Hawaiian Electric Industries
Hawaiian Electric Industries, Inc., through its subsidiaries, engages in the electric utility and banking businesses primarily in the state of Hawaii. The last earnings update was 73 days ago. More info.
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HE Share Price and Events
7 Day Returns
1 Year Returns
HE Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Hawaiian Electric Industries (HE) | -0.6% | 1.7% | 8% | 26.2% | 41.2% | 83.1% |
| US Electric Utilities | 0.4% | 2.2% | 6.9% | 15.8% | 16.5% | 44.2% |
| US Market | -0.3% | 2.3% | 2.3% | 3.9% | 36.7% | 41.8% |
1 Year Return vs Industry and Market
- HE outperformed the Electric Utilities industry which returned 15.8% over the past year.
- HE outperformed the Market in United States of America which returned 3.9% over the past year.
Price Volatility
Related Companies
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Hawaiian Electric Industries
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Hawaiian Electric Industries.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 5 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.5% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Electric Utilities Unlevered Beta | Simply Wall St/ S&P Global | 0.26 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.262 (1 + (1- 21%) (48.1%)) |
0.572 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%) |
7.5% |
Discounted Cash Flow Calculation for NYSE:HE using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Hawaiian Electric Industries is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 7.5%) |
|
|---|---|---|---|
| 2020 | 67.00 | Analyst x1 | 62.33 |
| 2021 | 54.00 | Analyst x1 | 46.73 |
| 2022 | 46.31 | Est @ -14.23% | 37.28 |
| 2023 | 42.08 | Est @ -9.14% | 31.51 |
| 2024 | 39.73 | Est @ -5.58% | 27.68 |
| 2025 | 38.50 | Est @ -3.09% | 24.95 |
| 2026 | 37.99 | Est @ -1.34% | 22.90 |
| 2027 | 37.94 | Est @ -0.12% | 21.28 |
| 2028 | 38.22 | Est @ 0.73% | 19.94 |
| 2029 | 38.73 | Est @ 1.33% | 18.79 |
| Present value of next 10 years cash flows | $313.39 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2029
× (1 + g) ÷ (Discount Rate – g)
= $38.73 × (1 + 2.73%) ÷ (7.5% – 2.73%) |
$834.45 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $834.45 ÷ (1 + 7.5%)10 |
$404.95 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $313.39 + $404.95 |
$718.34 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $718.34 / 108.94 |
$6.59 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $6.59 |
| Current discount | Discount to share price of
$44.31
= -1 x ($44.31 - $6.59) / $6.59 |
-572% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Hawaiian Electric Industries is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Hawaiian Electric Industries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Hawaiian Electric Industries's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $1.90 |
| NYSE:HE Share Price ** | NYSE (2019-07-19) in USD | $44.31 |
| United States of America Electric Utilities Industry PE Ratio | Median Figure of 26 Publicly-Listed Electric Utilities Companies | 22.92x |
| United States of America Market PE Ratio | Median Figure of 3,083 Publicly-Listed Companies | 17.92x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Hawaiian Electric Industries.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:HE Share Price ÷ EPS (both in USD) = 44.31 ÷ 1.90 |
23.28x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Hawaiian Electric Industries is overvalued based on earnings compared to the US Electric Utilities industry average.
- Hawaiian Electric Industries is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Hawaiian Electric Industries's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 23.28x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
5.8%per year |
| United States of America Electric Utilities Industry PEG Ratio | Median Figure of 22 Publicly-Listed Electric Utilities Companies | 3.25x |
| United States of America Market PEG Ratio | Median Figure of 2,123 Publicly-Listed Companies | 1.57x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 23.28x ÷ 5.8% |
4.02x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Hawaiian Electric Industries is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Hawaiian Electric Industries's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $20.04 |
| NYSE:HE Share Price * | NYSE (2019-07-19) in USD | $44.31 |
| United States of America Electric Utilities Industry PB Ratio | Median Figure of 29 Publicly-Listed Electric Utilities Companies | 2.21x |
| United States of America Market PB Ratio | Median Figure of 5,248 Publicly-Listed Companies | 1.8x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:HE Share Price ÷ Book Value per Share (both in USD) = 44.31 ÷ 20.04 |
2.21x |
* Primary Listing of Hawaiian Electric Industries.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Hawaiian Electric Industries is good value based on assets compared to the US Electric Utilities industry average.
