Intrinsic value of Kenon Holdings - KEN

Previous Close

$28.65

  Intrinsic Value

$84.62

stock screener

  Rating & Target

str. buy

+195%

Previous close

$28.65

 
Intrinsic value

$84.62

 
Up/down potential

+195%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  14.50
  13.55
  12.70
  11.93
  11.23
  10.61
  10.05
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.96
  6.76
  6.58
  6.43
  6.28
  6.15
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
Revenue, $m
  0
  2,146
  2,436
  2,746
  3,073
  3,418
  3,781
  4,161
  4,558
  4,973
  5,404
  5,853
  6,321
  6,806
  7,311
  7,835
  8,380
  8,947
  9,536
  10,149
  10,786
  11,450
  12,142
  12,862
  13,614
  14,398
  15,216
  16,070
  16,962
  17,895
  18,870
Variable operating expenses, $m
 
  1,385
  1,571
  1,769
  1,979
  2,200
  2,433
  2,676
  2,931
  3,196
  3,473
  3,751
  4,051
  4,362
  4,685
  5,021
  5,371
  5,734
  6,111
  6,504
  6,913
  7,338
  7,781
  8,243
  8,725
  9,227
  9,751
  10,299
  10,871
  11,468
  12,093
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
  1,385
  1,571
  1,769
  1,979
  2,200
  2,433
  2,676
  2,931
  3,196
  3,473
  3,751
  4,051
  4,362
  4,685
  5,021
  5,371
  5,734
  6,111
  6,504
  6,913
  7,338
  7,781
  8,243
  8,725
  9,227
  9,751
  10,299
  10,871
  11,468
  12,093
Operating income, $m
  152
  761
  865
  976
  1,094
  1,218
  1,348
  1,485
  1,627
  1,776
  1,931
  2,102
  2,270
  2,444
  2,625
  2,814
  3,010
  3,213
  3,425
  3,645
  3,874
  4,112
  4,360
  4,619
  4,889
  5,171
  5,464
  5,771
  6,092
  6,426
  6,776
EBITDA, $m
  324
  963
  1,094
  1,233
  1,380
  1,535
  1,698
  1,868
  2,047
  2,233
  2,427
  2,628
  2,838
  3,056
  3,283
  3,518
  3,763
  4,017
  4,282
  4,557
  4,843
  5,141
  5,452
  5,776
  6,113
  6,465
  6,832
  7,216
  7,616
  8,035
  8,473
Interest expense (income), $m
  151
  145
  174
  205
  239
  274
  311
  350
  391
  434
  479
  525
  574
  624
  677
  731
  787
  846
  907
  971
  1,037
  1,106
  1,177
  1,252
  1,329
  1,410
  1,495
  1,583
  1,675
  1,771
  1,872
Earnings before tax, $m
  -335
  616
  691
  771
  855
  944
  1,037
  1,134
  1,236
  1,342
  1,452
  1,577
  1,696
  1,820
  1,949
  2,083
  2,222
  2,367
  2,517
  2,674
  2,837
  3,006
  3,183
  3,367
  3,560
  3,760
  3,969
  4,188
  4,416
  4,655
  4,905
Tax expense, $m
  59
  166
  187
  208
  231
  255
  280
  306
  334
  362
  392
  426
  458
  491
  526
  562
  600
  639
  680
  722
  766
  812
  859
  909
  961
  1,015
  1,072
  1,131
  1,192
  1,257
  1,324
Net income, $m
  -412
  450
  505
  563
  624
  689
  757
  828
  902
  980
  1,060
  1,151
  1,238
  1,329
  1,423
  1,521
  1,622
  1,728
  1,838
  1,952
  2,071
  2,195
  2,324
  2,458
  2,599
  2,745
  2,898
  3,057
  3,224
  3,398
  3,580

