Kendrion - Q2 below expectations due to higher costs
Q2-23 was below our expectations due to higher cost levelsThe medium-term outlook is promising, but the short-term is more unpredictable due to economic uncertainty.We rate the shares a Hold and cut our TP from EUR 19 to EUR 17, based on the expected cut in our estimates and a 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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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