Hawaiian Electric Company, Inc. PFD K 4.65% Financial Ratios — HAWLL

Profitability (USD)

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Return on Common Equity (%)	62.02	15.98	15.72	52.03	20.26	12.05	12.13	9.87	11.46	12.02	12.4	12.4	12.61	12.41	-126.54
Return on Assets (%)	1.28	1.5	1.42	1.22	1.76	2.45	2.48	2.1	2.51	2.57	2.67	2.77	2.92	2.82	-16.44
Return on Capital (%)	9.02	7.74	7.48	8.64	6.34	5.81	7.46	6.22	7.45	7.21	7.09	7.27	7.35	6.98	- -
Return on Invested Capital (%)	5.16	5.98	5.68	4.6	5.21	5.49	5.54	4.51	5.49	5.5	5.48	5.59	5.6	5.28	- -
Gross Margin (%)	9.61	8.93	8.42	36.37	37.95	46.53	32.32	29.73	26.91	27.9	31.21	29.51	24.99	26.08	25.43
EBITDA Margin (%)	15.59	14.1	13.11	13.67	15.13	19.72	23.24	20.88	18.82	19.99	23.53	21.43	16.85	18.1	17.59
Operating Margin (%)	9.61	8.93	8.42	8.24	9.23	11.74	13.98	11.96	9.77	10.35	12.21	11.54	9.2	9.84	8.76
Incremental Operating Margin (%)	19.29	5.8	-4.15	9.8	423.09	0.25	-7.76	-13.96	-7.3	-2,508.06	-4.64	5.99	2.37	-5.77	64.56
Pretax Margin (%)	6.88	6.66	6.44	6.51	7.38	9.3	10.94	9.09	7.09	7.74	9.35	8.81	7.06	7.56	-51.89
Profit Margin (%)	4.33	4.32	4.16	4.19	4.67	5.9	6.89	5.4	5.72	6.24	7.56	7.07	5.6	5.99	-38.18
Net Income to Common Margin (%)	4.26	4.26	4.11	4.12	4.61	5.81	6.8	5.31	5.64	6.16	7.48	6.99	5.54	5.93	-38.24
Effective Tax Rate (%)	37.01	35.15	35.35	35.62	36.63	36.58	37.01	40.56	19.28	19.43	19.09	19.73	20.65	20.71	- -
Dvd Payout Ratio (%)	81.94	77.27	69.38	66.36	64.29	66.61	65.77	73.17	71.91	64.56	63.27	62.88	66.64	66.51	-2.12
Sustainable Growth Rate (%)	11.2	3.63	4.81	17.5	7.23	4.02	4.15	2.65	3.22	4.26	4.55	4.6	4.21	4.16	-129.23