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
  5,405
  6,137
  6,916
  7,741
  8,611
  9,524
  10,481
  11,482
  12,525
  13,613
  14,744
  15,921
  17,144
  18,415
  19,736
  21,109
  22,536
  24,020
  25,563
  27,170
  28,842
  30,584
  32,399
  34,292
  36,266
  38,327
  40,479
  42,726
  45,075
  47,530
Adjusted assets (=assets-cash), $m
  4,722
  5,405
  6,137
  6,916
  7,741
  8,611
  9,524
  10,481
  11,482
  12,525
  13,613
  14,744
  15,921
  17,144
  18,415
  19,736
  21,109
  22,536
  24,020
  25,563
  27,170
  28,842
  30,584
  32,399
  34,292
  36,266
  38,327
  40,479
  42,726
  45,075
  47,530
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
  3,839
  4,359
  4,912
  5,498
  6,116
  6,764
  7,444
  8,155
  8,896
  9,668
  10,472
  11,307
  12,176
  13,079
  14,017
  14,992
  16,006
  17,060
  18,156
  19,297
  20,485
  21,722
  23,011
  24,355
  25,758
  27,221
  28,749
  30,346
  32,014
  33,758
Working capital, $m
  -191
  -142
  -161
  -181
  -203
  -226
  -250
  -275
  -301
  -328
  -357
  -386
  -417
  -449
  -483
  -517
  -553
  -590
  -629
  -670
  -712
  -756
  -801
  -849
  -899
  -950
  -1,004
  -1,061
  -1,120
  -1,181
  -1,245
Total debt, $m
  3,312
  3,482
  4,108
  4,775
  5,481
  6,226
  7,008
  7,827
  8,683
  9,577
  10,507
  11,476
  12,483
  13,530
  14,618
  15,749
  16,924
  18,146
  19,416
  20,737
  22,112
  23,544
  25,035
  26,589
  28,209
  29,899
  31,663
  33,505
  35,429
  37,439
  39,541
Total liabilities, $m
  4,457
  4,627
  5,253
  5,920
  6,626
  7,371
  8,153
  8,972
  9,828
  10,722
  11,652
  12,621
  13,628
  14,675
  15,763
  16,894
  18,069
  19,291
  20,561
  21,882
  23,257
  24,689
  26,180
  27,734
  29,354
  31,044
  32,808
  34,650
  36,574
  38,584
  40,686
Total equity, $m
  681
  778
  884
  996
  1,115
  1,240
  1,371
  1,509
  1,653
  1,804
  1,960
  2,123
  2,293
  2,469
  2,652
  2,842
  3,040
  3,245
  3,459
  3,681
  3,912
  4,153
  4,404
  4,665
  4,938
  5,222
  5,519
  5,829
  6,153
  6,491
  6,844
Total liabilities and equity, $m
  5,138
  5,405
  6,137
  6,916
  7,741
  8,611
  9,524
  10,481
  11,481
  12,526
  13,612
  14,744
  15,921
  17,144
  18,415
  19,736
  21,109
  22,536
  24,020
  25,563
  27,169
  28,842
  30,584
  32,399
  34,292
  36,266
  38,327
  40,479
  42,727
  45,075
  47,530
Debt-to-equity ratio
  4.863
  4.470
  4.650
  4.790
  4.920
  5.020
  5.110
  5.190
  5.250
  5.310
  5.360
  5.410
  5.450
  5.480
  5.510
  5.540
  5.570
  5.590
  5.610
  5.630
  5.650
  5.670
  5.680
  5.700
  5.710
  5.730
  5.740
  5.750
  5.760
  5.770
  5.780
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
  450
  505
  563
  624
  689
  757
  828
  902
  980
  1,060
  1,151
  1,238
  1,329
  1,423
  1,521
  1,622
  1,728
  1,838
  1,952
  2,071
  2,195
  2,324
  2,458
  2,599
  2,745
  2,898
  3,057
  3,224
  3,398
  3,580
Depreciation, amort., depletion, $m
  172
  203
  229
  256
  286
  317
  350
  384
  419
  457
  495
  526
  568
  612
  657
  704
  753
  804
  857
  912
  970
  1,029
  1,092
  1,156
  1,224
  1,294
  1,368
  1,445
  1,525
  1,609
  1,696
Funds from operations, $m
  150
  652
  733
  819
  910
  1,006
  1,107
  1,212
  1,322
  1,436
  1,556
  1,677
  1,806
  1,941
  2,080
  2,225
  2,376
  2,532
  2,695
  2,864
  3,041
  3,224
  3,415
  3,615
  3,822
  4,039
  4,266
  4,502
  4,749
  5,007
  5,277
Change in working capital, $m
  -12
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -64
