Buy Or Sell Opportunity • May 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 7.0% to ₪268. The fair value is estimated to be ₪220, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 77%. Notizie in diretta • May 21
Kenon Holdings’ OPC Energy Grows Q1 EBITDA and Secures Funding for US and Israel Projects OPC Energy, Kenon Holdings’ subsidiary, reported Q1 2026 revenue of US$317 million and EBITDA of US$124 million, reflecting a 10% EBITDA increase driven by higher energy margins and capacity prices in the U.S. and Israel.
OPC is moving ahead with large projects, including the Ramat Beka solar-plus-storage project with an expected cost of about US$1.4b and the Hadera Expansion combined-cycle gas plant budgeted at approximately US$1.5 to US$1.6b.
To support this growth pipeline, OPC completed a US$257 million equity raise, expanded its investment commitment in CPV Group by about US$502 million, acquired the remaining 30% of the Basin Ranch project, refinanced the Valley plant, and plans early redemption of US$70 million of Series B debentures.
These updates point to Kenon’s energy unit leaning into capital-intensive growth projects while at the same time reshaping its balance sheet with fresh equity and refinancing moves.
For you, the key questions are whether OPC can execute these large projects on budget and manage the higher capital commitments without putting undue pressure on cash flows or adding financing risk. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ₪273. The fair value is estimated to be ₪225, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 77%. Annuncio • Apr 24
Kenon Holdings Ltd., Annual General Meeting, May 14, 2026 Kenon Holdings Ltd., Annual General Meeting, May 14, 2026, at 11:00 Singapore Standard Time. Location: co. offices singapore, Singapore Declared Dividend • Apr 03
Dividend of US$3.85 announced Shareholders will receive a dividend of US$3.85. Ex-date: 13th April 2026 Payment date: 20th April 2026 Dividend yield will be 1.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (303% earnings payout ratio) nor is it covered by cash flows (120% cash payout ratio). The dividend has increased by an average of 11% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 237% to bring the payout ratio under control. However, EPS has declined by 33% over the last 5 years so the company would need to reverse this trend. New Risk • Apr 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 303% Cash payout ratio: 150% Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 303% Cash payout ratio: 150% Earnings have declined by 24% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (7.6% net profit margin). New Risk • Mar 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.6% Last year net profit margin: 80% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (150% cash payout ratio). Profit margins are more than 30% lower than last year (7.6% net profit margin). Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: US$1.27 (vs US$11.34 in FY 2024) Full year 2025 results: EPS: US$1.27 (down from US$11.34 in FY 2024). Revenue: US$872.0m (up 16% from FY 2024). Net income: US$66.0m (down 89% from FY 2024). Profit margin: 7.6% (down from 80% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Annuncio • Mar 30
Kenon Holdings Ltd. Approves Interim Cash Dividend for the Year Ending December 31, 2026, Payable on or About April 20, 2026 Kenon Holdings Ltd. approved an interim cash dividend of approximately $200 million ($3.85 per share) relating to the year ending December 31, 2026, payable to Kenon's shareholders of record as of the close of trading on April 13, 2026, to be paid on or about April 20, 2026 . The New York Stock Exchange's ex-dividend date, which is the date on which Kenon's shares will begin trading on the NYSE without the entitlement to the Dividend, is April 13, 2026. The TASE ex-dividend date, which is the date on which Kenon's shares will begin trading on the TASE without the entitlement to the Dividend, is April 13, 2026. Annuncio • Mar 14
Kenon Holdings Ltd. has filed a Follow-on Equity Offering in the amount of ILS 800 million. Kenon Holdings Ltd. has filed a Follow-on Equity Offering in the amount of ILS 800 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,000,000
Price\Range: ILS 100 Recent Insider Transactions Derivative • Jan 04