Value checks
We assess Hawaiian Electric Industries's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check) Hawaiian Electric Industries has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Hawaiian Electric Industries's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Hawaiian Electric Industries's earnings growth is positive but not above the United States of America market average.
- Hawaiian Electric Industries's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:HE Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | 5.8% |
| NYSE:HE Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | -2.2% |
| United States of America Electric Utilities Industry Earnings Growth Rate | Market Cap Weighted Average | 8.1% |
| United States of America Electric Utilities Industry Revenue Growth Rate | Market Cap Weighted Average | 2.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 14% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.4% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 2,658 | 429 | 240 | 2 |
| 2020-12-31 | 2,846 | 414 | 229 | 5 |
| 2019-12-31 | 2,831 | 549 | 213 | 4 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 2,877 | 542 | 207 |
| 2018-12-31 | 2,861 | 499 | 202 |
| 2018-09-30 | 2,758 | 358 | 185 |
| 2018-06-30 | 2,663 | 355 | 179 |
| 2018-03-31 | 2,610 | 408 | 171 |
| 2017-12-31 | 2,556 | 420 | 165 |
| 2017-09-30 | 2,514 | 406 | 178 |
| 2017-06-30 | 2,487 | 444 | 245 |
| 2017-03-31 | 2,421 | 372 | 250 |
| 2016-12-31 | 2,381 | 496 | 248 |
| 2016-09-30 | 2,387 | 544 | 246 |
| 2016-06-30 | 2,458 | 413 | 169 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from Hawaiian Electric Industries Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 2.37 | 2.37 | 2.37 | 1.00 |
| 2022-12-31 | 2.27 | 2.27 | 2.27 | 1.00 |
| 2021-12-31 | 2.19 | 2.23 | 2.16 | 4.00 |
| 2020-12-31 | 2.08 | 2.12 | 2.05 | 6.00 |
| 2019-12-31 | 1.95 | 1.97 | 1.94 | 5.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 1.90 |
| 2018-12-31 | 1.85 |
| 2018-09-30 | 1.70 |
| 2018-06-30 | 1.64 |
| 2018-03-31 | 1.58 |
| 2017-12-31 | 1.52 |
| 2017-09-30 | 1.63 |
| 2017-06-30 | 2.25 |
| 2017-03-31 | 2.31 |
| 2016-12-31 | 2.30 |
| 2016-09-30 | 2.28 |
| 2016-06-30 | 1.57 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Hawaiian Electric Industries is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess Hawaiian Electric Industries's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Hawaiian Electric Industries has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Hawaiian Electric Industries performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Hawaiian Electric Industries's year on year earnings growth rate has been positive over the past 5 years.
- Hawaiian Electric Industries's 1-year earnings growth exceeds its 5-year average (20.9% vs 4.3%)
- Hawaiian Electric Industries's earnings growth has exceeded the US Electric Utilities industry average in the past year (20.9% vs 9.7%).