Credit (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Debt	1,627	1,642	1,702	1,843	1,207	1,279	1,319	1,373	1,444	1,764	1,746	1,792	1,917	2,344	2,440
ST Debt	262	302	280	350	- -	- -	- -	55	25	249	115	101	207	17	111
LT Debt	1,365	1,340	1,423	1,493	1,207	1,279	1,319	1,319	1,419	1,515	1,631	1,690	1,710	2,327	2,329
Total Debt/EBITDA	3.92	3.59	3.85	4.53	2.67	2.78	2.71	2.91	3.01	3.47	3.27	3.29	3.34	3.96	4.33
Net Debt/EBITDA	3.12	3	3.35	3.98	2.64	2.72	2.56	2.89	2.94	3.1	2.93	2.98	3.02	3.09	3.13
Total Debt/EBIT	6.35	5.67	5.99	7.51	4.38	4.66	4.51	5.09	5.8	6.69	6.31	6.11	6.11	7.29	8.68
Net Debt/EBIT	5.06	4.74	5.22	6.61	4.33	4.58	4.25	5.04	5.66	5.98	5.66	5.54	5.53	5.68	6.28
EBITDA to Interest Expense	5.09	5.57	5.66	5.4	- -	- -	7.64	7.27	7	7.67	8.23	7.86	7.87	7.31	7.36
EBITDA-CapEx/Interest Expense	5.09	5.57	5.66	5.4	- -	- -	7.64	7.27	7	7.67	8.23	7.86	7.87	7.31	7.36
EBIT to Interest Expense	3.14	3.53	3.64	3.25	- -	- -	4.6	4.16	3.63	3.97	4.27	4.23	4.3	3.97	3.67
Interest Expense	82	82	78	75	- -	- -	64	65	68	66	65	69	73	81	77
Common Equity/Total Assets	2	16.13	2.14	2.47	19.85	20.25	20.06	21.88	21.39	20.88	21.65	22.59	23.2	21.9	4.5
Long-Term Debt/Equity (%)	92	87.66	89.27	86.44	71.73	73.99	73.3	70.15	71.23	72.78	74.94	73.61	71.88	95.25	195.51
Long-Term Debt/Capital (%)	75.45	42.01	74.14	71.14	52.24	52.68	52.4	49.95	51.51	48.38	51.32	51.34	49.11	58.57	82.67
Long-Term Debt/Total Assets (%)	15.02	13.97	14.02	14.44	21.71	22.54	22.08	23.42	23.78	23.72	25.25	26.04	25.91	31.95	30.59
Total Debt/Equity (%)	109.68	107.42	106.82	106.71	71.73	73.99	73.3	73.07	72.48	84.73	80.21	78.02	80.58	95.93	204.81
Total Debt/Capital (%)	89.94	51.48	88.7	87.82	52.24	52.68	52.4	52.03	52.42	56.32	54.93	54.41	55.06	58.99	86.61
Total Debt/Total Assets (%)	17.91	17.12	16.77	17.82	21.71	22.54	22.08	24.39	24.19	27.61	27.03	27.6	29.05	32.18	32.05
Net Debt to Equity	87.39	89.74	93.03	93.97	70.91	72.57	69.17	72.41	70.68	75.69	71.86	70.74	72.88	74.82	148.22
Net Debt/Capital (%)	87.7	46.99	87.24	86.39	51.95	52.2	50.95	51.81	51.79	50.49	49.96	50.13	50.36	47.27	67.06
EBITDA	415	457	443	407	452	460	487	471	479	509	533	544	574	592	564
EBITDA-CapEx	415	457	443	407	452	460	487	471	479	509	533	544	574	592	564
Operating Income (Loss)	256	290	284	246	276	274	293	270	249	264	277	293	314	322	281

Liquidity (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Cash Ratio	0.25	0.22	0.21	0.17	0.03	0.06	0.2	0.03	0.07	0.01	0.08	0.09	0.05	0.15	0.15
Current Ratio	1.09	1.08	1.08	1.07	1.17	1.26	1.35	1.02	1.09	0.82	0.91	1.13	1.06	1.42	0.86
Quick Ratio	1.09	1.08	1.07	1.07	0.63	0.65	0.79	0.51	0.64	0.38	0.53	0.64	0.63	0.89	0.52
CFO/Avg Current Liab	0.08	0.06	0.06	0.07	0.11	0.75	0.98	0.77	0.76	0.66	0.5	0.47	0.46	0.61	0.48
Common Equity/Total Assets	2	16.13	2.14	2.47	19.85	20.25	20.06	21.88	21.39	20.88	21.65	22.59	23.2	21.9	4.5
Long-Term Debt/Equity (%)	92	87.66	89.27	86.44	71.73	73.99	73.3	70.15	71.23	72.78	74.94	73.61	71.88	95.25	195.51
Long-Term Debt/Capital (%)	75.45	42.01	74.14	71.14	52.24	52.68	52.4	49.95	51.51	48.38	51.32	51.34	49.11	58.57	82.67
Long-Term Debt/Total Assets (%)	15.02	13.97	14.02	14.44	21.71	22.54	22.08	23.42	23.78	23.72	25.25	26.04	25.91	31.95	30.59
Total Debt/Equity (%)	109.68	107.42	106.82	106.71	71.73	73.99	73.3	73.07	72.48	84.73	80.21	78.02	80.58	95.93	204.81
Total Debt/Capital (%)	89.94	51.48	88.7	87.82	52.24	52.68	52.4	52.03	52.42	56.32	54.93	54.41	55.06	58.99	86.61
Total Debt/Total Assets (%)	17.91	17.12	16.77	17.82	21.71	22.54	22.08	24.39	24.19	27.61	27.03	27.6	29.05	32.18	32.05
CFO/Total Liabilities	4.48	3.1	3.26	3.8	7.92	8.45	8.86	8.94	9.9	9.84	7.86	6.51	7.77	9.8	7.25
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.47	0.52	0.5	0.44	0.97	0.85	0.79	0.84	0.85	0.78	0.76	0.85	0.98	0.93	0.56

