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Hawaiian Electric Industries

NYSE:HE
Snowflake Description

Established dividend payer with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HE
NYSE
$5B
Market Cap
  1. Home
  2. US
  3. Utilities
Company description

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 43 days ago. More info.


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HE Share Price and Events
7 Day Returns
1.2%
NYSE:HE
1.4%
US Electric Utilities
1.2%
US Market
1 Year Returns
30.2%
NYSE:HE
18.4%
US Electric Utilities
2.3%
US Market
HE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hawaiian Electric Industries (HE) 1.2% 3.7% 7.4% 30.2% 29.1% 70.8%
US Electric Utilities 1.4% 2.8% 4.6% 18.4% 17.6% 37.9%
US Market 1.2% 2% 2% 2.3% 37.9% 39.8%
1 Year Return vs Industry and Market
  • HE outperformed the Electric Utilities industry which returned 18.4% over the past year.
  • HE outperformed the Market in United States of America which returned 2.3% over the past year.
Price Volatility
HE
Industry
5yr Volatility vs Market

Value

 Is Hawaiian Electric Industries undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Hawaiian Electric Industries.

NYSE:HE Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for NYSE:HE
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 0.28
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.279 (1 + (1- 21%) (48.91%))
0.589
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.

NYSE:HE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 71.00 Analyst x1 66.05
2020 67.00 Analyst x1 57.98
2021 54.00 Analyst x1 43.47
2022 46.31 Est @ -14.23% 34.68
2023 42.08 Est @ -9.14% 29.31
2024 39.73 Est @ -5.58% 25.75
2025 38.50 Est @ -3.09% 23.21
2026 37.99 Est @ -1.34% 21.30
2027 37.94 Est @ -0.12% 19.79
2028 38.22 Est @ 0.73% 18.55
Present value of next 10 years cash flows $340.10
NYSE:HE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $38.22 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$823.47
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $823.47 ÷ (1 + 7.5%)10
$399.62
NYSE:HE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $340.10 + $399.62
$739.72
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $739.72 / 108.94
$6.79
NYSE:HE Discount to Share Price
Calculation Result
Value per share (USD) From above. $6.79
Current discount Discount to share price of $43.58
= -1 x ($43.58 - $6.79) / $6.79
-541.8%

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.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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?
Raw Data
NYSE:HE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.90
NYSE:HE Share Price ** NYSE (2019-06-19) in USD $43.58
United States of America Electric Utilities Industry PE Ratio Median Figure of 26 Publicly-Listed Electric Utilities Companies 22.39x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Hawaiian Electric Industries.

NYSE:HE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:HE Share Price ÷ EPS (both in USD)

= 43.58 ÷ 1.90

22.9x

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?
Raw Data
NYSE:HE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
5.6%per year
United States of America Electric Utilities Industry PEG Ratio Median Figure of 22 Publicly-Listed Electric Utilities Companies 3.2x
United States of America Market PEG Ratio Median Figure of 2,128 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:HE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.9x ÷ 5.6%

4.07x

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?
Raw Data
NYSE:HE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $20.04
NYSE:HE Share Price * NYSE (2019-06-19) in USD $43.58
United States of America Electric Utilities Industry PB Ratio Median Figure of 29 Publicly-Listed Electric Utilities Companies 2.17x
United States of America Market PB Ratio Median Figure of 5,246 Publicly-Listed Companies 1.8x
NYSE:HE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:HE Share Price ÷ Book Value per Share (both in USD)

= 43.58 ÷ 20.04

2.17x

* 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 overvalued based on assets compared to the US Electric Utilities industry average.
X
Value checks
We assess Hawaiian Electric Industries's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Hawaiian Electric Industries has a total score of 0/6, 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

 How is Hawaiian Electric Industries expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

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!
Annual Growth Rate
5.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hawaiian Electric Industries expected to grow at an attractive rate?
  • 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
Raw Data
NYSE:HE Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:HE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 5.6%
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%
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 13.9%
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
Raw Data
NYSE:HE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:HE Future Estimates Data
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 2,831 549 214 4
NYSE:HE Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Hawaiian Electric Industries's earnings are expected to grow by 5.6% yearly, however this is not considered high growth (20% yearly).
  • Hawaiian Electric Industries's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:HE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 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 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HE Future Estimates Data
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
NYSE:HE Past Financials Data
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%).
X
Future performance checks
We assess Hawaiian Electric Industries's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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
Below we compare Hawaiian Electric Industries's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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
Hawaiian Electric Industries's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Hawaiian Electric Industries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HE Past Revenue, Cash Flow and Net Income Data
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
2012-06-30 3,406.51 159.75

*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).
X
Past performance checks
We assess Hawaiian Electric Industries's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Hawaiian Electric Industries's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from Hawaiian Electric Industries Company Filings, last reported 2 months ago.

NYSE:HE Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,217.81 2,321.95 186.87
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
2012-06-30 1,610.07 1,744.57 207.55
  • 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).
X
Financial health checks
We assess Hawaiian Electric Industries's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Hawaiian Electric Industries has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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
Dividend payments
2.94%
Current annual income from Hawaiian Electric Industries dividends. Estimated to be 3.02% next year.
If you bought $2,000 of Hawaiian Electric Industries shares you are expected to receive $59 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Hawaiian Electric Industries's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Hawaiian Electric Industries's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
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.
Raw Data
NYSE:HE Annualized Past and Future Dividends
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 2011 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.