Cash from operations, $m
  162
  670
  752
  840
  932
  1,029
  1,130
  1,237
  1,348
  1,464
  1,584
  1,707
  1,837
  1,973
  2,113
  2,260
  2,411
  2,569
  2,734
  2,905
  3,083
  3,268
  3,461
  3,662
  3,872
  4,091
  4,320
  4,558
  4,808
  5,068
  5,341
Maintenance CAPEX, $m
  0
  -169
  -193
  -219
  -247
  -276
  -307
  -340
  -374
  -410
  -447
  -486
  -526
  -568
  -612
  -657
  -704
  -753
  -804
  -857
  -912
  -970
  -1,029
  -1,092
  -1,156
  -1,224
  -1,294
  -1,368
  -1,445
  -1,525
  -1,609
New CAPEX, $m
  -291
  -485
  -520
  -553
  -586
  -618
  -649
  -680
  -710
  -741
  -772
  -804
  -836
  -869
  -903
  -938
  -975
  -1,014
  -1,054
  -1,096
  -1,141
  -1,188
  -1,237
  -1,289
  -1,344
  -1,402
  -1,464
  -1,528
  -1,596
  -1,668
  -1,744
Cash from investing activities, $m
  -400
  -654
  -713
  -772
  -833
  -894
  -956
  -1,020
  -1,084
  -1,151
  -1,219
  -1,290
  -1,362
  -1,437
  -1,515
  -1,595
  -1,679
  -1,767
  -1,858
  -1,953
  -2,053
  -2,158
  -2,266
  -2,381
  -2,500
  -2,626
  -2,758
  -2,896
  -3,041
  -3,193
  -3,353
Free cash flow, $m
  -238
  17
  39
  67
  99
  135
  174
  217
  263
  313
  365
  417
  475
  536
  599
  664
  732
  803
  876
  951
  1,029
  1,110
  1,194
  1,281
  1,371
  1,465
  1,562
  1,662
  1,767
  1,875
  1,988
Issuance/(repayment) of debt, $m
  349
  586
  627
  667
  706
  744
  782
  819
  856
  893
  931
  969
  1,007
  1,047
  1,088
  1,131
  1,175
  1,222
  1,270
  1,321
  1,375
  1,431
  1,491
  1,554
  1,620
  1,690
  1,764
  1,842
  1,924
  2,011
  2,102
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
  586
  627
  667
  706
  744
  782
  819
  856
  893
  931
  969
  1,007
  1,047
  1,088
  1,131
  1,175
  1,222
  1,270
  1,321
  1,375
  1,431
  1,491
  1,554
  1,620
  1,690
  1,764
  1,842
  1,924
  2,011
  2,102
Total cash flow (excl. dividends), $m
  -57
  602
  666
  734
  805
  879
  956
  1,036
  1,120
  1,206
  1,296
  1,386
  1,482
  1,583
  1,687
  1,795
  1,907
  2,024
  2,146
  2,272
  2,404
  2,542
  2,685
  2,835
  2,992
  3,155
  3,326
  3,504
  3,691
  3,886
  4,090
Retained Cash Flow (-), $m
  380
  -97
  -105
  -112
  -119
  -125
  -132
  -138
  -144
  -150
  -157
  -163
  -169
  -176
  -183
  -190
  -198
  -205
  -214
  -222
  -231
  -241
  -251
  -261
  -273
  -284
  -297
  -310
  -324
  -338
  -354
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
 
  505
  561
  622
  686
  754
  825
  899
  976
  1,056
  1,139
  1,223
  1,313
  1,407
  1,504
  1,605
  1,710
  1,819
  1,932
  2,050
  2,173
  2,301
  2,435
  2,574
  2,719
  2,871
  3,029
  3,194
  3,367
  3,548
  3,737
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
 
  452
  446
  434
  415
  390
  360
  327
  291
  254
  218
  182
  150
  120
  94
  72
  54
  39
  28
  19
  13
  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 -3.7
Price to Sales 0.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow -11.9
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 14.5% 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 51.732 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 $1.5 billion.

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COMPANY NEWS

▶ Deals of the day-Mergers and acquisitions   [Jan-09-18 04:00PM  Reuters]
▶ [$$] Deal Close Announcements: Jan. 1-5   [Jan-05-18 05:11PM  The Wall Street Journal]
▶ 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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