Is HE or HNRG more undervalued in 2026?

CirclFi compares Hawaiian Electric Industries, I (HE) and Hallador Energy Company (HNRG) using 13 institutional-grade valuation models. HE has a Quality of Company score of 7.4/10 while HNRG scores 8.6/10.

Which is a better buy — HE or HNRG?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do HE and HNRG valuations compare?

HE at $13.30 and HNRG at $19.26 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

HE vs HNRG Valuation Comparison 2026 — Intrinsic Value Analysis

HE

Electric Services

Hawaiian Electric Industries, I

Quality

7.4

out of 10

Value Trap

SAFE

Price

$13.30

Last close

Models

12/13

Active

HNRG

Electric Services

Hallador Energy Company

Quality

8.6

out of 10

Value Trap

—

Price

$19.26

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	HE Fair Value	HE Upside	HNRG Fair Value	HNRG Upside
Bayesian DCF	Intrinsic	$1.21	-91.1%	$0.74	-96.1%
Earnings Power Value	Intrinsic	$0.59	-95.7%	$66.08	+243.1%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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HE vs HNRG — Which Stock Is More Undervalued?

HNRG scores higher with a 8.6/10 quality rating vs HE's 7.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Hawaiian Electric Industries, I (HE) and Hallador Energy Company (HNRG) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

HE currently trades at $13.30 with a QOC of 7.4/10, while HNRG trades at $19.26 with a QOC of 8.6/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).