HALLADOR ENERGY CO (HNRG)

Electric Services

Latest Price

$15.34

TTM P/E

767.00

Normalized P/E

Div Yield

Book Value

4.06

P/B Ratio

3.77

Valuation metrics

EPS: $0.96

Book value / share: $3.65

Formula: √(22.5 × EPS × BVPS)

Graham Number

$8.88

38% downside

Norm. op. income: $30M (median of 5yr)

Tax rate: 9%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$5.88

59% downside

Base FCF: $12M (median of recent 5yr)

Growth: -10%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$1.19

92% downside

EPS: $0.96

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$14.40

+0% upside

69.9% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	2.85M	$49.0M	6.05%	+457.1K	2026-06-30
Point72 Asset Management, L.P.	2.12M	$36.0M	4.50%	+220.0K	2026-06-30
AEGIS FINANCIAL CORP	1.81M	$31.0M	3.84%	-2.0K	2026-06-30
Orbis Allan Gray Ltd	1.70M	$29.0M	3.60%	-64.0K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	1.53M	$26.0M	3.25%	+45.7K	2026-06-30
AMERICAN CENTURY COMPANIES INC	1.52M	$26.0M	3.22%	+135.0K	2026-06-30
Dayah Capital LLC	1.36M	$23.0M	2.89%	+703.9K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	1.04M	$18.0M	2.21%	+20.8K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	980.4K	$17.0M	2.08%	-10.3K	2026-06-30
HIGHLAND PEAK CAPITAL, LLC	947.2K	$16.0M	2.01%	-77.4K	2026-06-30