Intrinsic value of Hawaiian Electric Industries - HE

Previous Close

$35.08

  Intrinsic Value

$10.33

stock screener

  Rating & Target

str. sell

-71%

Previous close

$35.08

 
Intrinsic value

$10.33

 
Up/down potential

-71%

 
Rating

str. sell

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 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 3.8

 

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, %
  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
  2,745
  2,942
  3,146
  3,358
  3,579
  3,809
  4,048
  4,297
  4,556
  4,826
  5,108
  5,402
  5,708
  6,029
  6,363
  6,713
  7,078
  7,460
  7,860
  8,279
  8,717
  9,176
  9,656
  10,159
  10,687
  11,240
  11,819
  12,426
  13,063
  13,731
Variable operating expenses, $m
  2,238
  2,397
  2,562
  2,733
  2,912
  3,097
  3,290
  3,491
  3,700
  3,919
  4,124
  4,361
  4,609
  4,867
  5,137
  5,420
  5,715
  6,023
  6,346
  6,684
  7,038
  7,408
  7,796
  8,203
  8,628
  9,075
  9,543
  10,033
  10,547
  11,086
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
  2,238
  2,397
  2,562
  2,733
  2,912
  3,097
  3,290
  3,491
  3,700
  3,919
  4,124
  4,361
  4,609
  4,867
  5,137
  5,420
  5,715
  6,023
  6,346
  6,684
  7,038
  7,408
  7,796
  8,203
  8,628
  9,075
  9,543
  10,033
  10,547
  11,086
Operating income, $m
  507
  545
  584
  625
  667
  712
  758
  806
  855
  908
  984
  1,040
  1,099
  1,161
  1,226
  1,293
  1,363
  1,437
  1,514
  1,595
  1,679
  1,767
  1,860
  1,957
  2,058
  2,165
  2,276
  2,393
  2,516
  2,645
EBITDA, $m
  1,921
  2,058
  2,201
  2,349
  2,504
  2,665
  2,832
  3,006
  3,187
  3,376
  3,573
  3,779
  3,994
  4,218
  4,452
  4,696
  4,952
  5,219
  5,499
  5,792
  6,098
  6,419
  6,755
  7,108
  7,477
  7,863
  8,269
  8,694
  9,139
  9,606
Interest expense (income), $m
  84
  331
  318
  340
  363
  387
  411
  437
  464
  492
  521
  551
  582
  615
  650
  686
  723
  762
  803
  846
  891
  937
  987
  1,038
  1,092
  1,148
  1,207
  1,269
  1,334
  1,402
  1,473
Earnings before tax, $m
  176
  227
  244
  262
  281
  300
  321
  342
  364
  387
  433
  458
  484
  511
  540
  570
  601
  634
  668
  704
  741
  781
  822
  865
  910
  958
  1,007
  1,059
  1,114
  1,171
Tax expense, $m
  48
  61
  66
  71
  76
  81
  87
  92
  98
  104
  117
  124
  131
  138
  146
  154
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  272
  286
  301
  316
Net income, $m
  128
  166
  178
  191
  205
  219
  234
  250
  266
  282
  316
  334
  353
  373
  394
  416
  439
  463
  488
  514
  541
  570
  600
  631
  664
  699
  735
  773
  813
  855

