What is Hawaiian Electric Industries Inc worth?
With the base-case assumptions below, a discounted cash flow model on Hawaiian Electric Industries Inc's reported free cash flow gives -$7.17 per share. The share price was $9.08 on November 10, 2026, 227% 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% | -$8.96 | -199% |
| Base | 3.5% | 9.0% | -$7.17 | -179% |
| Bull | 8.5% | 8.0% | -$3.60 | -140% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | -$5.87 | -$5.48 | -$5.00 | -$4.40 | -$3.63 |
| 8.0% | -$6.83 | -$6.58 | -$6.28 | -$5.92 | -$5.48 |
| 9.0% | -$7.54 | -$7.37 | -$7.17 | -$6.93 | -$6.65 |
| 10.0% | -$8.08 | -$7.96 | -$7.82 | -$7.65 | -$7.47 |
| 11.0% | -$8.50 | -$8.41 | -$8.31 | -$8.20 | -$8.07 |
Where the presets come from
Base: years 1 to 5 grow at Hawaiian Electric Industries 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