Kendrion - Industrial continues on strong growth path
Kendrion’s Q322 results showed a relatively good performance under difficult market conditions, with continued pressure from a shortage of materials, volatile demand and inflation. Revenues in the quarter were stronger than we expected; the Industrial division remained the top performer, with revenues up 27% y-o-y, while the Automotive division returned to growth with an 8% top-line increase. Kendrion expects the current difficult environment to continue for the rest of the year and into 2023 but is confident that the trends towards electrification and clean energy will drive strong growth in the medium term. The average of our three valuation methods points to a fair value of €22.2 per share.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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