Company Valuation: Kenon Holdings Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,584 2,740 1,784 1,321 1,752 3,432
Change - 73.06% -34.89% -25.95% 32.59% 95.89%
Enterprise Value (EV) 1 2,086 3,510 2,070 2,000 1,874 3,626
Change - 68.24% -41.04% -3.34% -6.33% 93.5%
P/E 3.12x 2.95x 5.71x -5.54x 2.95x 51.8x
PBR 1.48x 1.53x 1.12x 1.08x 1.08x 2.16x
PEG - 0x -0.1x 0x -0x -0.6x
Capitalization / Revenue 4.1x 5.62x 3.11x 1.91x 2.33x 3.94x
EV / Revenue 5.4x 7.2x 3.61x 2.89x 2.49x 4.16x
EV / EBITDA 31.6x 47x 34.8x 16x 13.4x 28.4x
EV / EBIT 59.2x 156x 733x 47x 33.8x 58.2x
EV / FCF -8.01x 9.69x -4.06x -8.4x -7.02x 113x
FCF Yield -12.5% 10.3% -24.6% -11.9% -14.3% 0.88%
Dividend per Share 2 1.86 3.5 2.79 3.8 4.8 3.85
Rate of return 6.33% 6.88% 8.43% 15.5% 14.4% 5.84%
EPS 2 9.414 17.27 5.802 -4.422 11.34 1.271
Distribution rate 19.8% 20.3% 48.1% -85.9% 42.3% 303%
Net sales 1 386.5 487.8 574 691.8 751.3 871.9
EBITDA 1 66.1 74.61 59.41 124.7 140.3 127.5
EBIT 1 35.24 22.54 2.825 42.56 55.5 62.35
Net income 1 507.1 930.3 312.7 -236 597.7 66.27
Net Debt 1 502.6 769.3 285.1 678.9 121.7 193.7
Reference price 2 29.40 50.86 33.12 24.52 33.41 65.87
Nbr of stocks (in thousands) 53,871 53,879 53,884 53,894 52,437 52,103
Announcement Date 4/19/21 3/31/22 3/30/23 3/26/24 4/2/25 3/30/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 3.43B
31.32x5.31x38.88x0.21% 257B
21.12x9.16x15.62x2.9% 177B
19.79x4.13x11.34x3.61% 152B
13.08x1.89x6.71x5.41% 110B
20.45x5.91x13.06x3.31% 105B
21.48x3.18x13.64x0.63% 96.7B
18.19x5.57x11.23x3.55% 95.66B
19.74x5.13x12.47x3.06% 68.43B
18.82x6.29x13.42x3.96% 59.34B
Average 20.44x 5.17x 15.15x 2.96% 112.58B
Weighted average by Cap. 22.00x 5.36x 18.40x 2.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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