Kendrion (AMS: KENDR)

Last close As at 26/02/2024

EUR12.14

−0.34 (−2.72%)

Market capitalisation

EUR189m

Kendrion develops, manufactures and markets high-quality actuator products for industrial applications (50% of 9M23 revenues) and automotive (50%). The geographical spread of FY22 revenues was Europe 69%, the Americas 16% and Asia 15%.

Kendrion’s segments showed opposite trends in Q323 with Industrial Brakes hard hit by weaker economies in Germany and China and Automotive still in recovery mode with continued high single-digit organic revenue growth. On 6% lower group revenues, EBITDA declined 12% with a 70bp lower margin at 10.5%. Kendrion expects the challenging market conditions to continue in Q423 and H124 and has taken measures to protect its profitability. The company remains positive about its long-term growth prospects.

Latest Insights

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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

Industrials | Update

Kendrion — Preparing for stronger growth in Automotive

Sector

Industrials

Equity Analyst

Key Management

  • Jeroen Hemmen

    CFO

  • Joep van Beurden

    CEO

Balance Sheet

Forecast net debt (€m)

146.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 8.5217 15.342 (22)
Relative (0.5788) 2.2315 (31.1762)
52 week high/low €19.6/€10.8

Financials

Kendrion designs and manufactures intelligent actuators that optimise safety, performance and comfort in industrial and automotive applications. It benefits from trends such as electrification and clean energy. The company will need normal market conditions to realise its financial targets for 2025: organic revenue growth of at least 5% pa on average and an EBITDA margin of at least 15%. We value Kendrion at €15.5 per share, the average of historical multiples, DCF and a peer comparison.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 463.6 55.8 20.1 139.04 9.0 3.4
2022A 519.3 57.4 (39.7) 145.01 8.6 3.6
2023E 523.2 54.4 19.0 112.80 11.1 3.6
2024E 547.9 61.4 27.8 152.92 8.2 3.1

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