Kendrion - Cost savings at Industrial brakes pay off
• Industrial brakes is still declining, but Q1 was somewhat ahead on EBITDA due to implemented cost saving measures. • Kendrion recently announced to sell its Automotive business. Although strategically the focus on Industrial makes sense, the price received for Automotive was underwhelming in our view. • We stick to Hold with a TP of EUR 14, which implies a target EV/EBITDA of 7-7.5 for the remaining Industrial part.Kendrion develops, manufactures and markets high-quality electromagnetic systems and components. Co.'s electromagnets are used all over the world in products such as lifts, door locking systems, industrial robots, medical equipment, electrical switchbox systems, diesel engines and airconditioning systems. Co.'s activities are performed in four business units: Industrial Magnetic Systems, Industrial Drive Systems, Passenger Car Systems and Commercial Vehicle Systems.
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