Hallador Energy Co (HNRG) is undervalued and Kenon Holdings Ltd (KEN) is slightly overvalued.
Against our estimates of intrinsic value, HNRG trades at the wider discount: a margin of safety of +50%, against -14% for KEN.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 8.0% (average of 2 methods) values the shares at $23.48; the price of $11.66 is 50% below that value, and 80% of that value comes from beyond year five.
Leak Score 74/100 on 10 of 12 signals
Discounting its cash flows at 8.9% (average of 2 methods) values the shares at $54.50; the price of $62.13 is 14% above that value.
Leak Score 54/100 on 10 of 12 signals
| Metric | HNRG | KEN |
|---|---|---|
| Verdict | Undervalued | Slightly overvalued |
| Price | $11.66 | $62.13 |
| Intrinsic value | $23.48 | $54.50 |
| Margin of safety | +50% | -14% |
| Leak Score | 74/100 (10/12) | 54/100 (10/12) |
| Market cap | $550M | $3.2B |
| Revenue growth, 5 years | 13.7% | 17.7% |
| Operating margin | 1.7% | 8.1% |
| Net margin | -0.2% | 10.1% |
| Return on equity | -0.6% | 8.2% |
| Debt to equity | 0.25 | 2.02 |
| P/E | 563.3x | 26.9x |
| Forward P/E | 49.6x | — |
| P/B | 2.9x | 2.1x |
| Dividend yield | — | 6.2% |