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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry
vs
history
Cash to Debt 0.46
HE's Cash to Debt is ranked higher than
83% of the 752 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 0.16 vs. HE: 0.46 )
HE' s 10-Year Cash to Debt Range
Min: 0   Max: 0.68
Current: 0.46

0
0.68
Equity to Asset 0.17
HE's Equity to Asset is ranked higher than
52% of the 751 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 0.35 vs. HE: 0.17 )
HE' s 10-Year Equity to Asset Range
Min: 0.1   Max: 0.35
Current: 0.17

0.1
0.35
Interest Coverage 4.18
HE's Interest Coverage is ranked higher than
77% of the 497 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 3.60 vs. HE: 4.18 )
HE' s 10-Year Interest Coverage Range
Min: 2.46   Max: 4.18
Current: 4.18

2.46
4.18
F-Score: 4
Z-Score: 0.62
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 9.74
HE's Operating margin (%) is ranked higher than
72% of the 762 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 12.20 vs. HE: 9.74 )
HE' s 10-Year Operating margin (%) Range
Min: 6.34   Max: 16.14
Current: 9.74

6.34
16.14
Net-margin (%) 5.05
HE's Net-margin (%) is ranked higher than
68% of the 762 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 6.86 vs. HE: 5.05 )
HE' s 10-Year Net-margin (%) Range
Min: 2.8   Max: 7.27
Current: 5.05

2.8
7.27
ROE (%) 9.46
HE's ROE (%) is ranked higher than
83% of the 761 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 7.91 vs. HE: 9.46 )
HE' s 10-Year ROE (%) Range
Min: 5.89   Max: 11.3
Current: 9.46

5.89
11.3
ROA (%) 1.58
HE's ROA (%) is ranked higher than
64% of the 769 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 2.78 vs. HE: 1.58 )
HE' s 10-Year ROA (%) Range
Min: 0.82   Max: 3.69
Current: 1.58

0.82
3.69
ROC (Joel Greenblatt) (%) 8.17
HE's ROC (Joel Greenblatt) (%) is ranked higher than
78% of the 764 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 7.81 vs. HE: 8.17 )
HE' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 4.24   Max: 12.57
Current: 8.17

4.24
12.57
Revenue Growth (%) 4.60
HE's Revenue Growth (%) is ranked higher than
77% of the 640 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 4.20 vs. HE: 4.60 )
HE' s 10-Year Revenue Growth (%) Range
Min: -11   Max: 12.3
Current: 4.6

-11
12.3
EBITDA Growth (%) -10.30
HE's EBITDA Growth (%) is ranked higher than
60% of the 615 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 1.90 vs. HE: -10.30 )
HE' s 10-Year EBITDA Growth (%) Range
Min: -10.3   Max: 15.4
Current: -10.3

-10.3
15.4
EPS Growth (%) 10.20
HE's EPS Growth (%) is ranked higher than
84% of the 562 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 3.60 vs. HE: 10.20 )
HE' s 10-Year EPS Growth (%) Range
Min: -12   Max: 16
Current: 10.2

-12
16
» HE's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

HE Guru Trades in Q1 2013

Steven Cohen 11,313 sh (New)
Paul Tudor Jones 100,100 sh (+415.98%)
Mario Gabelli 76,800 sh (+6.52%)
Meridian Funds 719,375 sh (unchged)
Jim Simons 246,100 sh (-50.62%)
» More
Q2 2013

HE Guru Trades in Q2 2013

Meridian Funds 719,375 sh (unchged)
Jim Simons Sold Out
Steven Cohen Sold Out
Mario Gabelli 56,300 sh (-26.69%)
Paul Tudor Jones 23,100 sh (-76.92%)
» More
Q3 2013

HE Guru Trades in Q3 2013

Mario Gabelli 55,300 sh (-1.78%)
Paul Tudor Jones 8,900 sh (-61.47%)
» More
Q4 2013