Working Capital (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Accounts Receivable Turnover	10.49	10.61	9.55	8.4	11.73	15.26	15.39	17.58	16.66	15.4	15.07	15.18	14.35	12.28	14.44
Days Sales Outstanding	34.8	34.41	38.24	43.46	31.13	23.91	23.71	20.76	21.91	23.7	24.22	24.05	25.44	29.73	25.28
Inventory Turnover	- -	- -	- -	- -	22.7	8.64	11.53	12.14	13.47	12.76	11.2	11.87	11.44	9.06	9.96
Days Inventory Outstanding	- -	- -	- -	- -	16.08	42.23	31.64	30.07	27.1	28.61	32.59	30.74	31.91	40.31	36.64
Accounts Payable Turnover	13.33	14.11	14.42	8.93	10.72	8.69	12.14	11.59	11.2	10.31	9.52	12.53	14.63	12.24	12.09
Accounts Payable Turnover Days	27.39	25.87	25.3	40.88	34.04	42.01	30.07	31.5	32.6	35.41	38.33	29.14	24.95	29.82	30.19
Cash Conversion Cycle	7.41	8.53	12.93	2.58	13.16	24.13	25.28	19.33	16.42	16.91	18.47	25.65	32.41	40.22	31.73
Inventory to Cash Days	34.8	34.41	38.24	43.46	15.05	-18.32	-7.93	-9.31	-5.19	-4.91	-8.37	-6.69	-6.47	-10.58	-11.36
Inventories	- -	- -	- -	- -	163	126	120	141	135	153	126	176	271	263	217
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	163	126	120	141	135	153	126	176	271	263	217

Enterprise Value (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	331	270	220	220	14	24	74	13	36	11	47	52	39	106	184
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	34	34	34	34	34	34	34	34
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,627	1,642	1,702	1,843	1,207	1,279	1,319	1,373	1,444	1,764	1,746	1,792	1,917	2,344	2,440
Enterprise Value	521	650	715	1,001	1,193	1,254	1,245	1,395	1,442	1,787	1,732	1,774	1,912	2,272	2,290
Total Capital	1,809	3,190	1,919	2,099	2,310	2,427	2,518	2,640	2,754	3,132	3,178	3,292	3,481	3,974	2,817
Total Debt/Capital (%)	89.94	51.48	88.7	87.82	52.24	52.68	52.4	52.03	52.42	56.32	54.93	54.41	55.06	58.99	86.61
Total Debt / EV	3.13	2.53	2.38	1.84	1.01	1.02	1.06	0.98	1	0.99	1.01	1.01	1	1.03	1.07
EV/Sales	0.2	0.2	0.21	0.34	0.4	0.54	0.59	0.62	0.57	0.7	0.76	0.7	0.56	0.69	0.71
EV/EBITDA	1.25	1.42	1.62	2.46	2.64	2.72	2.56	2.96	3.01	3.51	3.25	3.26	3.33	3.84	4.06
EV/EBIT	2.03	2.24	2.52	4.08	4.33	4.58	4.25	5.17	5.79	6.78	6.26	6.05	6.1	7.06	8.15
EV/Cash Flow to Firm	1.33	2.14	2.17	2.67	3.89	3.76	3.04	3.73	3.21	3.74	4.45	5.4	4.95	4.22	4.39
EV/Free Cash Flow to Firm	1.33	2.14	2.17	2.67	3.89	3.76	3.04	3.73	3.21	3.74	4.45	5.4	4.95	4.22	4.39
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	1,297	1,372	1,483	1,623	1,193	1,254	1,245	1,395	1,442	1,787	1,732	1,774	1,912	2,272	2,290
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2,665	3,242	3,375	2,980	2,987	2,335	2,094	2,258	2,547	2,546	2,265	2,540	3,409	3,270	3,207
TTM EBITDA	415	457	443	407	452	460	487	471	479	509	533	544	574	592	564
TTM Operating Income	256	290	284	246	276	274	293	270	249	264	277	293	314	322	281
TTM Cash Flow to Firm	392	304	329	375	307	333	410	374	449	477	389	329	386	539	522
TTM Free Cash Flow to Firm	392	304	329	375	307	333	410	374	449	477	389	329	386	539	522

