Company Reports

We are maintaining our $10 per share fair value estimate after Hawaiian Electric Industries reported full-year operating earnings of $0.45 per share compared with $0.50 in 2023. Hawaiian Electric suspended its dividend last year.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers.

We are maintaining our $13 per share fair value estimate after Hawaiian Electric Industries reported full-year operating earnings of $2.04 per share compared with $2.14 in 2022. Operating earnings exclude $14 million of wildfire-related expenses and an $11 million loss on a sale of securities to reposition the bank's balance sheet. Hawaiian Electric suspended its dividend last year.

We are maintaining our $13 per share fair value estimate after Hawaiian Electric Industries reported third-quarter earnings. Hawaiian Electric suspended its dividend in August. Management withdrew guidance for 2023. Our Extreme Uncertainty Rating remains unchanged.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers.

We are lowering our Hawaiian Electric fair value estimate to $13 per share from $17 as we continue to assess the impacts of the wildfires in the utility's service territory.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers. The Hawaiian economy, driven in large part by tourism, affects both businesses.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers. The Hawaiian economy, driven in large part by tourism, affects both businesses.

We are lowering our fair value estimate for Hawaiian Electric Industries to $23 per share from $34 after assessing numerous press reports over the weekend that suggest Hawaiian Electric's equipment may have been responsible for the recent Lahaina fire in the utility's service territory. The cause of the fire remains under investigation and no official cause has been determined.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers. The Hawaiian economy, driven in large part by tourism, affects both businesses.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers. The Hawaiian economy, driven in large part by tourism, affects both businesses.

We are lowering our Hawaiian Electric Industries fair value estimate to $34 per share from $37 after our initial assessment of the potential impact of the wildfires in Hawaiian Electric's service territory. We've also increased our Morningstar Uncertainty Rating to medium from low to account for the wider range of possible outcomes.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers. The Hawaiian economy, driven in large part by tourism, affects both businesses.

We are lowering our fair value estimate for narrow-moat Hawaiian Electric Industries to $37 per share from $39 after the company reported second-quarter earnings per share of $0.50 compared with $0.48 in the same year-ago period.

We are maintaining our $39 fair value estimate and narrow moat rating for Hawaiian Electric Industries after the company reported first-quarter earnings per share of $0.50 compared with $0.63 in the year-ago period. Management reaffirmed its full-year EPS guidance of $2.15-$2.35, consistent with our expectations.

Hawaiian Electric Industries derives approximately three fourths of consolidated earnings from an electric utility and the remaining from Hawaii-based American Savings Bank, a business mix unique among its utility peers. The Hawaiian economy, driven in large part by tourism, affects both businesses.

We are maintaining our $39 per share fair value estimate, narrow moat rating, and stable moat trend after Hawaiian Electric Industries reported full-year 2022 earnings per share of $2.20, at the high end of management's narrowed $2.08-$2.20 per share range. Earnings were down from $2.25 in 2021. Management initiated 2023 EPS guidance of $2.15-$2.35, in line with our $2.27 estimate.