Kendrion (AMS: KENDR)

Currency in EUR

Last close As at 24/03/2023


0.40 (2.71%)

Market capitalisation


Kendrion develops, manufactures and markets high-quality actuator products for industrial applications (53% of revenues) and automotive (47%). The geographical spread of FY22 revenues is Europe 68%, the Americas 17% and Asia 15%.

In Q322, Kendrion reported better than expected revenue growth of 17% y-o-y, of which 12% was organic, despite the ongoing challenges in the market, such as the shortage of materials, inflation and volatility demand (particularly in Automotive). Industrial remains the star performer (revenues +27%), benefitting from the transition towards clean energy. Kendrion expects the unpredictability of the economic environment to continue into 2023, but remains confident it can realise its financial targets for 2025.

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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 (5.4) (2.3) (23.9)
Relative (3.5) (7.8) (25.3)
52 week high/low €20.0/€13.0


Kendrion performed well in FY22 despite the difficult market conditions, such as delayed deliveries of raw materials, inflationary pressures and volatile demand. Organic revenue growth was 8% but margins were lower due to higher input prices and engineering costs. The energy transition will drive growth and higher margins at Kendrion over the next few years, bringing it close to its 2025 financial targets (average organic revenue growth of 5% and an EBITDA margin of >15%). The unweighted average of our three valuation methods points to a fair value of €22.8 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 19.9 5.8
2021A 463.6 55.8 20.1 139.04 11.4 4.3
2022E 515.5 58.6 20.3 160.50 9.8 4.2
2023E 541.3 68.7 36.3 196.10 8.1 3.8

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