Kendrion

AS: KENDR

Market Cap€309.1m

Last Close €20.7

Kendrion develops, manufactures and markets high-quality electromagnetic systems for automotive (52% of revenues) and industrial applications (48%). The geographical spread of revenues is Germany 39%, other Europe 30%, the Americas 15% and Asia 16%.

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Investment summary

Kendrion is a global player in high-quality electromagnetic systems that optimise safety, performance and comfort in automotive and industrial applications. The company will benefit from long-term disruptive trends such as autonomous driving, electrification and industrial automation. We value Kendrion at €27 per share, the average of historical multiples, DCF and peer comparison.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 412.4 43.8 11.0 93.57 22.1 7.7
2020A 396.4 44.6 5.7 79.25 26.1 7.5
2021E 461.8 55.7 23.2 132.03 15.7 5.6
2022E 498.5 64.6 29.5 169.22 12.2 4.9
Industry outlook

In 9M21, Kendrion reported organic revenue growth of 19% and EBITDA growth of 34% (margin 12.7%), with both Automotive and Industrial in recovery. Kendrion seems to be coping relatively well with the current challenging market conditions (supply chain constraints and volatile order patterns in automotive). Kendrion’s targets for 2025 are for organic revenue growth of at least 5% on average per year and an EBITDA margin of at least 15%. Kendrion increasingly focuses on software and electronics development and strengthened its position via the acquisition of 3T in the Netherlands (adding 2.5% to revenues).

Last updated on 21/01/2022
Content on Kendrion
Kendrion – Coping well with challenging market conditions
Industrials | Update | 11 November 2021
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Kendrion – Automotive and industrial in recovery mode
Industrials | QuickView | 3 November 2021
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Kendrion – EKF interview
Industrials | Edison TV | 25 October 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 124.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 4.0 0.0 5.6
Relative* 5.6 5.8 (8.2)
52-week high/low €24.6/€18.2
*% relative to local index
Key management
Joep van Beurden CEO
Jeroen Hemmen CFO
Cleo Ferreira IRO