WallStSmart

Kenon Holdings (KEN)vsNorthwest Natural Gas Co (NWN)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Northwest Natural Gas Co generates 48% more annual revenue ($1.29B vs $871.93M). NWN leads profitability with a 8.8% profit margin vs 7.6%. NWN trades at a lower P/E of 19.2x. NWN earns a higher WallStSmart Score of 64/100 (C+).

KEN

Hold

40

out of 100

Grade: F

Growth: 6.7Profit: 4.5Value: 3.0Quality: 7.5
Piotroski: 5/9Altman Z: 2.23

NWN

Buy

64

out of 100

Grade: C+

Growth: 6.7Profit: 6.0Value: 6.0Quality: 3.5
Piotroski: 4/9Altman Z: 0.72
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

KENSignificantly Overvalued (-40.1%)

Margin of Safety

-40.1%

Fair Value

$54.44

Current Price

$87.72

$33.28 premium

UndervaluedFair: $54.44Overvalued
NWNUndervalued (+32.4%)

Margin of Safety

+32.4%

Fair Value

$72.25

Current Price

$53.12

$19.13 discount

UndervaluedFair: $72.25Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

KEN2 strengths · Avg: 9.0/10
Revenue GrowthGrowth
43.1%10/10

Revenue surging 43.1% year-over-year

Price/BookValuation
2.9x8/10

Reasonable price relative to book value

NWN3 strengths · Avg: 8.7/10
Price/BookValuation
1.5x10/10

Reasonable price relative to book value

Operating MarginProfitability
25.4%8/10

Strong operational efficiency at 25.4%

EPS GrowthGrowth
24.1%8/10

Earnings expanding 24.1% YoY

Areas to Watch

KEN4 concerns · Avg: 2.5/10
Return on EquityProfitability
5.1%3/10

ROE of 5.1% — below average capital efficiency

Profit MarginProfitability
7.6%3/10

7.6% margin — thin

P/E RatioValuation
69.1x2/10

Premium valuation, high expectations priced in

EPS GrowthGrowth
-93.7%2/10

Earnings declined 93.7%

NWN4 concerns · Avg: 2.5/10
Return on EquityProfitability
7.9%3/10

ROE of 7.9% — below average capital efficiency

Debt/EquityHealth
1.763/10

Elevated debt levels

PEG RatioValuation
2.812/10

Expensive relative to growth rate

Free Cash FlowQuality
$-130.97M2/10

Negative free cash flow — burning cash

Comparative Analysis Report

WallStSmart Research

Bull Case : KEN

The strongest argument for KEN centers on Revenue Growth, Price/Book. Revenue growth of 43.1% demonstrates continued momentum.

Bull Case : NWN

The strongest argument for NWN centers on Price/Book, Operating Margin, EPS Growth.

Bear Case : KEN

The primary concerns for KEN are Return on Equity, Profit Margin, P/E Ratio. A P/E of 69.1x leaves little room for execution misses.

Bear Case : NWN

The primary concerns for NWN are Return on Equity, Debt/Equity, PEG Ratio. Debt-to-equity of 1.76 is elevated, increasing financial risk.

Key Dynamics to Monitor

KEN profiles as a hypergrowth stock while NWN is a value play — different risk/reward profiles.

NWN carries more volatility with a beta of 0.49 — expect wider price swings.

KEN is growing revenue faster at 43.1% — sustainability is the question.

KEN generates stronger free cash flow (53M), providing more financial flexibility.

Bottom Line

NWN scores higher overall (64/100 vs 40/100). Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Kenon Holdings

UTILITIES · UTILITIES - INDEPENDENT POWER PRODUCERS · USA

Kenon Holdings Ltd., is the owner, developer and operator of power generation facilities in Israel and internationally. The company is headquartered in Singapore.

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Northwest Natural Gas Co

UTILITIES · UTILITIES - REGULATED GAS · USA

Northwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, industrial and transportation customers in Oregon and Southwest Washington. The company is headquartered in Portland, Oregon.

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