Intrinsic value of Kenon Holdings - KEN

Previous Close

$17.60

  Intrinsic Value

$78.60

stock screener

  Rating & Target

str. buy

+347%

Previous close

$17.60

 
Intrinsic value

$78.60

 
Up/down potential

+347%

 
Rating

str. buy

We calculate the intrinsic value of KEN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  45.38
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  0
  2,131
  2,404
  2,694
  2,999
  3,320
  3,657
  4,009
  4,376
  4,759
  5,157
  5,572
  6,002
  6,450
  6,915
  7,398
  7,901
  8,423
  8,967
  9,532
  10,121
  10,734
  11,373
  12,039
  12,733
  13,459
  14,215
  15,006
  15,832
  16,696
  17,599
Variable operating expenses, $m
 
  1,375
  1,550
  1,736
  1,932
  2,138
  2,353
  2,579
  2,814
  3,059
  3,315
  3,571
  3,847
  4,134
  4,432
  4,741
  5,063
  5,398
  5,747
  6,109
  6,486
  6,879
  7,288
  7,715
  8,161
  8,625
  9,110
  9,617
  10,147
  10,700
  11,279
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,722
  1,375
  1,550
  1,736
  1,932
  2,138
  2,353
  2,579
  2,814
  3,059
  3,315
  3,571
  3,847
  4,134
  4,432
  4,741
  5,063
  5,398
  5,747
  6,109
  6,486
  6,879
  7,288
  7,715
  8,161
  8,625
  9,110
  9,617
  10,147
  10,700
  11,279
Operating income, $m
  152
  756
  854
  958
  1,068
  1,183
  1,304
  1,430
  1,562
  1,699
  1,842
  2,001
  2,156
  2,316
  2,483
  2,657
  2,837
  3,025
  3,220
  3,423
  3,635
  3,855
  4,084
  4,323
  4,573
  4,833
  5,105
  5,389
  5,686
  5,996
  6,320
EBITDA, $m
  324
  957
  1,079
  1,210
  1,347
  1,491
  1,642
  1,800
  1,965
  2,137
  2,316
  2,502
  2,695
  2,896
  3,105
  3,322
  3,548
  3,782
  4,026
  4,280
  4,544
  4,820
  5,107
  5,406
  5,718
  6,043
  6,383
  6,738
  7,109
  7,497
  7,902
Interest expense (income), $m
  151
  145
  172
  202
  233
  266
  301
  337
  375
  415
  456
  499
  543
  590
  638
  688
  740
  795
  851
  909
  970
  1,034
  1,100
  1,169
  1,241
  1,316
  1,394
  1,475
  1,561
  1,650
  1,743
Earnings before tax, $m
  -335
  611
  681
  756
  834
  917
  1,003
  1,093
  1,187
  1,285
  1,387
  1,502
  1,612
  1,726
  1,845
  1,969
  2,097
  2,230
  2,369
  2,514
  2,664
  2,821
  2,984
  3,155
  3,332
  3,518
  3,711
  3,914
  4,125
  4,346
  4,578
Tax expense, $m
  59
  165
  184
  204
  225
  248
  271
  295
  321
  347
  374
  406
  435
  466
  498
  532
  566
  602
  640
  679
  719
  762
  806
  852
  900
  950
  1,002
  1,057
  1,114
  1,174
  1,236
Net income, $m
  -412
  446
  497
  552
  609
  669
  732
  798
  867
  938
  1,012
  1,097
  1,177
  1,260
  1,347
  1,437
  1,531
  1,628
  1,730
  1,835
  1,945
  2,059
  2,178
  2,303
  2,433
  2,568
  2,709
  2,857
  3,011
  3,173
  3,342