Earnings and Revenue History
All data from Hawaiian Electric Industries Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 2,876.59 | 207.22 | 4.89 | |
| 2018-12-31 | 2,860.85 | 201.77 | 5.96 | |
| 2018-09-30 | 2,757.80 | 184.57 | -1.04 | |
| 2018-06-30 | 2,662.93 | 178.74 | -0.39 | |
| 2018-03-31 | 2,609.94 | 171.35 | 7.90 | |
| 2017-12-31 | 2,555.63 | 165.30 | 7.94 | |
| 2017-09-30 | 2,514.42 | 177.56 | 5.71 | |
| 2017-06-30 | 2,487.29 | 244.63 | 3.78 | |
| 2017-03-31 | 2,421.26 | 250.10 | 1.88 | |
| 2016-12-31 | 2,380.65 | 248.26 | 7.66 | |
| 2016-09-30 | 2,387.29 | 245.94 | ||
| 2016-06-30 | 2,458.41 | 169.47 | ||
| 2016-03-31 | 2,516.08 | 160.36 | ||
| 2015-12-31 | 2,602.98 | 159.88 | ||
| 2015-09-30 | 2,768.99 | 150.81 | ||
| 2015-06-30 | 2,918.91 | 147.95 | ||
| 2015-03-31 | 3,093.66 | 154.21 | ||
| 2014-12-31 | 3,239.54 | 168.13 | ||
| 2014-09-30 | 3,282.01 | 173.89 | ||
| 2014-06-30 | 3,244.08 | 174.32 | ||
| 2014-03-31 | 3,239.99 | 173.62 | ||
| 2013-12-31 | 3,238.47 | 161.71 | ||
| 2013-09-30 | 3,244.11 | 136.34 | ||
| 2013-06-30 | 3,282.67 | 135.81 | ||
| 2013-03-31 | 3,342.37 | 134.02 | ||
| 2012-12-31 | 3,375.00 | 138.66 | ||
| 2012-09-30 | 3,387.88 | 159.05 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Hawaiian Electric Industries has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Hawaiian Electric Industries used its assets less efficiently than the US Electric Utilities industry average last year based on Return on Assets.
- Hawaiian Electric Industries's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Hawaiian Electric Industries's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Hawaiian Electric Industries has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Hawaiian Electric Industries's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Hawaiian Electric Industries's finances.
The net worth of a company is the difference between its assets and liabilities.
- Hawaiian Electric Industries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Hawaiian Electric Industries's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 2.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Hawaiian Electric Industries Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 2,217.81 | 2,080.61 | 186.87 |
| 2018-12-31 | 2,196.57 | 2,063.67 | 169.30 |
| 2018-09-30 | 2,166.34 | 2,056.71 | 172.05 |
| 2018-06-30 | 2,137.31 | 2,112.80 | 254.91 |
| 2018-03-31 | 2,126.07 | 2,022.89 | 245.05 |
| 2017-12-31 | 2,131.68 | 1,992.60 | 262.01 |
| 2017-09-30 | 2,137.32 | 1,796.50 | 202.18 |
| 2017-06-30 | 2,109.32 | 1,856.58 | 210.52 |
| 2017-03-31 | 2,099.88 | 1,821.11 | 234.55 |
| 2016-12-31 | 2,101.05 | 1,811.64 | 278.90 |
| 2016-09-30 | 2,102.68 | 1,844.45 | 285.20 |
| 2016-06-30 | 2,000.48 | 1,967.71 | 258.00 |
| 2016-03-31 | 1,976.47 | 2,003.18 | 335.40 |
| 2015-12-31 | 1,961.93 | 2,010.01 | 300.86 |
| 2015-09-30 | 1,955.29 | 2,047.13 | 229.00 |
| 2015-06-30 | 1,932.81 | 1,945.25 | 301.14 |
| 2015-03-31 | 1,932.20 | 1,849.14 | 293.00 |
| 2014-12-31 | 1,824.87 | 1,916.17 | 175.94 |
| 2014-09-30 | 1,835.70 | 1,931.73 | 192.77 |
| 2014-06-30 | 1,795.17 | 1,945.58 | 188.38 |
| 2014-03-31 | 1,780.22 | 1,873.96 | 269.32 |
| 2013-12-31 | 1,761.36 | 1,842.94 | 220.52 |
| 2013-09-30 | 1,689.76 | 1,793.83 | 215.04 |
| 2013-06-30 | 1,658.94 | 1,736.55 | 153.71 |
| 2013-03-31 | 1,641.56 | 1,750.05 | 262.71 |
| 2012-12-31 | 1,628.16 | 1,702.49 | 219.66 |
| 2012-09-30 | 1,641.43 | 1,723.31 | 168.51 |
- Hawaiian Electric Industries's level of debt (93.8%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (105.3% vs 93.8% today).