HE Guru Trades in Q4 2013

Paul Tudor Jones 10,600 sh (+19.1%)
Mario Gabelli 50,000 sh (-9.58%)
» More
» Details

Insider Trades

Latest Guru Trades with HE

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Mario Gabelli 2013-06-30 Reduce -26.69%$23.97 - $28.3 $ 24.61-8%56300
Mario Gabelli 2012-06-30 Add 45.28%0.01%$24.68 - $28.74 $ 24.61-8%78500
Mario Gabelli 2012-03-31 Add 248.6%0.01%$25.02 - $26.32 $ 24.612%54033
Mario Gabelli 2011-03-31 Reduce -97.09%$22.79 - $25.28 $ 24.610%17900
Premium More recent guru trades are included for Premium Members only!!
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Ratios

vs
industry
vs
history
P/E(ttm) 15.20
HE's P/E(ttm) is ranked higher than
78% of the 655 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 17.50 vs. HE: 15.20 )
HE' s 10-Year P/E(ttm) Range
Min: 12.95   Max: 32.02
Current: 15.2

12.95
32.02
P/B 1.42
HE's P/B is ranked higher than
70% of the 752 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 1.42 vs. HE: 1.42 )
HE' s 10-Year P/B Range
Min: 0.81   Max: 2.14
Current: 1.42

0.81
2.14
P/S 0.76
HE's P/S is ranked higher than
75% of the 793 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 1.45 vs. HE: 0.76 )
HE' s 10-Year P/S Range
Min: 0.35   Max: 1.24
Current: 0.76

0.35
1.24
PFCF 30.38
HE's PFCF is ranked higher than
55% of the 442 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 16.85 vs. HE: 30.38 )
HE' s 10-Year PFCF Range
Min: 9.63   Max: 224.58
Current: 30.38

9.63
224.58
EV-to-EBIT 11.09
HE's EV-to-EBIT is ranked higher than
85% of the 709 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 15.40 vs. HE: 11.09 )
HE' s 10-Year EV-to-EBIT Range
Min: 9.5   Max: 18.2
Current: 11.09

9.5
18.2
PEG 4.60
HE's PEG is ranked higher than
57% of the 470 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 2.82 vs. HE: 4.60 )
HE' s 10-Year PEG Range
Min: 1.98   Max: 57.87
Current: 4.6

1.98
57.87
Shiller P/E 18.41
HE's Shiller P/E is ranked higher than
69% of the 480 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 18.49 vs. HE: 18.41 )
HE' s 10-Year Shiller P/E Range
Min: 8.96   Max: 23.39
Current: 18.41

8.96
23.39

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 5.00
HE's Dividend Yield is ranked higher than
86% of the 677 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 3.20 vs. HE: 5.00 )
HE' s 10-Year Dividend Yield Range
Min: 4.17   Max: 9.96
Current: 5

4.17
9.96
Dividend Payout 0.72
HE's Dividend Payout is ranked higher than
55% of the 566 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 0.57 vs. HE: 0.72 )
HE' s 10-Year Dividend Payout Range
Min: 0.77   Max: 1.77
Current: 0.72

0.77
1.77
Yield on cost (5-Year) 5.00
HE's Yield on cost (5-Year) is ranked higher than
78% of the 686 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 3.37 vs. HE: 5.00 )
HE' s 10-Year Yield on cost (5-Year) Range
Min: 4.17   Max: 9.96
Current: 5

4.17
9.96
Share Buyback Rate -2.10
HE's Share Buyback Rate is ranked higher than
76% of the 520 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: -1.70 vs. HE: -2.10 )
HE' s 10-Year Share Buyback Rate Range
Min: -1.1   Max: -5.5
Current: -2.1

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.49
HE's Price/Tangible Book is ranked higher than
74% of the 695 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 1.80 vs. HE: 1.49 )
HE' s 10-Year Price/Tangible Book Range
Min: 1.26   Max: 2.19
Current: 1.49

