Kenon Holdings Ltd. (KEN.TA)

Kenon Holdings Ltd. (KEN.TA) — VMCI valuation read

Headline read on KEN.TA: VMCI of 49/100 versus a Utilities sector median of 50. The 1-point below-median position is what makes Kenon Holdings Ltd. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on KEN.TA: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on KEN.TA: value (KEN.TA trades at 15.0x earnings, 17% below the Utilities median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of 3.3x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.

KEN.TA rose 0.5% over the trailing 7 days, with a -6.1% read on a 30-day basis.