- Debt is well covered by operating cash flow (26%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 3.6x coverage).
Financial health checks
We assess Hawaiian Electric Industries's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Hawaiian Electric Industries has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Hawaiian Electric Industries's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Hawaiian Electric Industries
shares you are expected to receive
$58
in your first year as a dividend.
Dividend Amount
- Hawaiian Electric Industries's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
- Hawaiian Electric Industries's dividend is below the markets top 25% of dividend payers in United States of America (3.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| United States of America Electric Utilities Industry Average Dividend Yield | Market Cap Weighted Average of 27 Stocks | 3.3% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2017 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | ||
| 2022-12-31 | ||
| 2021-12-31 | 1.36 | 2.00 |
| 2020-12-31 | 1.33 | 4.00 |
| 2019-12-31 | 1.28 | 4.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-07 | 1.280 | 2.978 |
| 2019-02-28 | 1.280 | 3.158 |
| 2019-02-15 | 1.280 | 3.359 |
| 2018-11-01 | 1.240 | 3.333 |
| 2018-08-02 | 1.240 | 3.485 |
| 2018-02-02 | 1.240 | 3.654 |
| 2017-11-01 | 1.240 | 3.442 |
| 2017-08-02 | 1.240 | 3.656 |
| 2016-11-03 | 1.240 | 3.792 |
| 2016-08-03 | 1.240 | 4.166 |
| 2016-02-10 | 1.240 | 3.877 |
| 2015-11-05 | 1.240 | 4.325 |
| 2015-05-06 | 1.240 | 4.178 |
| 2015-02-11 | 1.240 | 3.832 |
| 2014-11-06 | 1.240 | 3.915 |
| 2014-08-08 | 1.240 | 4.770 |
| 2014-02-12 | 1.240 | 5.050 |
| 2013-08-07 | 1.240 | 4.827 |
| 2013-05-08 | 1.240 | 4.753 |
| 2013-02-07 | 1.240 | 4.527 |
| 2012-11-07 | 1.240 | 4.873 |
| 2012-08-03 | 1.240 | 4.633 |
| 2012-05-09 | 1.240 | 4.436 |
| 2012-02-08 | 1.240 | 4.846 |
| 2011-11-03 | 1.240 | 4.798 |
| 2011-08-04 | 1.240 | 5.179 |
| 2011-05-10 | 1.240 | 5.109 |
| 2011-02-11 | 1.240 | 5.021 |
| 2010-11-01 | 1.240 | 5.325 |
| 2010-08-09 | 1.240 | 5.350 |
| 2010-05-10 | 1.240 | 5.397 |
| 2010-02-12 | 1.240 | 5.608 |
| 2009-11-02 | 1.240 | 6.157 |
| 2009-08-07 | 1.240 | 6.912 |
| 2009-05-05 | 1.240 | 7.008 |
| 2009-02-20 | 1.240 | 8.597 |
| 2008-11-05 | 1.240 | 5.458 |
| 2008-08-04 | 1.240 | 4.777 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Hawaiian Electric Industries's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.5x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
Income/ dividend checks
We assess Hawaiian Electric Industries's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Hawaiian Electric Industries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Hawaiian Electric Industries has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $5,725,431 |
| AGE | 66 |
| TENURE AS CEO | 13.2 years |
CEO Bio
Ms. Constance Hee Lau, also known as Connie, serves as President and Chief Executive Officer of Hawaiian Electric Industries, Inc. in May 2006. She served as the Chairman of Hawaiian Electric Company, Inc. since May 2, 2006 until May 7, 2019. She has been the Chairman of American Savings Bank, F.S.B. since May 02, 2006. Ms. Lau joined the HEI companies in 1984, she served as Financial Vice President and Treasurer of HEI Power Corp. since May 1997 until August 1999. She served as Treasurer of HEI since April 1989 until October 1999 and served as its Assistant Treasurer since December 1987 until April 1989. She served as Treasurer of Hawaiian Electric Company, Inc. from December 1987 to April 1989 and also served as its Assistant Corporate Counsel from September 1984 to December 1987. In December 1999, she became