Independent Director notifies of intention to sell stock Laurence Charney intends to sell 6k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of January. If the sale is conducted around the recent share price of ₪191, it would amount to ₪1.1m. As of today, Laurence currently holds no shares directly (This sale likely refers to shares that have not yet been received). There have been no trades via on-market transactions or options from company insiders in the last 12 months. Reported Earnings • Dec 07
Third quarter 2025 earnings released: EPS: US$0.45 (vs US$0.81 in 3Q 2024) Third quarter 2025 results: EPS: US$0.45 (down from US$0.81 in 3Q 2024). Revenue: US$265.0m (up 12% from 3Q 2024). Net income: US$25.0m (down 42% from 3Q 2024). Profit margin: 9.4% (down from 18% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year and the company’s share price has also increased by 20% per year. Annuncio • Dec 03
Kenon Holdings Ltd. Appoints Audrey Low as Non-Executive Director, Effective January 1, 2026 Kenon Holdings Ltd. announces that Ms. Audrey Low has been appointed to its Board of Directors as a non-executive Director, effective January 1, 2026. Ms. Low brings with her over 20 years of experience as an investment and financial professional in global capital markets, private and public credit, distressed investing and macroeconomic policy. New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 14x cash flows per share). Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: US$0.10 (vs US$2.13 in 2Q 2024) Second quarter 2025 results: EPS: US$0.10 (down from US$2.13 in 2Q 2024). Revenue: US$196.0m (up 8.3% from 2Q 2024). Net income: US$5.00m (down 96% from 2Q 2024). Profit margin: 2.6% (down from 62% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annuncio • Jun 23
Kenon Holdings Ltd., Annual General Meeting, Jul 11, 2025 Kenon Holdings Ltd., Annual General Meeting, Jul 11, 2025, at 16:00 Singapore Standard Time. Location: 1 temasek avenue 37-02b, millenia tower, singapore 039192, Singapore Recent Insider Transactions Derivative • Jun 17
Independent Director notifies of intention to sell stock Laurence Charney intends to sell 6k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of June. If the sale is conducted around the recent share price of ₪121, it would amount to ₪729k. As of today, Laurence currently holds no shares directly (This sale likely refers to shares that have not yet been received). There have been no trades via on-market transactions or options from company insiders in the last 12 months. Reported Earnings • May 29
First quarter 2025 earnings released: EPS: US$0.22 (vs US$0.15 in 1Q 2024) First quarter 2025 results: EPS: US$0.22 (up from US$0.15 in 1Q 2024). Revenue: US$183.0m (up 5.2% from 1Q 2024). Net income: US$12.0m (up 50% from 1Q 2024). Profit margin: 6.6% (up from 4.6% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Declared Dividend • Apr 06
Dividend of US$4.80 announced Shareholders will receive a dividend of US$4.80. Ex-date: 14th April 2025 Payment date: 21st April 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 6 years. However, payments have been volatile during that time. New Risk • Apr 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. High level of non-cash earnings (25% accrual ratio). Reported Earnings • Apr 03
Full year 2024 earnings released: EPS: US$11.34 (vs US$4.42 loss in FY 2023) Full year 2024 results: EPS: US$11.34 (up from US$4.42 loss in FY 2023). Revenue: US$751.3m (up 8.6% from FY 2023). Net income: US$597.7m (up US$833.7m from FY 2023). Profit margin: 80% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Annuncio • Apr 03
Kenon Approves Interim Cash Dividend for the Year Ending December 31, 2025, Payable on or About April 21, 2025 Kenon's board of directors approved an interim cash dividend of approximately $250 million ($4.80 per share) relating to the year ending December 31, 2025, payable to Kenon's shareholders of record as of the close of trading on April 14, 2025, to be paid on or about April 21, 2025. The New York Stock Exchange's ex-dividend date, which is the date on which Kenon's shares will begin trading on the NYSE without the entitlement to the Dividend, is April 14, 2025. Board Change • Dec 10
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. CEO & Executive Director Robert Rosen was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 08
