What is First Hawaiian, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on First Hawaiian, Inc.'s reported free cash flow gives $48.50 per share. The share price was $25.25 on September 25, 2026, 48% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.5% | 10.0% | $33.49 | +33% |
| Base | 3.5% | 9.0% | $48.50 | +92% |
| Bull | 8.5% | 8.0% | $78.41 | +211% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $59.37 | $62.66 | $66.68 | $71.71 | $78.17 |
| 8.0% | $51.28 | $53.41 | $55.93 | $58.96 | $62.66 |
| 9.0% | $45.35 | $46.81 | $48.50 | $50.46 | $52.78 |
| 10.0% | $40.83 | $41.87 | $43.05 | $44.39 | $45.94 |
| 11.0% | $37.27 | $38.03 | $38.88 | $39.84 | $40.92 |
Where the presets come from
Base: years 1 to 5 grow at First Hawaiian, Inc.'s revenue growth rate over the last 5 fiscal years (3.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions