Market Cap€234m

Last Close €15.66

Kendrion develops, manufactures and markets a range of actuators for automotive (50% of revenues) and industrial applications (50%). The FY21 geographical spread of revenues is Germany 39%, other Europe 30%, the Americas 16% and Asia 15%.

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Investment summary

Kendrion designs and manufacturers intelligent actuators that optimise safety, performance and comfort in industrial and automotive applications. It will benefit from trends such as electrification and clean energy. For 2025, Kendrion targets organic revenue growth of at least 5% pa on average and an EBITDA margin of at least 15%. We value Kendrion at €26 per share, the average of historical multiples, discounted cash flow and peer comparison.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 396.4 44.6 5.7 79.25 19.8 5.7
2021A 463.6 55.8 20.1 139.04 11.3 4.2
2022E 512.0 63.1 30.1 178.78 8.8 3.8
2023E 555.1 74.3 42.5 229.64 6.8 3.1
Industry outlook

In Q122, Kendrion reported revenue growth of 13% y-o-y of which a solid 8.5% was organic, despite the many challenges in the market. Higher costs for staff and energy limited growth in EBITDA to 4% y-o-y. Industrial remains the star performer (revenues +28%), benefiting from the accelerating transition to clean energy and electrification. Automotive faced declining car production in Europe. Kendrion expects the economic environment to continue to be unpredictable for the foreseeable future but remains very positive about its long-term growth perspectives.

Last updated on 30/06/2022
Content on Kendrion
Kendrion – Good start to the year despite many challenges
Industrials | research Update | 5 May 2022
Kendrion – Industrial leads the way
Industrials | research Update | 11 March 2022
Kendrion – Coping well with challenging market conditions
Industrials | research Update | 11 November 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 127.4
Forecast gearing ratio (%) N/A
Price performance
Actual (12.5) (19.9) (31.9)
Relative* (5.4) (12) (24.7)
52-week high/low €24.6/€15.6
*% relative to local index
Key management
Joep van Beurden CEO
Jeroen Hemmen CFO
Cleo Ferreira IRO