Kendrion - Industrial weaker, Automotive still in recovery
Kendrion’s segments showed opposite trends in Q323 with Industrial Brakes hard hit by weaker economies in Germany and China and Automotive still in recovery mode with continued high single-digit organic revenue growth. On 6% lower group revenues EBITDA declined 12% with a 70bp lower margin at 10.5%. Kendrion expects the challenging market conditions to continue in Q423 and H124 and has taken measures to protect its profitability. We have lowered our revenue estimates for FY23–25 by 5–8% and EBITDA estimates by 12–18%. The unweighted average of our three valuation methods points to a fair value of €15.5 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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