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
  6,325
  6,778
  7,249
  7,738
  8,247
  8,776
  9,327
  9,900
  10,497
  11,120
  11,769
  12,446
  13,153
  13,891
  14,661
  15,467
  16,309
  17,190
  18,111
  19,075
  20,085
  21,142
  22,249
  23,409
  24,624
  25,898
  27,233
  28,632
  30,100
  31,639
Adjusted assets (=assets-cash), $m
  6,325
  6,778
  7,249
  7,738
  8,247
  8,776
  9,327
  9,900
  10,497
  11,120
  11,769
  12,446
  13,153
  13,891
  14,661
  15,467
  16,309
  17,190
  18,111
  19,075
  20,085
  21,142
  22,249
  23,409
  24,624
  25,898
  27,233
  28,632
  30,100
  31,639
Revenue / Adjusted assets
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
Average production assets, $m
  13,918
  14,914
  15,950
  17,027
  18,146
  19,311
  20,522
  21,784
  23,098
  24,468
  25,896
  27,386
  28,941
  30,565
  32,261
  34,033
  35,886
  37,824
  39,851
  41,973
  44,194
  46,520
  48,956
  51,508
  54,182
  56,984
  59,922
  63,002
  66,231
  69,617
Working capital, $m
  -11,694
  -12,532
  -13,402
  -14,306
  -15,247
  -16,225
  -17,244
  -18,304
  -19,408
  -20,559
  -21,759
  -23,011
  -24,317
  -25,681
  -27,106
  -28,596
  -30,153
  -31,781
  -33,485
  -35,267
  -37,134
  -39,088
  -41,135
  -43,279
  -45,526
  -47,880
  -50,349
  -52,936
  -55,650
  -58,495
Total debt, $m
  5,886
  6,293
  6,717
  7,157
  7,615
  8,092
  8,587
  9,103
  9,641
  10,201
  10,785
  11,395
  12,031
  12,695
  13,388
  14,113
  14,871
  15,664
  16,493
  17,361
  18,270
  19,221
  20,217
  21,261
  22,355
  23,501
  24,703
  25,962
  27,283
  28,668
Total liabilities, $m
  5,693
  6,100
  6,524
  6,964
  7,422
  7,898
  8,394
  8,910
  9,448
  10,008
  10,592
  11,201
  11,837
  12,502
  13,195
  13,920
  14,678
  15,471
  16,300
  17,168
  18,076
  19,028
  20,024
  21,068
  22,162
  23,308
  24,509
  25,769
  27,090
  28,475
Total equity, $m
  633
  678
  725
  774
  825
  878
  933
  990
  1,050
  1,112
  1,177
  1,245
  1,315
  1,389
  1,466
  1,547
  1,631
  1,719
  1,811
  1,908
  2,008
  2,114
  2,225
  2,341
  2,462
  2,590
  2,723
  2,863
  3,010
  3,164
Total liabilities and equity, $m
  6,326
  6,778
  7,249
  7,738
  8,247
  8,776
  9,327
  9,900
  10,498
  11,120
  11,769
  12,446
  13,152
  13,891
  14,661
  15,467
  16,309
  17,190
  18,111
  19,076
  20,084
  21,142
  22,249
  23,409
  24,624
  25,898
  27,232
  28,632
  30,100
  31,639
Debt-to-equity ratio
  9.310
  9.290
  9.270
  9.250
  9.230
  9.220
  9.210
  9.200
  9.180
  9.170
  9.160
  9.160
  9.150
  9.140
  9.130
  9.120
  9.120
  9.110
  9.110
  9.100
  9.100
  9.090
  9.090
  9.080
  9.080
  9.070
  9.070
  9.070
  9.060
  9.060
Adjusted equity ratio
  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
  128
  166
  178
  191
  205
  219
  234
  250
  266
  282
  316
  334
  353
  373
  394
  416
  439
  463
  488
  514
  541
  570
  600
  631
  664
  699
  735
  773
  813
  855
Depreciation, amort., depletion, $m
  1,414
  1,513
  1,617
  1,725
  1,837
  1,953
  2,074
  2,200
  2,332
  2,469
  2,590
  2,739
  2,894
  3,056
  3,226
  3,403
  3,589
  3,782
  3,985
  4,197
  4,419
  4,652
  4,896
  5,151
  5,418
  5,698
  5,992
  6,300
  6,623
  6,962
Funds from operations, $m
  1,542
  1,679
  1,795
  1,916
  2,042
  2,172
  2,308
  2,450
  2,597
  2,751