NYSE:HE Future Dividends Estimate Data
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
NYSE:HE Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-07 1.280 3.029
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

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).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Hawaiian Electric Industries's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. 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

 What is the CEO of Hawaiian Electric Industries's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Connie Lau
COMPENSATION $5,725,431
AGE 65
TENURE AS CEO 13.1 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:

6.6
Average Tenure
56
Average Age
  • 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

TITLE
President
COMPENSATION
$6M
AGE
65
TENURE
13.1 yrs

Greg Hazelton

TITLE
CFO, Executive VP & Treasurer
COMPENSATION
$2M
AGE
54
TENURE
2.2 yrs

Rich Wacker

TITLE
President
COMPENSATION
$3M
AGE
56
TENURE
8.6 yrs

Alan Oshima

TITLE
President
COMPENSATION
$3M
AGE
70
TENURE
4.7 yrs

Kurt Murao

TITLE
VP of Legal & Administration and Corporate Secretary

Julie Smolinski

TITLE
Director of Investor Relations & Strategic Planning

Tayne S. Sekimura

TITLE
Senior VP & CFO of Hawaiian Electric Company Inc.
COMPENSATION
$1M
AGE
55
TENURE
14.7 yrs

Paul Ito

TITLE
VP of Tax
AGE
47
TENURE
1.4 yrs

Scott Valentino

TITLE
President of Pacific Current
TENURE
1.4 yrs

Patsy Nanbu

TITLE
Controller of Hawaiian Electric Co. Inc
AGE
58
TENURE
14.1 yrs
Board of Directors Tenure

Average tenure and age of the Hawaiian Electric Industries board of directors in years:

8.3
Average Tenure
67.5
Average Age
  • The tenure for the Hawaiian Electric Industries board of directors is about average.
Board of Directors

Jeff Watanabe

TITLE
Non-Executive Chairman of the Board
COMPENSATION
$438K
AGE
75
TENURE
13.1 yrs

Connie Lau

TITLE
President
COMPENSATION
$6M
AGE
65
TENURE
13.1 yrs

Tom Fargo

TITLE
Vice Chairman
COMPENSATION
$202K
AGE
69
TENURE
0.1 yrs

Rich Wacker

TITLE
President
COMPENSATION
$3M
AGE
56
TENURE
8.6 yrs

Alan Oshima

TITLE
President
COMPENSATION
$3M
AGE
70
TENURE
4.7 yrs

Barry Taniguchi

TITLE
Independent Director
COMPENSATION
$203K
AGE
70
TENURE
14.5 yrs

Peggy Fowler

TITLE
Independent Director
COMPENSATION
$184K
AGE
66
TENURE
8.1 yrs

James Scott

TITLE
Independent Director
COMPENSATION
$184K
AGE
66
TENURE
24.4 yrs

Keith Russell

TITLE
Independent Director
COMPENSATION
$198K
AGE
73
TENURE
8.1 yrs

Richard Dahl

TITLE
Independent Director
COMPENSATION
$188K
AGE
66
TENURE
2.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
07. Mar 19 Sell James Scott Individual 06. Mar 19 06. Mar 19 -5,500 $38.85 $-213,661
X
Management checks
We assess Hawaiian Electric Industries's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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

What 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 -

Can 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 -

Here'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 -

How 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 -

Who 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 -

With 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 -

What Do Analysts Think About Hawaiian Electric Industries, Inc.'s (NYSE:HE) Growth?

After Hawaiian Electric Industries, Inc.'s (NYSE:HE) earnings announcement in December 2018,. … with profits predicted to increase by 7.1% next year … the past 5-year average growth rate of 4.4%

Simply Wall St -

Does Hawaiian Electric Industries, Inc.'s (NYSE:HE) CEO Pay Matter?

How Does Connie Lau's Compensation Compare With Similar Sized Companies. … has a market cap of US$4.4b, and is paying total annual CEO compensation of US$5.7m. … When we examined a selection of companies with market caps ranging from US$2.0b to US$6.4b, we found the median CEO total compensation was US$4.9m.

Simply Wall St -

What Should We Expect From Hawaiian Electric Industries, Inc.'s (NYSE:HE) Earnings Over The Next Few Years?

Hawaiian Electric Industries, Inc.'s (NYSE:HE) announced its latest earnings update in December 2018, whicha

Simply Wall St -

Does Hawaiian Electric Industries, Inc.'s (NYSE:HE) Past Performance Indicate A Stronger Future?

After reading Hawaiian Electric Industries, Inc.'s (NYSE:HE) most recent earnings announcement (31 December 2018), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … How HE fared against its long-term earnings performance and its industry. … HE's trailing twelve-month earnings (from 31 December 2018) of US$202m has

Simply Wall St -

Company 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
$4,747,470,624
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
Staff numbers
3,898
Hawaiian Electric Industries employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 23:38
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/06/10
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.