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 $51.03 per share. The share price was $25.02 on November 10, 2026, 51% 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% | $36.02 | +44% |
| Base | 3.5% | 9.0% | $51.03 | +104% |
| Bull | 8.5% | 8.0% | $80.94 | +223% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $61.90 | $65.19 | $69.21 | $74.24 | $80.70 |
| 8.0% | $53.81 | $55.94 | $58.46 | $61.49 | $65.19 |
| 9.0% | $47.88 | $49.34 | $51.03 | $52.99 | $55.31 |
| 10.0% | $43.36 | $44.40 | $45.58 | $46.92 | $48.47 |
| 11.0% | $39.80 | $40.56 | $41.41 | $42.37 | $43.45 |
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