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Hawaiian Electric Industries Inc HE

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

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Economic Moat

PREMIUM

Stewardship

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Conservative Loan Book Should Keep Things From Getting Really Ugly at Hawaiian Electric

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $34.50 fair value estimate for Hawaiian Electric Industries after the company reported weak 2020 first-quarter results due in large part to coronavirus-related expenses at the utility and American Savings Bank. EPS were $0.31 in the recently ended quarter versus $0.42 in the same period last year. Our consolidated EPS estimate of $1.90, the bottom of the guidance range of $1.90-$2.10, is unchanged.

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Company Profile

Business Description

Hawaiian Electric Industries is the parent company of three Hawaii-based regulated utilities and Hawaii's third- largest financial institution, American Savings Bank. The utilities provide electricity to 95% of the state on the five islands of Oahu, Hawaii, Maui, Molokai, and Lanai. Although the majority of electricity is produced by oil-fired power plants, over 25% of electricity in its service territory comes from renewable energy; this portion is growing rapidly as the state has set a goal of 100% by 2045.

Contact
1001 Bishop Street, Suite 2900
Honolulu, HI, 96813
T +1 808 543-5662
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 3,841

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