Kenon Holdings (KEN) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Kenon Holdings stock $45.06, price $60.81, that is 25.9% below the price, quality 53 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range $12.66 – $95.54 · fair‑value band $30.58 – $56.78 · the $60.81 price screens above the $45.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Kenon Holdings Ltd., through its subsidiaries, operates as an owner, developer, and operator of power generation facilities in Israel and the United States.
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It engages in the generation and supply of electricity, and energy; development, construction, operation of power plants, and energy generation facilities using natural gas and renewable energy; and management of solar and wind energy, and conventional natural gas-fired power plants.
The company was incorporated in 2014 and is based in Singapore. Kenon Holdings Ltd. is a subsidiary of Ansonia Holdings Singapore B.V.
Stock analysis
Kenon Holdings (KEN) currently trades at $60.81, while our model-based Fair Value estimate is $45.06, 26% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $43.80 per share, and 0 of the 26 models we run sit above the $60.81 price.
Bear case: the Economic Profit group reads lowest at $12.83, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $30.58 (bear) to $56.78 (bull), the price of $60.81 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Kenon Holdings reported revenue of $872M in FY2025 versus $488M in FY2021, a compound +15.6%/yr. Reported net income was $66.3M in FY2025, compounding −48.3%/yr from FY2021.
Key figures
Market cap $3.2B Mid · P/E ratio 26.6 · P/S ratio 2.64 · EPS (TTM) $2.29 · Dividend yield 6.3% · Net margin 10.0% · Return on equity 6.8% · Return on assets (EBIT) 0.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −24% fair-value upside, at −26%, KEN screens richer than that median.
Fair Value models
Bear$30.58Fair Value $45.06Bull$56.78
Price $60.81 · Downside -25.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+16.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.7%
Start year 2020 (pandemic). Over 10 years: +10.3% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−31.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−37.5%
Dividend (yield on the price)6.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−37.5% vs −12.7%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 7%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.4%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +3.9% a year for the price.
News mood ⓘNews mood, the average tone of recent news (68 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Limited durable advantages and thin signals leave the business exposed to competitive pressure, while the new US district heating stake adds regulated-style infrastructure cash flows.
Main risk: Higher capital intensity from the sizable US infrastructure outlay could reduce returns if the new assets deliver less steady cash flows than the existing power plants.
Kenon is committing cash to a 25 percent stake in a US district heating and cooling platform with long-term contracts across twelve cities while its subsidiary sells a smaller distributed generation business in Israel. The move adds exposure to regulated-style infrastructure cash flows but requires a sizable outlay. Will the new US assets generate steadier returns than the existing power plants or simply increase capital intensity?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Independent Power Producers · 78 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside−25.9% · Below median
Profitability
Return on equity (12 months)6.8% · Below median
Return on assets2.8% · Below median
Net margin (12 months)22.4% · Top 25%
Operating margin (12 months)9.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)93.4% · Top 25%
Dividend yield (12 months)6.3% · Top 25%
Balance sheet
Debt / equity1.04× · Above median
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Kenon Holdings Fair Value". https://www.fairvalue-calculator.com/stock/KEN
Frequently asked questions
Is Kenon Holdings (KEN) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of $45.06 versus a price of $60.81, about 26% lower (overvalued).
What is the fair value of KEN?
Our model-based fair value for Kenon Holdings is $45.06 (as of Nov 9, 2026), built from audited fundamentals. The current price: $60.81.
What is the quality score of KEN?
Kenon Holdings has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kenon Holdings (KEN)?
Our model-based price target is the fair value of $45.06 (as of Nov 9, 2026) from 26 valuation models. Cautious scenario $30.58, optimistic scenario $56.78. It is a calculation from audited fundamentals, not an analyst target.
What is the Kenon Holdings stock forecast for 2026?
Our models put fair value at $45.06, about 26% lower versus a price of $60.81 (overvalued). Cautious scenario $30.58, optimistic scenario $56.78. The calculation is refreshed regularly with new filings.
What is the revenue of Kenon Holdings (KEN)?
Kenon Holdings reported trailing-twelve-month revenue of about $1.2B (latest available figure, as of Nov 9, 2026).
Does Kenon Holdings pay a dividend?
Kenon Holdings currently shows a dividend yield of 6.33% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Kenon Holdings (KEN) and when is the ex-dividend date?