Third quarter 2024 earnings released: EPS: US$0.81 (vs US$3.83 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.81 (up from US$3.83 loss in 3Q 2023). Revenue: US$237.0m (up 3.5% from 3Q 2023). Net income: US$43.0m (up US$248.0m from 3Q 2023). Profit margin: 18% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Annuncio • Dec 06
Kenon Holdings Ltd. Announces Resignation of Tan Beng Tee as Director Kenon Holdings Ltd. announced that Ms. Tan Beng Tee has notified the board of directors of Kenon of her resignation as a director of Kenon. New Risk • Nov 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 22% per year over the past 5 years. Reported Earnings • Sep 11
Second quarter 2024 earnings released: EPS: US$2.28 (vs US$0.70 loss in 2Q 2023) Second quarter 2024 results: EPS: US$2.28 (up from US$0.70 loss in 2Q 2023). Revenue: US$181.0m (up 9.7% from 2Q 2023). Net income: US$112.0m (up US$142.0m from 2Q 2023). Profit margin: 62% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Annuncio • Jun 08
An unknown buyer acquire a 4.2% stake in ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) from Kenon Holdings Ltd. (TASE:KEN) for approximately $110 million. An unknown buyer acquire a 4.2% stake in ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) from Kenon Holdings Ltd. (TASE:KEN) for approximately $110 million on June 6, 2024. In related transaction, Kenon Holdings has entered into a collar transaction with an investment bank relating to an additional 5,000,000 ZIM ordinary shares. Prior to these transactions, Kenon held 24,843,478 shares in ZIM, representing 20.7% of ZIM’s outstanding shares. The collar transaction involves the purchase of a put option from the Collar Counterparty at an exercise price representing a discount to yesterday’s closing price and the grant of a call option to the Collar Counterparty at an exercise price representing a premium to yesterday’s closing price. The collar transaction has a two year term with settlement either in cash or in the ZIM shares. The collar transaction enables Kenon to retain exposure to potential upside in ZIM’s shares up to the call price, while limiting the impact of potential decline in the share price. The collar arrangement will provide for cash proceeds of approximately $155 million in the event the call option is exercised and cash proceeds of approximately $100 million to Kenon in the event the put option is exercised, in each case assuming share settlement.
An unknown buyer completed the acquisition of a 4.2% stake in ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) from Kenon Holdings Ltd. (TASE:KEN) on June 6, 2024. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: US$0.15 (vs US$0.14 loss in 1Q 2023) First quarter 2024 results: EPS: US$0.15 (up from US$0.14 loss in 1Q 2023). Revenue: US$174.0m (up 18% from 1Q 2023). Net income: US$8.00m (up US$16.0m from 1Q 2023). Profit margin: 4.6% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Annuncio • Apr 19
Kenon Holdings Ltd., Annual General Meeting, May 09, 2024 Kenon Holdings Ltd., Annual General Meeting, May 09, 2024, at 16:00 Singapore Standard Time. Location: emeeting@hk.tricorglobal.com Millenia Tower Singapore Singapore Agenda: To consider re-election of Directors; to authorize the ordinary share issuances; to extend the duration of the Kenon Holdings Ltd. Share Incentive Plan 2014 (“SIP 2014”) for a further period of ten years and to authorize the grant of awards under the SIP 2014 and/or Options Under the Kenon Holdings Ltd. Share Option Plan 2014 (“SOP 2014”) and the allotment and issuance of ordinary shares pursuant to the awards and/or options granted under the SIP 2014 and SOP 2014; and to approve the renewal of the share purchase authorization; and to consider other matters. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 2.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.9% average weekly change). Declared Dividend • Mar 31
Dividend of US$3.80 announced Shareholders will receive a dividend of US$3.80. Ex-date: 8th April 2024 Payment date: 15th April 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 5 years. However, payments have been volatile during that time. New Risk • Mar 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 15% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 2.6% per year over the past 5 years. Annuncio • Mar 27