a Director of American Savings Bank and served as its Senior Executive Vice President and Chief Operating Officer since December 1999 until May 2001, She served as the Chief Executive Officer of American Savings Bank since June 01, 2001 until November 15, 2010 and served as its President since June 2001 until January 2008. She also served President for American Savings Bank from September 09, 2010 to November 15, 2010. She also served as an HEI Director from June 2001 to December 2004, and has been serving as an HEI Director since May 2006. Ms. Lau serves as a Director of Matson, Inc. since 2004. Ms. Lau is a nationally recognized leader in the fields of critical infrastructure, resilience and physical and cyber security, banking and energy. Since 2012, Ms. Lau has chaired the National Infrastructure Advisory Council (NIAC). In energy, Ms. Lau was named 2011 Woman of the Year by the Women's Council on Energy and the Environment in Washington, D.C., and serves on the Boards of the Electric Power Research Institute, the Edison Electric Institute, and the Associated Electrical & Gas Insurance Services. In banking, Ms. Lau is a Member of the Federal Reserve Bank of San Francisco's Twelfth District Community Depository Institutions Advisory Council, and was one of U.S. Banker's 25 Most Powerful Women in Banking for 2004, 2005, and 2006 when she headed American Savings. In Hawaii, Ms. Lau was named Pacific Business News (PBN)'s 2004 Hawaii Business Leader of the Year, and in 2013, she was named one of PBN's 10 to Watch for her leadership in clean energy and transportation. Ms. Lau also serves on the Boards of the Hawaii Business Roundtable, the Asia-Pacific Center for Security Studies, Punahou School, and the Consuelo Foundation. She served as a Trustee for Kamehameha Schools Bishop Estate from 1999 to 2007. Ms. Lau graduated from Yale College with a B.S. in Administrative Sciences. She earned a Juris Doctor from the University of California Hastings College of the Law and a master's in business administration from Stanford Graduate School of Business. She is Chairman of the Board at ASB Hawaii, Inc. since 2013 and its Director since May 2006. Her Skills and qualifications for Hawaiian Electric Board service: • Intimate understanding of the Company from serving in various chief executive, chief operating and other executive, finance and legal positions at HEI and its operating subsidiaries for more than 30 years. • Familiarity with current management and corporate governance practices from her current service as a director for Matson, Inc., as a former director of Alexander & Baldwin, Inc., and as a director for AEGIS Insurance Services, Inc. • Experience with financial oversight and expansive knowledge of the Hawaii business community and the local communities that comprise the Company’s customer bases from serving as a director for various local industry, business development, educational and nonprofit organizations.
CEO Compensation
- Connie's compensation has been consistent with company performance over the past year, both up more than 20%.
- Connie's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Hawaiian Electric Industries management team in years:
- The average tenure for the Hawaiian Electric Industries management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Connie Lau
President
$6M
66
13.2 yrs
Greg Hazelton
CFO, Executive VP & Treasurer
$2M
55
2.3 yrs
Rich Wacker
President
$3M
57
8.7 yrs
Alan Oshima
President
$3M
71
4.8 yrs
Kurt Murao
VP of Legal & Administration and Corporate Secretary
Julie Smolinski
Director of Investor Relations & Strategic Planning
Tayne S. Sekimura
Senior VP & CFO of Hawaiian Electric Company Inc.
