Intrinsic value of Hawaiian Holdings - HA

Previous Close

$38.50

  Intrinsic Value

$126.45

stock screener

  Rating & Target

str. buy

+228%

Previous close

$38.50

 
Intrinsic value

$126.45

 
Up/down potential

+228%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.78
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  2,451
  2,625
  2,806
  2,994
  3,189
  3,393
  3,605
  3,825
  4,055
  4,294
  4,544
  4,804
  5,076
  5,360
  5,657
  5,967
  6,291
  6,630
  6,984
  7,356
  7,744
  8,151
  8,578
  9,024
  9,492
  9,983
  10,497
  11,036
  11,601
  12,194
  12,816
Variable operating expenses, $m
 
  2,154
  2,302
  2,456
  2,615
  2,781
  2,954
  3,134
  3,322
  3,517
  3,721
  3,923
  4,145
  4,377
  4,619
  4,873
  5,137
  5,414
  5,704
  6,007
  6,324
  6,657
  7,005
  7,369
  7,752
  8,152
  8,572
  9,012
  9,474
  9,958
  10,466
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,066
  2,154
  2,302
  2,456
  2,615
  2,781
  2,954
  3,134
  3,322
  3,517
  3,721
  3,923
  4,145
  4,377
  4,619
  4,873
  5,137
  5,414
  5,704
  6,007
  6,324
  6,657
  7,005
  7,369
  7,752
  8,152
  8,572
  9,012
  9,474
  9,958
  10,466
Operating income, $m
  385
  471
  504
  538
  574
  611
  650
  691
  733
  777
  822
  881
  931
  983
  1,037
  1,094
  1,153
  1,216
  1,281
  1,349
  1,420
  1,495
  1,573
  1,655
  1,741
  1,830
  1,925
  2,024
  2,127
  2,236
  2,350
EBITDA, $m
  494
  590
  631
  673
  717
  763
  811
  860
  912
  966
  1,022
  1,081
  1,142
  1,206
  1,272
  1,342
  1,415
  1,491
  1,571
  1,655
  1,742
  1,834
  1,929
  2,030
  2,135
  2,245
  2,361
  2,482
  2,610
  2,743
  2,883
Interest expense (income), $m
  30
  23
  25
  32
  38
  45
  53
  60
  68
  76
  84
  93
  103
  112
  122
  133
  144
  155
  167
  180
  193
  207
  221
  236
  252
  269
  286
  304
  323
  343
  365
Earnings before tax, $m
  379
  448
  478
  507
  536
  566
  598
  631
  665
  701
  738
  788
  828
  871
  915
  961
  1,010
  1,060
  1,113
  1,169
  1,227
  1,288
  1,352
  1,418
  1,488
  1,562
  1,639
  1,719
  1,804
  1,892
  1,985
Tax expense, $m
  144
  121
  129
  137
  145
  153
  161
  170
  180
  189
  199
  213
  224
  235
  247
  260
  273
  286
  301
  316
  331
  348
  365
  383
  402
  422
  442
  464
  487
  511
  536
Net income, $m
  235
  327
  349
  370
  391
  413
  436
  460
  485
  511
  539
  575
  605
  636
  668
  702
  737
  774
  813
  853
  896
  940
  987
  1,035
  1,087
  1,140
  1,196
  1,255
  1,317
  1,382
  1,449