Kenon Holdings Ltd. Approves Interim Cash Dividend for the Year Ending December 31, 2024, Payable on or About April 15, 2024 In March 2024, the board of directors of Kenon Holdings Ltd. approved an interim cash dividend of approximately $200 million ($3.80 per share) relating to the year ending December 31, 2024, payable to Kenon's shareholders of record as of the close of trading on April 8, 2024 (Record Date), to be paid on or about April 15, 2024 (Payment Date). The New York Stock Exchange's (the "NYSE") ex-dividend date, which is the date on which Kenon's shares will begin trading on the NYSE without the entitlement to the Dividend, is April 5, 2024. The TASE ex-dividend date, which is the date on which Kenon's shares will begin trading on the TASE without the entitlement to the Dividend, is April 8, 2024. Reported Earnings • Mar 27
Full year 2023 earnings released: US$4.42 loss per share (vs US$5.80 profit in FY 2022) Full year 2023 results: US$4.42 loss per share (down from US$5.80 profit in FY 2022). Revenue: US$691.8m (up 21% from FY 2022). Net loss: US$236.0m (down 176% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 30
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$229.0m (up 41% from 3Q 2022). Net income: US$24.0m (down 90% from 3Q 2022). Profit margin: 11% (down from 154% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Annuncio • Sep 18
Kenon Holdings Ltd.(TASE:KEN) dropped from FTSE All-World Index (USD) Kenon Holdings Ltd.(TASE:KEN) dropped from FTSE All-World Index (USD) Reported Earnings • Sep 02
Second quarter 2023 earnings released: US$0.56 loss per share (vs US$4.92 profit in 2Q 2022) Second quarter 2023 results: US$0.56 loss per share (down from US$4.92 profit in 2Q 2022). Revenue: US$165.0m (up 36% from 2Q 2022). Net loss: US$30.0m (down 111% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annuncio • Jul 22
Kenon Holdings Ltd. Announces Board Appointments Kenon Holdings Ltd. announced that it has appointed Ms. Tan Beng Tee to its board of directors (board) as a non-executive director. Ms. Tan brings with her decades of experience in the shipping industry from her former role as Assistant Chief Executive of the Maritime and Port Authority of Singapore and her current position as Executive Director of the Singapore Maritime Foundation. The company also announced that its CEO Mr. Robert Rosen will join the board as an executive Director while continuing to serve as CEO. Ms. Tan will join the board on August 30, 2023, while Mr. Rosen’s appointment to the Board will be immediate. Annuncio • Jun 07
Kenon Holdings Ltd. Announces Chief Financial Officer Changes Kenon Holdings Ltd. announced that Mr. Mark Hasson, Chief Financial Officer, has notified Kenon of his resignation as CFO for personal reasons, effective as of September 1, 2023. Kenon's Board of Directors has appointed Ms. Deepa Joseph to serve as interim CFO of Kenon effective from September 1, 2023. Ms. Joseph currently serves as CFO of Ansonia Holdings Singapore B.V. Ms. Joseph is expected to remain in her role at Ansonia while acting as interim CFO of Kenon, but is expected to step down from her role at Ansonia at such time as she becomes the permanent CFO of Kenon. Mr. Hasson will work with Ms. Joseph through a transition period to ensure a smooth transition when the management change becomes effective. Reported Earnings • Jun 05
First quarter 2023 earnings released: US$0.14 loss per share (vs US$11.86 profit in 1Q 2022) First quarter 2023 results: US$0.14 loss per share (down from US$11.86 profit in 1Q 2022). Revenue: US$147.0m (flat on 1Q 2022). Net loss: US$8.00m (down 101% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Annuncio • Jun 02
Kenon Holdings Ltd. Approves Alteration of the Constitution Kenon Holdings Ltd. approves alteration of the constitution at its Annual General Meeting held on June 1, 2023. Upcoming Dividend • Apr 03
Upcoming dividend of US$2.79 per share at 9.1% yield Eligible shareholders must have bought the stock before 10 April 2023. Payment date: 19 April 2023. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 9.1%. Within top quartile of Israeli dividend payers (7.9%). Higher than average of industry peers (3.0%). Reported Earnings • Apr 01
