
▶ Hawaiian Holdings Stock Could Soar Much Higher   [May-06-18 06:34PM  Motley Fool]
▶ Hawaiian Airlines DownSouthwest Enters Its Market   [May-04-18 12:33PM  Investopedia]
▶ Hawaiian Airlines still unafraid of competition brought by Southwest   [May-03-18 07:55PM  American City Business Journals]
▶ Southwest to enter the California-Hawaii market from San Jose   [05:38PM  American City Business Journals]
▶ Hawaiian Holdings: 1Q Earnings Snapshot   [05:20PM  Associated Press]
▶ Airline Industry Outlook - April 2018   [Apr-19-18 04:09PM  Zacks]
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