Kenon Holdings Ltd (KEN) is slightly overvalued and Vistra Corp (VST) is overvalued.
Both trade above our estimate of their intrinsic value. KEN is the closer of the two: -14%, against -34% for VST.
Values as of the 19 Oct 2026 close.
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
Discounting its cash flows at 9.8% (average of 2 methods) values the shares at $111.54; the price of $149.70 is 34% above that value, and 73% of that value comes from beyond year five.
Leak Score 45/100 on 12 of 12 signals
| Metric | KEN | VST |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $62.13 | $149.70 |
| Intrinsic value | $54.50 | $111.54 |
| Margin of safety | -14% | -34% |
| Leak Score | 54/100 (10/12) | 45/100 (12/12) |
| Market cap | $3.2B | $50.2B |
| Revenue growth, 5 years | 17.7% | 8.9% |
| Operating margin | 8.1% | 10.7% |
| Net margin | 10.1% | 11.5% |
| Return on equity | 8.2% | 43.1% |
| Debt to equity | 2.02 | 3.63 |
| P/E | 26.9x | 25.3x |
| Forward P/E | — | 14.8x |
| P/B | 2.1x | 16.7x |
| Dividend yield | 6.2% | 0.7% |