NasdaqGS:HA

Stock Analysis Report

Executive Summary

Hawaiian Holdings, Inc., through its subsidiary, Hawaiian Airlines, Inc., engages in the scheduled air transportation of passengers and cargo.


Snowflake Analysis

Fair value with acceptable track record.


Similar Companies

Share Price & News

How has Hawaiian Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: HA's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

3.8%

HA

-1.9%

US Airlines

7.2%

US Market


1 Year Return

-60.9%

HA

-48.2%

US Airlines

-10.4%

US Market

Return vs Industry: HA underperformed the US Airlines industry which returned -48.2% over the past year.

Return vs Market: HA underperformed the US Market which returned -10.4% over the past year.


Shareholder returns

HAIndustryMarket
7 Day3.8%-1.9%7.2%
30 Day-49.2%-38.1%-12.6%
90 Day-63.8%-51.7%-19.4%
1 Year-60.2%-60.9%-47.3%-48.2%-8.5%-10.4%
3 Year-76.3%-77.2%-44.0%-46.3%15.8%8.3%
5 Year-48.5%-50.4%-32.9%-36.9%35.8%21.0%

Price Volatility Vs. Market

How volatile is Hawaiian Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Hawaiian Holdings undervalued compared to its fair value and its price relative to the market?

2.24x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: HA ($10.6) is trading above our estimate of fair value ($5.66)

Significantly Below Fair Value: HA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: HA is good value based on its PE Ratio (2.2x) compared to the Airlines industry average (3.9x).

PE vs Market: HA is good value based on its PE Ratio (2.2x) compared to the US market (13.1x).


Price to Earnings Growth Ratio

PEG Ratio: HA's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: HA is good value based on its PB Ratio (0.5x) compared to the US Airlines industry average (0.7x).


Next Steps

Future Growth

How is Hawaiian Holdings forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

-35.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HA's earnings are forecast to decline over the next 3 years (-35.5% per year).

Earnings vs Market: HA's earnings are forecast to decline over the next 3 years (-35.5% per year).

High Growth Earnings: HA's earnings are forecast to decline over the next 3 years.

Revenue vs Market: HA's revenue (2% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: HA's revenue (2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HA's Return on Equity is forecast to be low in 3 years time (14.6%).


Next Steps

Past Performance

How has Hawaiian Holdings performed over the past 5 years?

13.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HA has high quality earnings.

Growing Profit Margin: HA's current net profit margins (7.9%) are lower than last year (8.2%).


Past Earnings Growth Analysis

Earnings Trend: HA's earnings have grown by 13.1% per year over the past 5 years.

Accelerating Growth: HA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: HA had negative earnings growth (-4%) over the past year, making it difficult to compare to the Airlines industry average (41.8%).


Return on Equity

High ROE: HA's Return on Equity (20.7%) is considered high.


Next Steps

Financial Health

How is Hawaiian Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: HA's short term assets ($874.7M) do not cover its short term liabilities ($1.1B).

Long Term Liabilities: HA's short term assets ($874.7M) do not cover its long term liabilities ($2.0B).


Debt to Equity History and Analysis

Debt Level: HA's debt to equity ratio (55.5%) is considered high.

Reducing Debt: HA's debt to equity ratio has reduced from 286.1% to 55.5% over the past 5 years.

Debt Coverage: HA's debt is well covered by operating cash flow (80.8%).

Interest Coverage: HA's interest payments on its debt are well covered by EBIT (29.4x coverage).


Balance Sheet

Inventory Level: HA has a high level of physical assets or inventory.

Debt Coverage by Assets: HA's debt is covered by short term assets (assets are 1.5x debt).


Next Steps

Dividend

What is Hawaiian Holdings's current dividend yield, its reliability and sustainability?

4.53%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: HA's dividend (4.53%) is higher than the bottom 25% of dividend payers in the US market (1.95%).

High Dividend: HA's dividend (4.53%) is low compared to the top 25% of dividend payers in the US market (5.4%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, HA has been paying a dividend for less than 10 years.

Growing Dividend: HA has only been paying a dividend for 2 years, and since then payments have not increased.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (10.2%), HA's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: HA's dividends in 3 years are forecast to be well covered by earnings (16.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.2yrs

Average management tenure


CEO

Peter Ingram (53yo)

2s

Tenure

US$3,349,324

Compensation

Mr. Peter R. Ingram has been President, Chief Executive Officer and Director of Hawaiian Holdings, Inc., and Hawaiian Airlines, Inc. since March 1, 2018. Mr. Ingram served as the Chief Commercial Officer o ...


CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD3.35M) is above average for companies of similar size in the US market ($USD2.12M).

Compensation vs Earnings: Peter's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Peter Ingram
President2yrsUS$3.35m0.54% $2.6m
Shannon Okinaka
Executive VP5.17yrsUS$1.46m0.15% $714.3k
Aaron Alter
Executive VP4.17yrsUS$1.48m0.062% $299.3k
Theodoros Panagiotoulias
Senior VP of Global Sales & Alliances of Hawaiian Airlines Inc5.58yrsUS$961.53k0.058% $283.3k
Jonathan Snook
Executive VP & COO of Hawaiian Airlines Inc4.42yrsUS$2.01m0.075% $364.2k
Daniel Wong
Senior Director of Investor Relationsno datano datano data
Alanna James
Managing Director of Investor Relationsno datano datano data
Ann Botticelli
Senior Vice President of Corporate Communications & Public Affairs - Hawaiian Airlines8.42yrsno datano data
Avi Mannis
Senior Vice President of Marketing - Hawaiian Airlines5.67yrsno datano data

5.2yrs

Average Tenure

53yo

Average Age

Experienced Management: HA's management team is seasoned and experienced (5.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Peter Ingram
President2yrsUS$3.35m0.54% $2.6m
Donald Carty
Independent Director3.25yrsUS$211.38k0.046% $225.1k
Earl Fry
Independent Director3.83yrsUS$246.20k0.016% $78.5k
Lawrence Hershfield
Independent Chairman of the Board15.67yrsUS$319.55k0.76% $3.7m
Randall Jenson
Independent Director15.67yrsUS$213.83k0.11% $529.9k
Duane Woerth
Independent Director5.83yrsUS$190.61k0.028% $138.2k
Crystal Rose
Independent Director13.67yrsUS$249.06k0.049% $235.8k
William Swelbar
Independent Director14.25yrsUS$194.09k0.035% $169.6k
Richard Zwern
Independent Director8.58yrsUS$260.22k0.082% $396.4k
Joseph Guerrieri
Independent Director3.83yrsUS$196.86k0.016% $78.5k

7.2yrs

Average Tenure

61.5yo

Average Age

Experienced Board: HA's board of directors are considered experienced (7.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Hawaiian Holdings, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Hawaiian Holdings, Inc.
  • Ticker: HA
  • Exchange: NasdaqGS
  • Founded: 1929
  • Industry: Airlines
  • Sector: Transportation
  • Market Cap: US$486.263m
  • Shares outstanding: 45.87m
  • Website: https://www.hawaiianairlines.com

Number of Employees


Location

  • Hawaiian Holdings, Inc.
  • 3375 Koapaka Street
  • Suite G-350
  • Honolulu
  • Hawaii
  • 96819
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HANasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJun 1995
1HWDB (Deutsche Boerse AG)YesCommon StockDEEURJun 1995
0J3NLSE (London Stock Exchange)YesCommon StockGBUSDJun 1995
1HWBRSE (Berne Stock Exchange)YesCommon StockCHCHFJun 1995

Biography

Hawaiian Holdings, Inc., through its subsidiary, Hawaiian Airlines, Inc., engages in the scheduled air transportation of passengers and cargo. The company offers daily services on North America routes between the State of Hawai'i and Long Beach, Los Angeles, Oakland, Sacramento, San Diego, San Francisco, and San Jose, California; Las Vegas, Nevada; Phoenix, Arizona; Portland, Oregon; Seattle, Washington, and New York City, New York. It also provides daily service on Neighbor Island routes among the six islands of the State of Hawai'I; and international routes between the State of Hawai'i and Sydney, Australia, as well as Tokyo and Osaka, Japan. In addition, the company offers scheduled service between the State of Hawai'i and Pago Pago, American Samoa; Papeete, Tahiti; Brisbane, Australia; Auckland, New Zealand; Sapporo, Japan; and Seoul, South Korea, as well as various ad hoc charters. Hawaiian Holdings, Inc. distributes its tickets through various distribution channels, including its Website hawaiianairlines.com primarily for North America and Neighbor Island routes, as well as through travel agencies and wholesale distributors for its international routes. As of December 31, 2019, the company’s fleet consisted of 20 Boeing 717-200 aircraft for the Neighbor Island routes; 24 Airbus A330-200 aircraft; and 17 Airbus A321-200 for the North America, international, and charter routes, as well as owns 4 ATR42 aircrafts. Hawaiian Holdings, Inc. was founded in 1929 and is headquartered in Honolulu, Hawaii. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/31 02:08
End of Day Share Price2020/03/30 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.