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  610
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,709
  2,247
  2,402
  2,563
  2,731
  2,905
  3,086
  3,275
  3,471
  3,676
  3,890
  4,113
  4,346
  4,589
  4,843
  5,108
  5,386
  5,676
  5,980
  6,298
  6,630
  6,979
  7,344
  7,726
  8,127
  8,547
  8,987
  9,449
  9,933
  10,440
  10,972
Adjusted assets (=assets-cash), $m
  2,099
  2,247
  2,402
  2,563
  2,731
  2,905
  3,086
  3,275
  3,471
  3,676
  3,890
  4,113
  4,346
  4,589
  4,843
  5,108
  5,386
  5,676
  5,980
  6,298
  6,630
  6,979
  7,344
  7,726
  8,127
  8,547
  8,987
  9,449
  9,933
  10,440
  10,972
Revenue / Adjusted assets
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
  1.168
Average production assets, $m
  1,621
  1,735
  1,855
  1,979
  2,108
  2,243
  2,383
  2,528
  2,680
  2,838
  3,003
  3,176
  3,355
  3,543
  3,739
  3,944
  4,158
  4,382
  4,617
  4,862
  5,119
  5,388
  5,670
  5,965
  6,274
  6,599
  6,938
  7,295
  7,668
  8,060
  8,471
Working capital, $m
  -32
  -625
  -668
  -713
  -759
  -807
  -858
  -910
  -965
  -1,022
  -1,081
  -1,143
  -1,208
  -1,276
  -1,346
  -1,420
  -1,497
  -1,578
  -1,662
  -1,751
  -1,843
  -1,940
  -2,041
  -2,148
  -2,259
  -2,376
  -2,498
  -2,627
  -2,761
  -2,902
  -3,050
Total debt, $m
  557
  551
  690
  835
  986
  1,142
  1,305
  1,475
  1,652
  1,837
  2,029
  2,230
  2,439
  2,658
  2,887
  3,126
  3,375
  3,637
  3,910
  4,196
  4,495
  4,809
  5,137
  5,482
  5,842
  6,220
  6,616
  7,032
  7,467
  7,924
  8,403
Total liabilities, $m
  2,028
  2,023
  2,162
  2,307
  2,458
  2,614
  2,777
  2,947
  3,124
  3,309
  3,501
  3,702
  3,911
  4,130
  4,359
  4,598
  4,847
  5,109
  5,382
  5,668
  5,967
  6,281
  6,609
  6,954
  7,314
  7,692
  8,088
  8,504
  8,939
  9,396
  9,875
Total equity, $m
  680
  225
  240
  256
  273
  290
  309
  327
  347
  368
  389
  411
  435
  459
  484
  511
  539
  568
  598
  630
  663
  698
  734
  773
  813
  855
  899
  945
  993
  1,044
  1,097
Total liabilities and equity, $m
  2,708
  2,248
  2,402
  2,563
  2,731
  2,904
  3,086
  3,274
  3,471
  3,677
  3,890
  4,113
  4,346
  4,589
  4,843
  5,109
  5,386
  5,677
  5,980
  6,298
  6,630
  6,979
  7,343
  7,727
  8,127
  8,547
  8,987
  9,449
  9,932
  10,440
  10,972
Debt-to-equity ratio
  0.819
  2.450
  2.870
  3.260
  3.610
  3.930
  4.230
  4.510
  4.760
  5.000
  5.220
  5.420
  5.610
  5.790
  5.960
  6.120
  6.270
  6.410
  6.540
  6.660
  6.780
  6.890
  7.000
  7.090
  7.190
  7.280
  7.360
  7.440
  7.520
  7.590
  7.660
Adjusted equity ratio
  0.033
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  235
  327
  349
  370
  391
  413
  436
  460
  485
  511
  539
  575
  605
  636
  668
  702
  737
  774
  813
  853
  896
  940
  987
  1,035
  1,087
  1,140
  1,196
  1,255
  1,317
  1,382
  1,449
Depreciation, amort., depletion, $m
  109
  120
  127
  135
  143
  152
  161
  170
  179
  189
  200
  200
  211
  223
  235
  248
  262
  276
  290
  306
  322
  339
  357
  375
  395
  415
  436
  459
  482
  507
  533
Funds from operations, $m
  414
  447
  477
  505
  534
  565
  597
  630
  665
  701
  738
  775
  816
  858
  903
  950
  999
  1,050
  1,103
  1,159
  1,218
  1,279
  1,343
  1,411
  1,481
  1,555
  1,633
  1,714
  1,799
  1,888
  1,982
Change in working capital, $m
  -3
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
Cash from operations, $m
  417
  488
  520
  550
  581
  613
  647
  683
  719
  758
  798
  837
  880
  926
  974
  1,024
  1,076
  1,130
  1,188
  1,247
  1,310
  1,376
  1,445
  1,517
  1,593
  1,672
  1,755
  1,842
  1,934
  2,030
  2,130
Maintenance CAPEX, $m
  0
  -102
  -109
  -117
  -124
  -133
  -141
  -150
  -159
  -169
  -179
  -189
  -200
  -211
  -223
  -235
  -248
  -262
  -276
  -290
  -306
  -322
  -339
  -357
  -375
  -395
  -415
  -436
  -459
  -482
  -507
New CAPEX, $m
  -179
  -114
  -120
  -124
  -129
  -134
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -340
  -356
  -374
  -392
  -411
Cash from investing activities, $m
  -154
  -216
  -229
  -241
  -253
  -267
  -281
  -296
  -311
  -327
  -344
  -361
  -380
  -399
  -419
  -440
  -462
  -486
  -510
  -535
  -563
  -591
  -621
  -652
  -684
  -719
  -755
  -792
  -833
  -874
  -918
Free cash flow, $m
  263
  272
  291
  309
  327
  346
  366
  387
  408
  431
  454
  476
  501
  527
  555
  583
  613
  645
  678
  712
  747
  785
  824
  865
  908
  953
  1,000
  1,049
  1,101
  1,155
  1,212
Issuance/(repayment) of debt, $m
  -215
  53
  139
  145
  151
  157
  163
  170
  177
  184
  192
  201
  209
  219
  229
  239
  250
  261
  273
  286
  299
  314
  328
  344
  361
  378
  396
  415
  436
  457
  479
Issuance/(repurchase) of shares, $m
  -14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -219
  53
  139
  145
  151
  157
  163
  170
  177
  184
  192
  201
  209
  219
  229
  239
  250
  261
  273
  286
  299
  314
  328
  344
  361
  378
  396
  415
  436
  457
  479
Total cash flow (excl. dividends), $m
  44
  325
  430
  454
  478
  503
  529
  557
  585
  615
  647
  676
  710
  746
  783
  822
  863
  906
  951
  998
  1,047
  1,099
  1,153
  1,209
  1,269
  1,331
  1,396
  1,465
  1,537
  1,612
  1,691
Retained Cash Flow (-), $m
  -234
  -96
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
Prev. year cash balance distribution, $m
 
