Hallador Energy Co (HNRG) is undervalued and Transalta Corp (TAC) is fairly valued.
Against our estimates of intrinsic value, HNRG trades at the wider discount: a margin of safety of +50%, against -0% for TAC.
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 7.9% (average of 2 methods) values the shares at $12.97; the price of $13.00 sits right on that value, and 80% of that value comes from beyond year five.
Leak Score 50/100 on 10 of 12 signals
| Metric | HNRG | TAC |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $11.66 | $13.00 |
| Intrinsic value | $23.48 | $12.97 |
| Margin of safety | +50% | -0% |
| Leak Score | 74/100 (10/12) | 50/100 (10/12) |
| Market cap | $550M | $4.1B |
| Revenue growth, 5 years | 13.7% | 3.3% |
| Operating margin | 1.7% | -1.2% |
| Net margin | -0.2% | -3.3% |
| Return on equity | -0.6% | -1.4% |
| Debt to equity | 0.25 | 2.38 |
| P/E | 563.3x | — |
| Forward P/E | 49.6x | 32.9x |
| P/B | 2.9x | 7.0x |
| Dividend yield | — | 1.5% |