Kenon Holdings Ltd. Ordinary Shares (KEN) : juste valeur

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Kenon Holdings is a holding company whose main asset is a stake in OPC Energy, an Israeli independent power producer running gas-fired and renewable plants, alongside its Ellomay and related energy interests. Its edge is a concentrated, regulated-style cash flow base in Israel's electricity market, where long-term capacity and power purchase arrangements give it more visibility than most energy names. The near-term story is operational: revenue growth of 93.4% on the reported figures points to new capacity coming online and a larger consolidated footprint, though that rate flatters a small base and should be checked against what was added. Margins look modest for a utility (26.1% gross, 9.5% operating) and ROE of 6.8% is thin, so the case rests on whether those new assets earn their cost of capital. At a 27.5 trailing P/E on a roughly $3.1B market cap with no index membership, the stock is off most screens and the forward multiple data is missing, so the first task is to rebuild the earnings estimate from the plant-level disclosures before forming a view.