Kendrion (AMS: KENDR)

Currency in EUR

Last close As at 22/09/2023


0.08 (0.60%)

Market capitalisation


Kendrion develops, manufactures and markets high-quality actuator products for industrial applications (52% of revenues) and automotive (48%). The geographical spread of FY22 revenues was Europe 68%, the Americas 17% and Asia 15%.

In Q223, organic revenue growth of 9% was better than expected and also better than the 5% in Q123. Gross margin remained under pressure due to Kendrion passing on material price inflation at no margin and the high usage of outsourced development services. The EBITDA margin decline of 60bp was lower than the 140bp decline in Q1 and management was positive about the recent trend in gross margin (driven by further price increases). Kendrion expects the slower economic activity levels to persist for the rest of FY23 but remains positive about its long-term growth prospects.

Latest Insights

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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

Industrials | Update

Kendrion — Industrial continues on strong growth path



Equity Analyst

Key Management

  • Cleo Ferreira


  • Jeroen Hemmen


  • Joep van Beurden


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (10.5) (23.6) (9.3)
Relative (10.3) (20.7) (17.0)
52 week high/low €19.6/€13.0


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’s financial targets for 2025 are: organic revenue growth of at least 5% pa on average and an EBITDA margin of at least 15%. We value Kendrion at €23 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 9.7 3.6
2022A 519.3 57.4 (39.7) 145.01 9.3 3.9
2023E 551.2 61.6 25.0 136.69 9.8 3.3
2024E 592.1 74.8 38.9 201.23 6.7 2.7



Kendrion — Energised by electrification



Kendrion — Interface between electricity and movement