Morningstar

Morningstar, Inc.

Equity Bottom-Up

We are reaffirming our $35 per share fair value estimate after Hawaiian Electric Industries reported strong 2019 first-quarter earnings and reaffirmed 2019 earnings guidance
Hawaiian Electric also reaffirmed its capital expenditures and rate base forecast, indicating a 6% average annual increase in rate base from 2019-2021. We are not as bullish on rate base increases. Our forecast assumes an average increase of 5.3% over the next five years.

Hawaiian’s utilities contributed $0.29 per share…

Hawaiian Electric Industries continues to be a confusing story for investors, as it derives roughly 65% of consolidated earnings from an electric utility and about 35% from a regional bank, American Savings Bank, or ASB. However, an improving Hawaiian economy, driven in large part by tourism, should benefit both businesses.Although growing rooftop solar installations are a concern, the Hawaiian regulatory framework includes sales-decoupling mechanisms that for the most part shield utility…

United States

Hawaiian Electric Industries, Inc. is a diversified holding company that delivers a variety of services to the people of Hawaii.  The Company's subsidiaries offer electric utilities, savings banks and other businesses, primarily in the state of Hawaii.

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