$1M
56
14.8 yrs
Paul Ito
VP of Tax
48
1.5 yrs
Scott Valentino
President of Pacific Current
1.5 yrs
Patsy Nanbu
Controller of Hawaiian Electric Co. Inc
59
14.2 yrs
Board of Directors Tenure
Average tenure and age of the Hawaiian Electric Industries board of directors in years:
- The tenure for the Hawaiian Electric Industries board of directors is about average.
Board of Directors
Jeff Watanabe
Non-Executive Chairman of the Board
$438K
76
13.2 yrs
Connie Lau
President
$6M
66
13.2 yrs
Tom Fargo
Vice Chairman
$202K
70
0.2 yrs
Rich Wacker
President
$3M
57
8.7 yrs
Alan Oshima
President
$3M
71
4.8 yrs
Barry Taniguchi
Independent Director
$203K
71
14.6 yrs
Peggy Fowler
Independent Director
$184K
67
8.2 yrs
James Scott
Independent Director
$184K
67
24.5 yrs
Keith Russell
Independent Director
$198K
74
8.2 yrs
Richard Dahl
Independent Director
$188K
67
2.5 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 07. Mar 19 | Sell | James Scott | Individual | 06. Mar 19 | 06. Mar 19 | -5,500 | $38.85 | $-213,661 | ||
Management checks
We assess Hawaiian Electric Industries's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Hawaiian Electric Industries has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Taking A Look At Hawaiian Electric Industries, Inc.'s (NYSE:HE) ROE
The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Hawaiian Electric Industries: 9.3% = US$207m ÷ US$2.2b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Hawaiian Electric Industries Have A Good Return On Equity? … Combining Hawaiian Electric Industries's Debt And Its 9.3% Return On Equity While Hawaiian Electric Industries does have some debt, with debt to equity of just 0.94, we wouldn't say debt is excessive.
Simply Wall St - – Full articleIs Hawaiian Electric Industries (NYSE:HE) A Risky Investment?
See our latest analysis for Hawaiian Electric Industries What Is Hawaiian Electric Industries's Debt? … NYSE:HE Historical Debt, July 10th 2019 How Strong Is Hawaiian Electric Industries's Balance Sheet? … Given this deficit is actually higher than the company's market capitalization of US$4.83b, we think shareholders really should watch Hawaiian Electric Industries's debt levels, like a parent watching their child ride a bike for the first time.
Simply Wall St - – Full articleHawaiian Electric Industries, Inc. (NYSE:HE): Commentary On Fundamentals
I've been keeping an eye on Hawaiian Electric Industries, Inc. … NYSE:HE Historical Debt, June 30th 2019 For those seeking income streams from their portfolio, HE is a robust dividend payer as well. … NYSE:HE Historical Dividend Yield, June 30th 2019 Next Steps: For Hawaiian Electric Industries, I've put together three relevant factors you should further examine: Future Outlook: What are well-informed industry analysts predicting for HE’s future growth?
Simply Wall St - – Full articleHere's What We Think About Hawaiian Electric Industries, Inc.'s (NYSE:HE) CEO Pay
Check out our latest analysis for Hawaiian Electric Industries How Does Connie Lau's Compensation Compare With Similar Sized Companies? … You can see a visual representation of the CEO compensation at Hawaiian Electric Industries, below. … Boasting a total shareholder return of 51% over three years, Hawaiian Electric Industries, Inc.
Simply Wall St - – Full articleWhat Type Of Shareholder Owns Hawaiian Electric Industries, Inc.'s (NYSE:HE)?
See our latest analysis for Hawaiian Electric Industries NYSE:HE Ownership Summary, June 19th 2019 What Does The Institutional Ownership Tell Us About Hawaiian Electric Industries? … As you can see, institutional investors own 55% of Hawaiian Electric Industries. … Insider Ownership Of Hawaiian Electric Industries The definition of company insiders can be subjective, and does vary between jurisdictions.