Multiples (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	2.03	2.24	2.52	4.08	4.33	4.58	4.25	5.17	5.79	6.78	6.26	6.05	6.1	7.06	8.15
Enterprise Value	521	650	715	1,001	1,193	1,254	1,245	1,395	1,442	1,787	1,732	1,774	1,912	2,272	2,290
Low Price	6.98	8.16	11.09	17	17.88	18.55	18.4	19.5	19	19.2	19	20.9	17.01	7.56	10.5
EV/Sales	0.2	0.2	0.21	0.34	0.4	0.54	0.59	0.62	0.57	0.7	0.76	0.7	0.56	0.69	0.71
EV/EBITDA	1.25	1.42	1.62	2.46	2.64	2.72	2.56	2.96	3.01	3.51	3.25	3.26	3.33	3.84	4.06
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.49	0.42	0.44	0.54	0.4	0.54	0.59	0.62	0.57	0.7	0.76	0.7	0.56	0.69	0.71
EV/Sales High	0.49	0.42	0.44	0.54	0.4	0.54	0.59	0.62	0.57	0.7	0.76	0.7	0.56	0.69	0.71
EV/Sales Low	0.49	0.42	0.44	0.54	0.4	0.54	0.59	0.62	0.57	0.7	0.76	0.7	0.56	0.69	0.71
EV/EBITDA Average	3.12	3	3.35	3.98	2.64	2.72	2.56	2.96	3.01	3.51	3.25	3.26	3.33	3.84	4.06
EV/EBITDA High	3.12	3	3.35	3.98	2.64	2.72	2.56	2.96	3.01	3.51	3.25	3.26	3.33	3.84	4.06
EV/EBITDA Low	3.12	3	3.35	3.98	2.64	2.72	2.56	2.96	3.01	3.51	3.25	3.26	3.33	3.84	4.06
EV/EBIT Average	5.06	4.74	5.22	6.61	4.33	4.58	4.25	5.17	5.79	6.78	6.26	6.05	6.1	7.06	8.15
EV/EBIT High	5.06	4.74	5.22	6.61	4.33	4.58	4.25	5.17	5.79	6.78	6.26	6.05	6.1	7.06	8.15
EV/EBIT Low	5.06	4.74	5.22	6.61	4.33	4.58	4.25	5.17	5.79	6.78	6.26	6.05	6.1	7.06	8.15
Last Price	8.81	10.98	10.79	10.97	11.73	12.34	13.5	13.98	14.83	16.47	16.98	17.93	15.03	10.41	14.2
High Price	15.35	18.55	21	20.1	21.75	20.5	25	24.5	21	21.5	21.75	24	21.65	17.5	23
Enterprise Value Average	1,297	1,372	1,483	1,623	1,193	1,254	1,245	1,395	1,442	1,787	1,732	1,774	1,912	2,272	2,290
Enterprise Value High	1,297	1,372	1,483	1,623	1,193	1,254	1,245	1,395	1,442	1,787	1,732	1,774	1,912	2,272	2,290
Enterprise Value Low	1,297	1,372	1,483	1,623	1,193	1,254	1,245	1,395	1,442	1,787	1,732	1,774	1,912	2,272	2,290

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Shares Outstanding	14	14	15	15	16	16	16	16	17	17	17	18	18	18	18
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Hawaiian Electric Company, Inc. PFD K 4.65%

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)