Hawaiian Electric Reports Solid Third-Quarter Results; ASB Continues To Outperform Our Expectations
We are raising our fair value estimate to $35 from $34 after Hawaiian Electric Industries reported solid 2018 third-quarter earnings due to the higher earned core return on equity at the utility with the resumption of triennial rate cases and the continued strength of American Savings Bank, or ASB. Our fair value estimate increase was due primarily to our increase in estimated earnings for ASB over the next five years and time-value appreciation.EPS in the third quarter were $0.60 versus $0.55 ...
Hawaiian Electric Industries is a holding company with its subsidiaries principally engaged in electric utility, banking, and renewable/sustainable infrastructure investment businesses operating in the State of Hawaii. The company and its operating utility subsidiaries, Hawaii Electric Light Company, Inc.and Maui Electric Company, Limited are regulated electric public utilities that provide essential electric service to Hawaii's population through the operation of five separate grids that serve communities on the islands of Oahu, Hawaii, and Maui, Lanai and Molokai. The company also owns ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B., a financial institution in the State of Hawaii.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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