  2,906
  3,073
  3,248
  3,430
  3,620
  3,819
  4,027
  4,245
  4,473
  4,711
  4,961
  5,222
  5,496
  5,782
  6,083
  6,398
  6,728
  7,074
  7,436
  7,817
Change in working capital, $m
  -806
  -837
  -870
  -905
  -941
  -978
  -1,018
  -1,060
  -1,104
  -1,151
  -1,200
  -1,252
  -1,307
  -1,364
  -1,425
  -1,489
  -1,557
  -1,628
  -1,704
  -1,783
  -1,866
  -1,954
  -2,047
  -2,144
  -2,247
  -2,355
  -2,468
  -2,588
  -2,713
  -2,845
Cash from operations, $m
  2,348
  2,516
  2,665
  2,821
  2,982
  3,151
  3,327
  3,510
  3,702
  3,902
  4,106
  4,325
  4,554
  4,794
  5,045
  5,309
  5,584
  5,873
  6,176
  6,494
  6,827
  7,176
  7,542
  7,926
  8,329
  8,752
  9,196
  9,661
  10,150
  10,662
Maintenance CAPEX, $m
  -1,296
  -1,392
  -1,491
  -1,595
  -1,703
  -1,815
  -1,931
  -2,052
  -2,178
  -2,310
  -2,447
  -2,590
  -2,739
  -2,894
  -3,056
  -3,226
  -3,403
  -3,589
  -3,782
  -3,985
  -4,197
  -4,419
  -4,652
  -4,896
  -5,151
  -5,418
  -5,698
  -5,992
  -6,300
  -6,623
New CAPEX, $m
  -961
  -997
  -1,036
  -1,077
  -1,119
  -1,164
  -1,212
  -1,262
  -1,314
  -1,370
  -1,428
  -1,490
  -1,555
  -1,624
  -1,696
  -1,772
  -1,853
  -1,938
  -2,027
  -2,122
  -2,221
  -2,326
  -2,436
  -2,552
  -2,674
  -2,802
  -2,938
  -3,080
  -3,229
  -3,386
Cash from investing activities, $m
  -2,257
  -2,389
  -2,527
  -2,672
  -2,822
  -2,979
  -3,143
  -3,314
  -3,492
  -3,680
  -3,875
  -4,080
  -4,294
  -4,518
  -4,752
  -4,998
  -5,256
  -5,527
  -5,809
  -6,107
  -6,418
  -6,745
  -7,088
  -7,448
  -7,825
  -8,220
  -8,636
  -9,072
  -9,529
  -10,009
Free cash flow, $m
  91
  128
  138
  149
  160
  172
  184
  196
  209
  223
  231
  245
  260
  276
  293
  310
  328
  347
  367
  387
  408
  431
  454
  479
  505
  532
  560
  589
  620
  653
Issuance/(repayment) of debt, $m
  -240
  408
  424
  440
  458
  476
  496
  516
  538
  560
  584
  609
  636
  664
  694
  725
  758
  793
  829
  868
  908
  951
  996
  1,044
  1,094
  1,146
  1,202
  1,260
  1,321
  1,385
Issuance/(repurchase) of shares, $m
  546
  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  
  306
  408
  424
  440
  458
  476
  496
  516
  538
  560
  584
  609
  636
  664
  694
  725
  758
  793
  829
  868
  908
  951
  996
  1,044
  1,094
  1,146
  1,202
  1,260
  1,321
  1,385
Total cash flow (excl. dividends), $m
  397
  536
  562
  589
  618
  648
  679
  712
  747
  783
  815
  855
  896
  940
  987
  1,035
  1,086
  1,140
  1,196
  1,255
  1,317
  1,382
  1,451
  1,523
  1,598
  1,678
  1,761
  1,849
  1,941
  2,038
Retained Cash Flow (-), $m
  -674
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -127
  -134
  -140
  -147
  -154
Prev. year cash balance distribution, $m
  42
  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
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  24
  25
  26
Cash available for distribution, $m
  -235
  490
  515
  540
  567
  595
  624
  655
  687
  721
  750
  787
  826
  867
  910
  955
  1,002
  1,051
  1,104
  1,158
  1,216
  1,277
  1,340
  1,407
  1,477
  1,551
  1,628
  1,709
  1,794
  1,884
Discount rate, %
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
  -208
  377
  341
  305
  268
  232
  198
  166
  137
  110
  87
  67
  51
  38
  27
  19
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