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  416
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,138
  5,367
  6,056
  6,785
  7,555
  8,364
  9,212
  10,098
  11,023
  11,987
  12,991
  14,034
  15,119
  16,247
  17,418
  18,636
  19,901
  21,217
  22,586
  24,010
  25,493
  27,037
  28,646
  30,324
  32,074
  33,901
  35,807
  37,799
  39,880
  42,056
  44,331
Adjusted assets (=assets-cash), $m
  4,722
  5,367
  6,056
  6,785
  7,555
  8,364
  9,212
  10,098
  11,023
  11,987
  12,991
  14,034
  15,119
  16,247
  17,418
  18,636
  19,901
  21,217
  22,586
  24,010
  25,493
  27,037
  28,646
  30,324
  32,074
  33,901
  35,807
  37,799
  39,880
  42,056
  44,331
Revenue / Adjusted assets
  0.000
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
Average production assets, $m
  3,354
  3,812
  4,301
  4,819
  5,366
  5,940
  6,542
  7,172
  7,829
  8,514
  9,226
  9,968
  10,738
  11,539
  12,371
  13,236
  14,135
  15,069
  16,041
  17,053
  18,106
  19,203
  20,346
  21,537
  22,780
  24,077
  25,432
  26,846
  28,324
  29,869
  31,485
Working capital, $m
  -191
  -141
  -159
  -178
  -198
  -219
  -241
  -265
  -289
  -314
  -340
  -368
  -396
  -426
  -456
  -488
  -521
  -556
  -592
  -629
  -668
  -708
  -751
  -795
  -840
  -888
  -938
  -990
  -1,045
  -1,102
  -1,162
Total debt, $m
  3,312
  3,449
  4,039
  4,663
  5,322
  6,014
  6,740
  7,499
  8,291
  9,116
  9,975
  10,868
  11,797
  12,762
  13,765
  14,807
  15,891
  17,017
  18,189
  19,408
  20,677
  21,999
  23,376
  24,813
  26,311
  27,874
  29,506
  31,211
  32,992
  34,855
  36,802
Total liabilities, $m
  4,457
  4,594
  5,184
  5,808
  6,467
  7,159
  7,885
  8,644
  9,436
  10,261
  11,120
  12,013
  12,942
  13,907
  14,910
  15,952
  17,036
  18,162
  19,334
  20,553
  21,822
  23,144
  24,521
  25,958
  27,456
  29,019
  30,651
  32,356
  34,137
  36,000
  37,947
Total equity, $m
  681
  773
  872
  977
  1,088
  1,204
  1,326
  1,454
  1,587
  1,726
  1,871
  2,021
  2,177
  2,340
  2,508
  2,684
  2,866
  3,055
  3,252
  3,457
  3,671
  3,893
  4,125
  4,367
  4,619
  4,882
  5,156
  5,443
  5,743
  6,056
  6,384
Total liabilities and equity, $m
  5,138
  5,367
  6,056
  6,785
  7,555
  8,363
  9,211
  10,098
  11,023
  11,987
  12,991
  14,034
  15,119
  16,247
  17,418
  18,636
  19,902
  21,217
  22,586
  24,010
  25,493
  27,037
  28,646
  30,325
  32,075
  33,901
  35,807
  37,799
  39,880
  42,056
  44,331
Debt-to-equity ratio
  4.863
  4.460
  4.630
  4.770
  4.890
  4.990
  5.080
  5.160
  5.220
  5.280
  5.330
  5.380
  5.420
  5.460
  5.490
  5.520
  5.540
  5.570
  5.590
  5.610
  5.630
  5.650
  5.670
  5.680
  5.700
  5.710
  5.720
  5.730
  5.750
  5.760
  5.770
Adjusted equity ratio
  0.056
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -412
  446
  497
  552
  609
  669
  732
  798
  867
  938
  1,012
  1,097
  1,177
  1,260
  1,347
  1,437
  1,531
  1,628
  1,730
  1,835
  1,945
  2,059
  2,178
  2,303
  2,433
  2,568
  2,709
  2,857
  3,011
  3,173
  3,342
Depreciation, amort., depletion, $m
  172
  201
  226
  252
  279
  308
  338
  370
  403
  437
  473
  501
  540
  580
  622
  665
  710
  757
  806
  857
  910
  965
  1,022
  1,082
  1,145
  1,210
  1,278
  1,349
  1,423
  1,501
  1,582
Funds from operations, $m
  150
  647
  723
  804
  888
  977
  1,071
  1,168
  1,270
  1,375
  1,486
  1,597
  1,716
  1,840
  1,969
  2,102
  2,241
  2,385
  2,536
  2,692
  2,855
  3,024
  3,201
  3,385
  3,577
  3,778
  3,987
  4,206
  4,435
  4,674
  4,924
Change in working capital, $m
  -12
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
Cash from operations, $m
  162
  664
  741
  823
  908
  999
  1,093
  1,191
  1,294
  1,401
  1,512
  1,625
  1,745
  1,870
  1,999
  2,134
  2,274
  2,420
  2,572
  2,729
  2,894
  3,065
  3,243
  3,429
  3,623
  3,826
  4,037
  4,258
  4,489
  4,731
  4,983
Maintenance CAPEX, $m
  0
  -169
  -192
  -216
  -242
  -270
  -299
  -329
  -360
  -393
  -428
  -464
  -501
  -540
  -580
  -622
  -665
  -710
  -757
  -806
  -857
  -910
  -965
  -1,022
  -1,082
  -1,145
  -1,210
  -1,278
  -1,349
  -1,423
  -1,501
New CAPEX, $m
  -291
  -458
  -489
  -518
  -547
  -575
  -602
  -630
  -657
  -685
  -713
  -741
  -771
  -801
  -832
  -865
  -899
  -935
  -972
  -1,012
  -1,053
  -1,097
  -1,143
  -1,192
  -1,243
  -1,297
  -1,354
  -1,415
  -1,478
  -1,545
  -1,616
Cash from investing activities, $m
  -400
  -627
  -681
  -734
  -789
  -845
  -901
  -959
  -1,017
  -1,078
  -1,141
  -1,205
  -1,272
  -1,341
  -1,412
  -1,487
  -1,564
  -1,645
  -1,729
  -1,818
  -1,910
  -2,007
  -2,108
  -2,214
  -2,325
  -2,442
  -2,564
  -2,693
  -2,827
  -2,968
  -3,117
Free cash flow, $m
  -238
  37
  61
  88
  120
  154
  192
  233
  276
  323
  371
  420
  473
  529
  587
  648
  710
  775
  842
  912
  984
  1,058
  1,135
  1,215
  1,298
  1,384
  1,473
  1,566
  1,662
  1,762
  1,867
Issuance/(repayment) of debt, $m
  349
  553
  589
  624
  659
  692
  726
  759
  792
  825
  859
  893
  929
  965
  1,003
  1,042
  1,083
  1,126
  1,172
  1,219
  1,269
  1,322
  1,378
  1,436
  1,498
  1,563
  1,632
  1,705
  1,781
  1,862
  1,948
Issuance/(repurchase) of shares, $m
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  175
  553
  589
  624
  659
  692
  726
  759
  792
  825
  859
  893
  929
  965
  1,003
  1,042
  1,083
  1,126
  1,172
  1,219
  1,269
  1,322
  1,378
  1,436
  1,498
  1,563
  1,632
  1,705
  1,781
  1,862
  1,948
Total cash flow (excl. dividends), $m
  -57
  590
  650
  713
  778
  847
  918
  992
  1,068
  1,148
  1,230
  1,313
  1,402
  1,494
  1,590
  1,690
  1,794
  1,901
  2,014
  2,131
  2,253
  2,380
  2,513
  2,651
  2,796
  2,947
  3,105
  3,271
  3,444
  3,625
  3,814
Retained Cash Flow (-), $m
  380
  -92
  -99
  -105
  -111
  -116
  -122
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -214
  -222
  -232
  -242
  -252
  -263
  -275
  -287
  -300
  -313
  -328
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  498
  551
  608
  668
  730
  796
  864
  935
  1,009
  1,086
  1,163
  1,246
  1,332
  1,422
  1,515
  1,611
  1,712
  1,817
  1,926
  2,039
  2,158
  2,281
  2,410
  2,544
  2,684
  2,831
  2,984
  3,144
  3,311
  3,486
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  447
  438
  424
  403
  378
  348
  314
  279
  243
  208
  173
  142
  114
  89
  68
  51
  37
  26
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Kenon Holdings Ltd. is a holding company that operates primarily growth-oriented businesses. The Company's segments include I.C. Power Asia Development Ltd (IC Power), Qoros Automotive Co., Ltd. (Qoros) and Other. I.C. Power, through its subsidiary companies, is engaged in the production, operation and sale of electricity in countries in Latin America, the Caribbean region and Israel. Qoros is an automotive company. Its other activities include shipping services and renewable energy businesses. The Company also holds interests in ZIM Integrated Shipping Services, Ltd. (ZIM), which is a provider of container shipping services, and Primus Green Energy, Inc. (Primus), which is a developer and owner of a natural gas-to-liquid technology process. IC Power is an owner, developer and operator of power generation facilities, and operates power distribution business. Qoros offers approximately three vehicle models, which include the Qoros 3 Sedan, the Qoros 3 Hatch and the Qoros 3 City SUV.