Kenon Holdings pays a dividend of $3.85 per share a year, a dividend yield of 6.3%. The last ex-dividend date was Apr 13, 2026. A dividend has been paid every year since at least 2018. The payout ratio is 168% of earnings. Free cash flow covers the dividend 0.83 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Kenon Holdings (KEN)?
For today's price to be fair in a discounted-cash-flow model, Kenon Holdings would have to grow free cash flow by +6.3 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.7 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of KEN use?
Our models discount Kenon Holdings at 8.5 %: a base by market capitalisation (mid), damped by beta 0.34, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Kenon Holdings that is +6.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Kenon Holdings (KEN) delivered so far?
Over the past 5 years revenue at Kenon Holdings grew +17.7 % a year. The price currently implies free-cash-flow growth of +6.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Kenon Holdings (KEN) growing?
The median revenue growth in the sector is +4.8 % a year. That is the yardstick for the growth priced into Kenon Holdings (+6.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kenon Holdings (KEN)?
The free-cash-flow yield on the price is 5.28 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Kenon Holdings produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kenon Holdings (KEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kenon Holdings it is $45.06 per share (as of Nov 9, 2026), against a price of $60.81. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Kenon Holdings stock overvalued or undervalued in 2026?
As of Nov 9, 2026, KEN trades above its calculated fair value: price $60.81, fair value $45.06, a gap of about −26% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KEN?
No. The price is what the market pays today ($60.81); the fair value is what the company's own numbers justify ($45.06). For Kenon Holdings the two are $15.75 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kenon Holdings worth?
The market values Kenon Holdings at about $3.2B (market capitalisation, as of Nov 9, 2026). Per share that is $60.81; our models calculate a fair value of $45.06 per share.
What do the bullish and bearish scenarios say about KEN?
Our models span a range for Kenon Holdings: cautious scenario $30.58, base $45.06, optimistic $56.78 per share (as of Nov 9, 2026, price $60.81). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KEN?
Kenon Holdings trades at a price-to-earnings ratio of 26.6 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $45.06 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2017 to 2025), reported earnings: 3.2. Other multiples: P/B 2.0, P/S 6.0, EV/EBITDA 41.2.
How solid is the balance sheet of Kenon Holdings (KEN)?
Balance-sheet figures for Kenon Holdings (as of Nov 9, 2026): return on equity 6.8%, debt of 1.04 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is KEN from its 52-week high?
Kenon Holdings trades at $60.81, about 36% below its 52-week high of $95.54 and 16% above the low of $52.45 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of $45.06 is for.
Which stocks are comparable to Kenon Holdings?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kenon Holdings stock attractive at the current price?
The data as of Nov 9, 2026: price $60.81, calculated fair value $45.06 (−26%), Quality Score 53/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KEN calculated?
We run Kenon Holdings through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $45.06 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. Kenon Holdings itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kenon Holdings (KEN)?
The closing price on Nov 9, 2026 was $60.81. Our model-based fair value is $45.06, about 26% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kenon Holdings right now?
The price sits above even our optimistic bull case ($56.78). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($30.58 to $56.78) leaves room in how you read the outcome.
Where does the earnings growth of Kenon Holdings (KEN) come from?
Earnings per share at Kenon Holdings grew +2.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.2 %, EBIT margin −15.5 %, tax rate +0.9 %, residual (interest, one-offs) +20.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Kenon Holdings
How large is the market capitalisation of Kenon Holdings (KEN)?
The market capitalisation of Kenon Holdings is $3.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kenon Holdings (KEN)?
The price-to-sales ratio of Kenon Holdings is 2.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kenon Holdings (KEN)?
Earnings per share at Kenon Holdings are $2.29 (price ÷ EPS = P/E 26.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kenon Holdings (KEN)?
The dividend yield of Kenon Holdings is 6.3% (payout 168%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kenon Holdings (KEN)?
The net margin of Kenon Holdings is 10.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kenon Holdings (KEN)?
The return on equity (ROE) of Kenon Holdings is 6.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kenon Holdings (KEN)?
On an EBIT basis the return on assets of Kenon Holdings is 0.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kenon Holdings (KEN)?
The operating margin of Kenon Holdings is 9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kenon Holdings (KEN)?
Revenue at Kenon Holdings is growing +93.4% versus a year earlier (3y avg +15.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kenon Holdings (KEN)?
Earnings per share at Kenon Holdings are growing +803% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Kenon Holdings (KEN) carry?
The net debt of Kenon Holdings is $301M (fiscal year 2025, ≈ 1.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 9, 2026