Kenon Holdings Ltd. (KEN)

Price$69.18Cached quoteAs of 2026-09-05 22:30 UTC

AI: Fair-priced

Price checkVisible assets exceed Kenon’s market value, but OPC’s rich valuation reduces the apparent bargain.

Kenon owns about 46% of OPC. OPC’s latest market value is about NIS 30 billion, putting Kenon’s stake near $4.6 billion; adding $512 million of stand-alone cash gives visible assets around $5.1 billion against Kenon’s roughly $3.5 billion equity value, a discount near 32%. However, OPC’s enterprise value, meaning equity value plus net debt, is about $12.4 billion. That is roughly 24 times annualized first-half 2026 operating earnings before interest, tax, depreciation and amortization. The holding-company discount is attractive, but OPC’s valuation keeps the overall price closer to fair.

Big pictureReported earnings are lumpy, but the power business is growing and producing more operating cash.

Revenue rose from $386 million in 2020 to $872 million in 2025, while operating income reached $62 million. Yet net income swung from a $211 million loss in 2023 to $634 million profit in 2024 and $148 million in 2025, showing why one-year earnings are a poor anchor. In 2025, operating cash flow was $284 million and capital spending was $116 million, leaving about $167 million after those investments. OPC’s first-half 2026 operating performance also improved, but project spending keeps cash generation uneven.

Business strengthA debt-light parent owns a valuable power platform while continuing to return cash to shareholders.

Kenon’s parent balance sheet is a major cushion: stand-alone cash was $512 million on June 1, with no material Kenon-level debt, and a further approximately $93 million arbitration payment arrived in August before tax. Kenon paid about $200 million in cash dividends in April. Its year-end share count also fell from 53.9 million in 2022 to 52.1 million in 2025, so recent history shows no net shareholder dilution. OPC did issue new shares in March, trimming Kenon’s ownership to about 46% while raising growth capital.

What could change the storyThe discount can close if OPC executes, but heavy construction spending can also consume the cushion.

OPC is spending heavily to expand. Hadera alone is an 850-megawatt project costing an estimated $1.7-$1.8 billion, with senior debt expected to fund about 80% and completion scheduled for 2030. Stronger U.S. capacity prices and data-center demand could justify OPC’s high valuation and help Kenon’s discount close. Conversely, a roughly 25% fall in OPC’s market value would shrink Kenon’s visible-asset cushion to the low teens before taxes and holding costs. OPC has also suspended its own dividend policy through at least March 2028.

AI: News

Peru award paidPeru paid Kenon about $93 million after funder allocation and expenses, adding parent-level liquidity.

On August 19, 2026, Peru paid the arbitration award that had been outstanding since the 2023 ruling. Kenon said its share of the total payment was approximately $93 million after allocating proceeds to a capital provider and paying certain expenses, with tax still due. The payment concludes the matter and directly increases parent-level liquidity. Relative to Kenon’s roughly $3.5 billion equity value, the gross receipt is meaningful, although the after-tax benefit is smaller.

OPC first-half growthOPC’s first-half operating performance improved sharply, strengthening the value of Kenon’s main asset.

On August 12, OPC reported first-half adjusted operating earnings before interest, tax, depreciation and amortization of $255 million, up 26% from a year earlier. Second-quarter performance rose 46% to $131 million, while funds from operations, a cash-oriented measure, increased 32% in the first half to $165 million. The gains came mainly from stronger U.S. energy margins, higher PJM capacity prices and larger ownership stakes in power plants. This strengthens the value case, though reported profit remains volatile.

Hadera expansion advancesOPC secured financing and tariff support for Hadera, reducing uncertainty around a major growth project.

In June, OPC signed construction financing and contracting agreements for the 850-megawatt Hadera expansion, then received tariff approval from Israel’s Electricity Authority on June 19. Total construction cost is estimated at $1.7-$1.8 billion, with senior debt expected to cover about 80%. The approved availability tariff runs for roughly 25 years after operations begin, alongside market-based energy sales. These steps reduce development and revenue uncertainty, but the project still carries multi-year construction, financing and execution risk through its scheduled 2030 completion.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$871.9M	$751.3M	$691.8M	$574.0M	$487.8M	$386.5M	$373.5M	$364.0M	$365.7M	$324.3M	$325.9M
Gross profit	$146.8M	$143.8M	$119.5M	$99.8M	$98.3M	$71.2M	$86.3M	$74.7M	$68.5M	$45.9M	$55.6M
Gross margin	16.84%	19.14%	17.27%	17.40%	20.16%	18.44%	23.11%	20.52%	18.72%	14.15%	17.08%
Research & development	$4.0M	$12.2M	$15.6M	$15.2M	$1.6M	$2.0M	$1.9M	$999,000	—	—	—
Operating expenses	$114.9M	$119.1M	$82.2M	$88.1M	$31.7M	$8.6M	$6.3M	$6.5M	$6.4M	$6.1M	—
Operating income	$62.3M	$47.5M	$42.6M	$2.8M	$22.5M	$23.0M	$56.0M	$42.2M	$42.3M	−$70.9M	$244.9M
Operating margin	7.15%	6.32%	6.15%	0.49%	4.62%	5.95%	14.99%	11.59%	11.56%	−21.88%	75.13%
EBITDA	$129.6M	$133.1M	$120.6M	$59.7M	$75.7M	$56.1M	$87.1M	$72.0M	$72.4M	−$44.2M	$270.3M
EBITDA margin	14.87%	17.72%	17.43%	10.40%	15.51%	14.53%	23.33%	19.78%	19.80%	−13.64%	82.94%
Net income	$148.3M	$634.1M	−$210.9M	$349.7M	$875.3M	$504.2M	$2.4M	$444.8M	$268.1M	−$394.0M	$95.9M
Net profit margin	17.00%	84.40%	−30.49%	60.92%	179.46%	130.47%	0.65%	122.20%	73.32%	−121.51%	29.42%
Basic EPSper basic share	$1.27	$11.34	-$4.42	$5.80	$17.27	$9.41	-$0.25	$8.07	$4.40	-$7.67	$1.36
Diluted EPSper diluted share	$1.27	$11.34	-$4.42	$5.80	$17.27	$9.41	-$0.25	$8.07	$4.40	-$7.67	$1.36

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 6 reported holders of KEN
Holder	Shares held
Rosen Robert Lawrence	27.83K
Foo Say Mui	24.75K
Sen Arunava	24.47K
FINE N SCOTT	6.12K
Charney Laurence N	5K
Low Wan-Li, Audrey	1.02K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Kenon Holdings Ltd. (KEN)

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