Report
Charles Fishman
EUR 100.00 For Business Accounts Only

Hawaiian Electric Reports Strong 1Q Results at the Utility and Bank

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 in ...
Underlying
Hawaiian Electric Industries Inc.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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.

We have operations in 27 countries.

Analysts
Charles Fishman

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