Kendrion - Industrial still on the brakes
• Q4-23 missed due to an ongoing slowdown in Industrial brakes. • Although H1-24 trading conditions will likely remain challenging, Kendrion is ‘optimistic' about its performance in 2024. It also repeats its 2025 financial targets, but these look increasingly out of reach to us.• We stick to Hold and our TP of EUR 14 based on 1-year forward target EV/EBIT of 10-11x.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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