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0 0 -0.0198427102238355 -0.0198427102238355 -0.0198427102238355 0.00423472474289164 -0.00483968542044774 -0.0013309134906231
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Kenon Holdings: Decent NAV Discount, But Underlying Is Expensive [Seeking Alpha]

Kenon Holdings Ltd. Ordinary Shares (KEN) 
Company Research Source: Seeking Alpha
KEN trades at a 37% discount to OPC's NAV, which is decent but depends on a high multiple for the underlying, in our view. A potential $315 million arbitration award from the Qoros sale could add almost a 10% value bump, but collection is uncertain. Significant capacity expansions in both Israel and the US underpin future revenue growth at least, but significant pipelines are a dime a dozen in smaller listed utilities. At the holding company level, the NAV discount alone isn't enough, and neither are the growth prospects given the 100x P/E valuation. Looking for a helping hand in the market? Members of The Value Lab get exclusive ideas and guidance to navigate any climate. Learn More » tzahiV/iStock via Getty Images Kenon Holdings Ltd. ( KEN ) has most of the value coming from OPC Energy Ltd. ( OPCEF ), listed on the TASE, which also owns CPV, in turn, which is involved in power asset generation and development, mainly CCGT More on my IG service If you thought our ang Show less Read more
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