Full year 2022 earnings released Full year 2022 results: Revenue: US$574.0m (up 18% from FY 2021). Net income: US$312.7m (down 66% from FY 2021). Profit margin: 55% (down from 191% in FY 2021). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: US$4.65 (vs US$3.45 in 3Q 2021) Third quarter 2022 results: EPS: US$4.65 (up from US$3.45 in 3Q 2021). Revenue: US$163.0m (up 23% from 3Q 2021). Net income: US$251.0m (up 35% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. Director Barak Cohen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Oct 22
Independent Director notifies of intention to sell stock Laurence Charney intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of October. If the sale is conducted around the recent share price of ₪131, it would amount to ₪1.3m. Since December 2021, Laurence's direct individual holding has decreased from 49.18k shares to 47.65k. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Upcoming Dividend • Jun 20
Upcoming dividend of US$10.25 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 05 July 2022. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 6.8%. Within top quartile of Israeli dividend payers (6.6%). Higher than average of industry peers (2.8%). Reported Earnings • Jun 02
First quarter 2022 earnings released: EPS: US$11.86 (vs US$3.34 in 1Q 2021) First quarter 2022 results: EPS: US$11.86 (up from US$3.34 in 1Q 2021). Revenue: US$146.0m (up 27% from 1Q 2021). Net income: US$639.0m (up 255% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. Director Barak Cohen was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: US$17.27 (vs US$9.26 in FY 2020) Full year 2021 results: EPS: US$17.27 (up from US$9.26 in FY 2020). Revenue: US$488.0m (up 26% from FY 2020). Net income: US$930.0m (up 87% from FY 2020). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 19% share price gain to ₪176, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 16x in the Renewable Energy industry in Asia. Total returns to shareholders of 255% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: US$3.45 (up from US$1.10 in 3Q 2020). Revenue: US$133.0m (up 14% from 3Q 2020). Net income: US$186.0m (up 215% from 3Q 2020). Revenue missed analyst estimates by 2.2%. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS US$3.20 (vs US$5.19 in 2Q 2020) Second quarter 2021 results: Revenue: US$105.0m (up 38% from 2Q 2020). Net income: US$172.0m (down 38% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 08
First quarter 2021 earnings released: EPS US$3.34 (vs US$0.28 in 1Q 2020) First quarter 2021 results: Revenue: US$115.0m (up 29% from 1Q 2020). Net income: US$180.0m (up US$165.0m from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 23
Full year 2020 earnings released: EPS US$9.26 (vs US$0.71 loss in FY 2019) Full year 2020 results: Revenue: US$386.5m (up 3.5% from FY 2019). Net income: US$498.6m (up US$536.6m from FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 20
New 90-day high: ₪98.30 The company is up 15% from its price of ₪85.75 on 22 October 2020. The Israeli market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: ₪93.00 The company is up 20% from its price of ₪77.50 on 30 September 2020. The Israeli market is up 26% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is up 10.0% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS US$1.10 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$117.0m (up 15% from 3Q 2019). Net income: US$59.0m (up US$57.0m from 3Q 2019). Profit margin: 50% (up from 2.0% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 23
Market bids up stock over the past week After last week's 17% share price gain to US$89.00, the stock is trading at a trailing P/E ratio of 5.2x, up from the previous P/E ratio of 4.4x. This compares to an average P/E of 71x in the Renewable Energy industry in Israel. Total returns to shareholders over the past three years are 172%. Is New 90 Day High Low • Nov 23
New 90-day high: ₪89.00 The company is up 21% from its price of ₪73.63 on 25 August 2020. The Israeli market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 19
New 90-day high: ₪84.00 The company is up 17% from its price of ₪72.00 on 21 July 2020. The Israeli market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Renewable Energy industry, which is up 20% over the same period.