FINANCIAL RATIOS  of  Kenon Holdings (KEN)

Valuation Ratios
P/E Ratio -2.3
Price to Sales 0.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow -7.3
Growth Rates
Sales Growth Rate 45.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 415.4%
Total Debt to Equity 486.3%
Interest Coverage -1
Management Effectiveness
Return On Assets -4.9%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital -10.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity -47.3%
Return On Equity - 3 Yr. Avg. 2.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -0.6%
EBITDA Margin - 3 Yr. Avg. 20.8%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 23.6%
Pre-Tax Margin -17.9%
Pre-Tax Margin - 3 Yr. Avg. 0.8%
Net Profit Margin -22%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate -17.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.7%
Payout Ratio 0%

KEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KEN stock intrinsic value calculation we used $1874 million for the last fiscal year's total revenue generated by Kenon Holdings. The default revenue input number comes from 2016 income statement of Kenon Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our KEN stock valuation model: a) initial revenue growth rate of 13.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.6%, whose default value for KEN is calculated based on our internal credit rating of Kenon Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Kenon Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of KEN stock the variable cost ratio is equal to 64.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for KEN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5% for Kenon Holdings.

Corporate tax rate of 27% is the nominal tax rate for Kenon Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the KEN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for KEN are equal to 178.9%.

Life of production assets of 19.9 years is the average useful life of capital assets used in Kenon Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for KEN is equal to -6.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $681 million for Kenon Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53.808 million for Kenon Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Kenon Holdings at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Kenon Announces Issuance of Bonds by ICPI   [May-17-17 05:42PM  PR Newswire]
▶ Kenon reports 4Q loss   [Mar-29-17 05:10PM  Associated Press]
▶ Kenon Holdings Publishes its Second Quarter 2016 Results   [Oct-08-16 04:50AM  PR Newswire]
Financial statements of KEN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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