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

FINANCIAL RATIOS  of  Hawaiian Electric Industries (HE)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 1.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 23.1
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 $2556 million for the last fiscal year's total revenue generated by Hawaiian Electric Industries. The default revenue input number comes from 2017 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 13.3%, 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 81.6%.

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 5.4% 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 0.2%.

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 507%.

Life of production assets of 10 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 -426%. 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 - $0 million for Hawaiian Electric Industries - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 109 million for Hawaiian Electric Industries is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hawaiian Electric Industries at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Opening Bell, August 13, 2018   [09:30AM  CNBC Videos]
▶ Hawaiian Electric's net income grows 22% in Q2 2018   [Aug-03-18 06:31PM  American City Business Journals]
▶ HEI: 2Q Earnings Snapshot   [06:20AM  Associated Press]
▶ HEI Reports Second Quarter 2018 Earnings   [06:00AM  PR Newswire]
▶ HEI Maintains Quarterly Dividend Of $0.31 Per Share   [Aug-02-18 06:00AM  PR Newswire]
▶ Honolulu-based ASB's revenue grows 23% in Q2 2018   [Jul-31-18 01:20PM  American City Business Journals]
▶ Moody's Fully Supported Municipal & IRB Deals   [Jul-12-18 09:58AM  Moody's]
▶ Hawaiian Electric partners with Verizon to integrate more solar   [Jul-02-18 09:00PM  American City Business Journals]
▶ Ted Peck: A career of big ideas   [Jun-14-18 09:00PM  American City Business Journals]
▶ HEI: 1Q Earnings Snapshot   [May-10-18 01:23PM  Associated Press]
▶ HEI Reports First Quarter 2018 Earnings   [12:45PM  PR Newswire]
▶ Moody's Fully Supported Municipal & IRB Deals   [Apr-19-18 10:02AM  Moody's]
▶ Top NYSE Dividend Paying Companies   [Mar-13-18 09:02AM  Simply Wall St.]
▶ HEI beats 4Q profit forecasts   [Feb-14-18 03:31PM  Associated Press]
▶ Top Rated Dividend Stocks   [Feb-10-18 08:02AM  Simply Wall St.]
▶ HEI Maintains Quarterly Dividend Of $0.31 Per Share   [Feb-02-18 08:00AM  PR Newswire]
▶ NRG Energy breaks ground on 3 grid-scale solar projects in Hawaii   [Jan-24-18 08:45PM  American City Business Journals]
▶ HECO considers putting Ward Ave site on the market, move to new campus   [Jan-10-18 01:05PM  American City Business Journals]
▶ Hawaiian Electric files motion with state regulators to recover pension contributions   [Dec-26-17 11:15PM  American City Business Journals]
▶ NRG Energy seeks $350M in financing to build solar farms in Hawaii   [Nov-08-17 08:05PM  American City Business Journals]
▶ HEI misses 3Q profit forecasts   [Nov-02-17 02:24PM  Associated Press]
▶ HEI Maintains Quarterly Dividend Of $0.31 Per Share   [Nov-01-17 08:00AM  PR Newswire]
▶ Hawaiian Electric starts regulatory process to solicit new renewable energy proposals   [Oct-24-17 08:15PM  American City Business Journals]
▶ New HEI subsidiary buys 60-megawatt Big Island power plant   [Sep-21-17 01:16PM  American City Business Journals]
▶ Honolulu receives $1.4 M in federal funding to purchase, deploy electric buses   [Sep-18-17 09:25PM  American City Business Journals]
▶ This Week in Solar   [Sep-01-17 08:02PM  Motley Fool]
▶ HEI posts 2Q profit   [01:31AM  Associated Press]
▶ HEI Reports Second Quarter 2017 Earnings   [Aug-03-17 02:15PM  PR Newswire]
▶ HEI Maintains Quarterly Dividend Of $0.31 Per Share   [Aug-02-17 08:00AM  PR Newswire]
▶ Hawaiian Electric invests in Google Trekker to showcase tourist sites   [Jun-21-17 08:35PM  American City Business Journals]
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