Hawaiian Holdings: Investment Thesis
Hawaiian (HA) is facing increasing competition from mainland carriers seeking to grow their businesses. Cost cutting measures may offset the impact on earnings from this increased competition. But if we rely on analysts' consensus estimates, that is not expected to be the case, with declining EPS estimates for 2019 and 2020 compared to prior year. Indicative future rates of return from an investment in Hawaiian shares at the current share price level are in the low- to mid-single digits. There is a considerable amount of uncertainty associated with an