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Kendrion (AMS: KENDR)

Currency in EUR

Last close As at 25/01/2023

EUR16.70

▲ 0.10 (0.60%)

Market capitalisation

EUR248m

Kendrion develops, manufactures and markets a range of smart actuators for industrial (54% of revenues) and automotive applications (46%). The FY21 geographical spread of revenues is Germany 39%, other Europe 30%, the Americas 16% and Asia 15%.

In H122, reported revenue growth was 9.5% y-o-y, of which 5.0% was organic. Growth slowed down due to the many challenges in the market, particularly in Automotive which faced declining car production. With continued pressure on costs, EBITDA declined 4% y-o-y. Industrial continues good growth, benefiting from the accelerating transition to clean energy and electrification. Kendrion expects that markets will remain volatile for the foreseeable future, but remains very positive about its long-term growth perspectives.

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Kendrion — Industrial continues strong growth path
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Sector

Industrials

Equity Analyst

Johan van den Hooven

Key Management

  • Cleo Ferreira

    IRO

  • Jeroen Hemmen

    CFO

  • Joep van Beurden

    CEO

Balance Sheet

Forecast net debt (€m)

134.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 8.7 19.3 (15.2)
Relative 2.8 7.2 (15.4)
52 week high/low €21.5/€13.0

Financials

Kendrion’s Q322 results showed a relatively good performance under difficult market conditions, with continued pressure from a shortage of materials, volatile demand and inflation. Revenues in the quarter were stronger than we expected; the Industrial division remained the top performer, with revenues up 27% y-o-y, while the Automotive division returned to growth with an 8% top-line increase. Kendrion expects the current difficult environment to continue for the rest of the year and into 2023 but is confident that the trends towards electrification and clean energy will drive strong growth in the medium term. The average of our three valuation methods points to a fair value of €22.2 per share.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2020A 396.4 44.6 5.7 79.25 21.1 6.1
2021A 463.6 55.8 20.1 139.04 12.0 4.5
2022E 515.5 58.6 20.3 160.50 10.4 4.4
2023E 541.3 68.7 36.3 196.10 8.5 4.0

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acrow@edisongroup.com 020 3077 5700
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