Simply Wall St - – Full articleCan You Imagine How Hawaiian Electric Industries's (NYSE:HE) Shareholders Feel About The 75% Share Price Increase?
(NYSE:HE) share price is up 75% in the last 5 years, clearly besting than the market return of around 38% (ignoring dividends). … During five years of share price growth, Hawaiian Electric Industries achieved compound earnings per share (EPS) growth of 1.8% per year. … We note that for Hawaiian Electric Industries the TSR over the last 5 years was 113%, which is better than the share price return mentioned above.
Simply Wall St - – Full articleHere's What Hawaiian Electric Industries, Inc.'s (NYSE:HE) P/E Is Telling Us
The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Hawaiian Electric Industries: P/E of 21.99 = $41.86 ÷ $1.9 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … As you can see below Hawaiian Electric Industries has a P/E ratio that is fairly close for the average for the electric utilities industry, which is 21.8. … So if Hawaiian Electric Industries actually outperforms its peers going forward, that should be a positive for the share price.
Simply Wall St - – Full articleHow Financially Strong Is Hawaiian Electric Industries, Inc. (NYSE:HE)?
Small-caps and large-caps are wildly popular among investors, however, mid-cap stocks, such as Hawaiian Electric Industries, Inc. … While they are less talked about as an investment category, mid-cap risk-adjusted returns have generally been better than more commonly focused stocks that fall into the small- or large-cap categories. … See our latest analysis for Hawaiian Electric Industries
Simply Wall St - – Full articleWho Has Been Selling Hawaiian Electric Industries, Inc. (NYSE:HE) Shares?
So we'll take a look at whether insiders have been buying or selling shares in Hawaiian Electric Industries, Inc. … The Last 12 Months Of Insider Transactions At Hawaiian Electric Industries. … Insiders in Hawaiian Electric Industries didn't buy any shares in the last year
Simply Wall St - – Full articleWith A Return On Equity Of 9.2%, Has Hawaiian Electric Industries, Inc.'s (NYSE:HE) Management Done Well?
Our data shows Hawaiian Electric Industries has a return on equity of 9.2% for the last year. … View our latest analysis for Hawaiian Electric Industries? … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleCompany Info
Description
Hawaiian Electric Industries, Inc., through its subsidiaries, engages in the electric utility and banking businesses primarily in the state of Hawaii. The company’s Electric Utility segment is involved in generating, purchasing, transmitting, distributing, and selling electric energy. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other bio fuels. This segment 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. Its Bank segment operates a savings bank that offers banking and other financial services, including deposit products, such as savings accounts and checking accounts; 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. This segment operates 49 branches, including 34 branches in Oahu, 6 branches in Maui, 5 branches in Hawaii, 3 branches in Kauai, and 1 branch in Molokai. The company’s Other segment focuses on investing in non-regulated renewable energy and infrastructure in the State of Hawaii. Hawaiian Electric Industries Inc. was founded in 1891 and is headquartered in Honolulu, Hawaii.
Details
| Name: | Hawaiian Electric Industries, Inc. |
| HE | |
| Exchange: | NYSE |
| Founded: | 1891 |
| $4,826,994,570 | |
| 108,936,912 | |
| Website: | http://www.hei.com |
| Address: |
Hawaiian Electric Industries, Inc. 1001 Bishop Street, Suite 2900, Honolulu, Hawaii, 96813, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | HE | Common Stock | New York Stock Exchange | US | USD | 02. Jan 1968 | |
| DB | HWI | Common Stock | Deutsche Boerse AG | DE | EUR | 02. Jan 1968 |
Number of employees
Current staff
Industry
| Electric Utilities | |
| Utilities |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/07/19 23:38 |
| End of day share price update: | 2019/07/19 00:00 |
| Last estimates confirmation: | 2019/07/18 |
| Last earnings filing: | 2019/05/07 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.
