公司概述
Kenon Holdings Ltd. operates as a comprehensive owner, developer, and operator of power generation facilities, serving the energy needs in both Israel and the United States. The company functions within the Utilities sector, specifically classified under the industry of Utilities - Independent Power Producers, a segment focused on the generation and supply of electricity as well as the development and construction of power plants. Its current market capitalization stands at $4.50B, with an annual revenue of $871.93M, while the specific count of employees is listed as N/A. These valuation metrics position Kenon as a mid-to-large cap entity within the independent power sector, suggesting significant asset scale and operational footprint despite the lack of disclosed headcount data. The substantial market cap relative to its revenue stream indicates a market valuation that heavily weights future growth expectations and asset quality rather than purely current earnings performance.
财务健康
Kenon Holdings Ltd. reported a trailing twelve-month revenue of $871.93M, generating $66.27M in net income and $127.50M in EBITDA. The notable gap between the $871.93M revenue and the $66.27M net income reveals a cost structure where operational expenses and taxes consume approximately 92.4% of total revenue, leaving a profit margin of 7.6%. The company maintains a free cash flow of $32.05M, which indicates a positive ability to generate cash from operations after capital expenditures, providing a baseline for financial flexibility. However, the balance sheet shows a cash position of $1.59B against total debt of $1.78B, resulting in a debt-to-equity ratio of 55.87, which characterizes the company as highly leveraged rather than conservative. Despite the high leverage, the current ratio of 4.94 suggests that the company holds sufficient current assets to cover short-term liabilities more than four times over, indicating strong short-term liquidity. Furthermore, the Return on Equity (ROE) is recorded at 5.1% and Return on Assets (ROA) at 0.8%, metrics that reveal limited management effectiveness in generating high returns relative to the capital invested and the total asset base.
估值评估
The trailing twelve-month P/E ratio is 67.95, while the forward P/E stands at -65.38, a divergence that implies expected earnings trajectory faces significant headwinds or anticipated losses in the future period. The price-to-book ratio is 2.61, indicating that the market values the company at a premium of 161% over its tangible book value. Alternative valuation metrics such as the price-to-sales ratio of 5.16 and an EV/EBITDA of 49.31 suggest that investors are pricing in significant future growth potential despite current profitability constraints. The stock's price range over the last year has fluctuated between a 52-week low of $27.10 and a 52-week high of $87.90. Relative to this volatility, the current trading price sits in a position that reflects a high premium over the low but remains below the yearly peak, subject to market sentiment shifts. The beta value is 0.41, which means the stock exhibits lower price volatility relative to the broader market, moving with significantly less intensity than the general equity index.
Growth & Income
Kenon Holdings Ltd. experienced a revenue growth year-over-year of 43.1%, whereas earnings growth year-over-year was -93.7%, indicating that earnings are growing significantly slower than revenue, likely due to non-recurring costs or adjustments affecting the bottom line. As a dividend payer, the company offers a dividend yield of 4.5%, supported by a payout ratio of 377.9%, which raises concerns regarding sustainability given that the payout exceeds the net income generated in the trailing twelve months. The extremely high payout ratio implies that the company is distributing capital in excess of current earnings, potentially utilizing cash reserves or debt to fund dividends rather than organic income. Overall, the growth and income profile presents a dichotomy of strong top-line expansion and revenue growth contrasted with sharply contracted earnings and a dividend payout that is not fully supported by current net income generation.