  551
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  780
  415
  438
  461
  486
  511
  538
  566
  595
  625
  654
  687
  722
  758
  796
  835
  877
  920
  966
  1,014
  1,064
  1,116
  1,171
  1,229
  1,289
  1,352
  1,419
  1,488
  1,561
  1,638
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
 
  748
  380
  381
  380
  376
  371
  363
  354
  342
  328
  311
  293
  274
  254
  234
  212
  191
  170
  149
  129
  110
  93
  77
  63
  50
  39
  30
  23
  17
  12
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Hawaiian Holdings, Inc. 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 8.8
Price to Sales 0.8
Price to Book 3
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 8.6
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 $2451 million for the last fiscal year's total revenue generated by Hawaiian Holdings. The default revenue input number comes from 2016 income statement of Hawaiian Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HA stock valuation model: a) initial revenue growth rate of 7.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HA is calculated based on our internal credit rating of Hawaiian Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hawaiian Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HA stock the variable cost ratio is equal to 82.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for Hawaiian Holdings.

Corporate tax rate of 27% is the nominal tax rate for Hawaiian Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HA are equal to 66.1%.

Life of production assets of 15.9 years is the average useful life of capital assets used in Hawaiian Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HA is equal to -23.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $680 million for Hawaiian Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53.606 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 $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
AAL American Airli 50.98 52.78  hold
DAL Delta Air Line 52.28 236.01  str.buy
UAL United Contine 59.10 200.46  str.buy
ALK Alaska Air Gro 78.74 1,294.96  str.buy
JBLU JetBlue Airway 19.88 45.02  str.buy
ALGT Allegiant Trav 138.90 367.89  str.buy
LUV Southwest Airl 58.76 93.91  str.buy

COMPANY NEWS

▶ Hawaiian Airlines' profit declines 27% during third quarter   [Oct-19-17 09:47PM  American City Business Journals]
▶ Hawaiian Holdings beats 3Q profit forecasts   [04:21PM  Associated Press]
▶ United: I've Got Good News & Bad News   [09:39AM  Barrons.com]
▶ Hawaiian Airlines CEO downplays 'Southwest effect,' but study suggests otherwise   [Oct-18-17 07:15PM  American City Business Journals]
▶ It's Official: Southwest Airlines Is Coming to Hawaii   [Oct-15-17 08:10AM  Motley Fool]
▶ Hawaiian Holdings Initiates Quarterly Cash Dividend   [Oct-12-17 08:20AM  PR Newswire]
▶ Hawaiian Airlines, Japan Airlines agree to new partnership   [Sep-26-17 01:26PM  American City Business Journals]
▶ Cue the luau dancers: Southwest gearing up for flights to Hawaii?   [Sep-19-17 05:13PM  American City Business Journals]
▶ Hawaiian Airlines expands service to New Zealand   [Sep-18-17 01:50PM  American City Business Journals]
▶ Abhi Dhar Joins Hawaiian Airlines Board of Directors   [Sep-14-17 04:01PM  PR Newswire]
▶ Hawaiian Airlines Reports August 2017 Traffic Statistics   [Sep-07-17 04:01PM  PR Newswire]
▶ Hawaiian Airlines, Honolulu airport lead ranking for on-time performances   [Aug-23-17 02:56PM  American City Business Journals]
▶ 3 Beaten-Up Cheap Stocks: Are They Bargains?   [Aug-22-17 06:04AM  Motley Fool]
▶ Hawaiian Airlines Reports July 2017 Traffic Statistics   [Aug-07-17 04:01PM  PR Newswire]
▶ Hawaiian Holdings tops 2Q profit forecasts   [Jul-25-17 10:47PM  Associated Press]
▶ Hawaiian Airlines posts 1% profit increase in Q2   [09:05PM  American City Business Journals]
▶ Chipotle, Wynn Resorts, U.S. Steel, Hawaiian Earnings Top   [04:39PM  Investor's Business Daily]
▶ Hawaiian Airlines adding three new routes for new A321neo planes   [Jul-24-17 08:00PM  American City Business Journals]
▶ Better Buy: Delta Air Lines, Inc. vs. Hawaiian Holdings   [Jun-20-17 05:18PM  Motley Fool]
▶ Hawaiian Holdings Stock Has Fallen Way Too Far   [Jun-19-17 08:20AM  Motley Fool]
▶ Business leaders, celebrities and visitors welcome Hokulea   [Jun-17-17 09:54PM  American City Business Journals]
Financial statements of HA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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