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Kendrion (AMS: KENDR)

Last close As at 17/04/2024

EUR14.50

▲ 0.72 (5.22%)

Market capitalisation

209m

Edison Investment Research is terminating coverage on Kendrion (KENDR). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Latest Insights

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Industrials | Update

Kendrion — Higher visibility on realising FY25 targets

Industrials | Update

Kendrion — Industrial weaker, Automotive still in recovery

Industrials | Update

Kendrion — Price increases largely drive revenue growth

Industrials | Update

Kendrion — Q123 – good revenue growth at lower margins
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Sector

Industrials

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 9.4 15.2 (12.8)
Relative 5.5 1.0 (24.7)
52 week high/low €19.6/€10.8

Financials

Market trends in Q423 were like Q323, with Kendrion’s Industrial segment under pressure and Automotive in recovery due to higher pricing and new projects. On 7% y-o-y lower revenues, EBITDA was down 14%, slightly below our expectations. Kendrion is now more confident in realising its FY25 targets (revenue of around €636m and EBITDA margin of 15%) as it has more visibility on the ramp up of new projects, while being bullish about its pipeline, based on electrification and clean energy trends. We have rolled our valuation forward by one year, which, coupled with higher EBITDA margin estimates, points to a value of €18.6/share (from €15.5).

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 519.3 57.4 (39.7) 143.57 9.6 4.0
2023A 518.5 53.1 13.9 90.99 15.1 4.4
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

kendrion010

Update

Industrials

Kendrion — Industrial weaker, Automotive still in recovery

Update

Industrials

Kendrion — Price increases largely drive revenue growth

Industrials

Update

Kendrion — Higher visibility on realising FY25 targets

Update

Industrials

Kendrion — Q123 – good revenue growth at lower margins

Update

Industrials

Kendrion — Preparing for stronger growth in Automotive

Update

Industrials

Kendrion — Industrial continues on strong growth path

edison tv

Industrials

Kendrion – EKF interview

Outlook

Industrials

Kendrion — CMD confirms strategic direction and targets

Update

Industrials

Kendrion — Industrial continues strong growth path

Update

Industrials

Kendrion — Good start to the year despite many challenges

Update

Industrials

Kendrion — Industrial leads the way
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Further insights

insight

Industrials

Deutsches Eigenkapitalforum (EKF) 2022 industrials

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Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Natalya Davies

Natalya Davies

Analyst

ndavies@edisongroup.com 020 3077 5700
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