Kendrion - Selling Automotive, focus on Industrial
• Kendrion sells most of its Automotive business, but at a low implied multiple of 3.4x EV/EBITDA. • Kendrion will now focus on Industrial with higher growth and margins.• Although the remaining Kendrion will become more attractive, in our view this already largely reflected in its implied valuation. We therefore stick to our Hold and TP of EUR 14 p/s which implies a target EV/EBITDA for the remaining Kendrion of 7-7.5x.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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