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Hawaiian Electric Industries Inc HE

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

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Capital Allocation

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Hawaiian Electric Surprises Us With a Dividend Increase

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are increasing our fair value estimate to $35 per share from $34 after Hawaiian Electric Industries announced a 3% dividend increase for the 2021 first quarter. The increase was a surprise to us, as we assumed Hawaiian Electric’s board would forgo a 2021 increase.

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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 - Diversified
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 3,702

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