1.26
2.19
Price/DCF (Projected) 2.16
HE's Price/DCF (Projected) is ranked higher than
59% of the 431 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 1.50 vs. HE: 2.16 )
HE' s 10-Year Price/DCF (Projected) Range
Min: 1.05   Max: 4.03
Current: 2.16

1.05
4.03
Price/Median PS Value 0.93
HE's Price/Median PS Value is ranked higher than
76% of the 717 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 1.00 vs. HE: 0.93 )
HE' s 10-Year Price/Median PS Value Range
Min: 0.72   Max: 1.49
Current: 0.93

0.72
1.49
Price/Graham Number 1.00
HE's Price/Graham Number is ranked higher than
78% of the 605 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 1.20 vs. HE: 1.00 )
HE' s 10-Year Price/Graham Number Range
Min: 0.83   Max: 1.45
Current: 1

0.83
1.45
Earnings Yield (Greenblatt) 9.00
HE's Earnings Yield (Greenblatt) is ranked higher than
87% of the 726 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 6.50 vs. HE: 9.00 )
HE' s 10-Year Earnings Yield (Greenblatt) Range
Min: 5.5   Max: 10.5
Current: 9

5.5
10.5
Forward Rate of Return (Yacktman) -9.10
HE's Forward Rate of Return (Yacktman) is ranked higher than
58% of the 612 Companies
in the Global Utilities - Regulated Electric industry.

( Industry Median: 4.31 vs. HE: -9.10 )
HE' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -9.9   Max: 10.9
Current: -9.1

-9.9
10.9

Business Description

Industry: Utilities - Regulated » Utilities - Regulated Electric
Compare:WR, EE, ENI, NGG, DTE » details
Traded in other countries:HWI.Germany
Hawaiian Electric Industries, Inc. was incorporated in 1981 under the laws of the State of Hawaii and is a holding company with its principal subsidiaries engaged in the electric utility, banking and other businesses operating primarily in the State of Hawaii. HEI's predecessor, Hawaiian Electric Company, Inc., was incorporated under the laws of the Kingdom of Hawaii on October 13, 1891. As a result of a 1983 corporate reorganization, HECO became an HEI subsidiary. HECO and its operating subsidiaries, Maui Electric Company, Limited and Hawaii Electric Light Company, Inc., are regulated electric public utilities providing the only electric public utility service on the islands of Oahu, Maui, Lanai, Molokai and Hawaii. HECO, MECO and HELCO are regulated operating electric public utilities engaged in the production, purchase, transmission, distribution and sale of electricity on the islands of Oahu; Maui, Lanai and Molokai; and Hawaii, respectively. HECO has 138 kV transmission and 46 kV sub-transmission lines. HELCO has 69 kV transmission and 34.5 kV transmission and sub-transmission lines. MECO has 69 kV transmission and 23 kV sub-transmission lines on Maui and 34.5 kV transmission lines on Molokai. Lanai has no transmission lines and uses 12 kV lines to distribute electricity. The electric utilities' overhead and underground transmission and sub-transmission lines, as well as their distribution lines, are uninsured because the amount of insurance available is limited and the premiums are extremely high. The Company's three strategic objectives, currently, are to operate the electric utility and bank subsidiaries for long-term growth, maintain the annual dividend and increase the Company's financial flexibility by strengthening the balance sheet and maintaining credit ratings. The Company has supported state and federal energy policies which encourage the development of alternate energy sources that reduce the use of fuel oil. The Company's alternate energy sources range from wind, geothermal and hydroelectric power, to energy produced by the burning of bagasse, municipal waste and coal. The capital projects of the electric utilities may face various approval and permitting processes, including obtaining PUC approval of the project, air permits from the DOH and/or the U.S. Environmental Protection Agency, land use permits from the Hawaii Board of Land and Natural Resources and land use entitlements from the applicable county. HEI and HECO were exempt from the comprehensive regulation of the SEC under the Public Utility Holding Company Act of 1935.

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