Kendrion - Recovery in full swing
Kendrion’s H121 results showed a strong recovery after the negative impact of the pandemic on the H120 results, with its Automotive division growing revenues organically by 29% y-o-y and Industrial by 15% y-o-y. Margins also recovered, driven by operating leverage. Despite short-term uncertainty about supply chain constraints and the impact of higher raw materials prices, underlying trends such as electrification and energy transition continue to support underlying growth. We raise our estimates and expect an EPS CAGR of 37% in 2021–23e. The unweighted average of our three valuation methods points to a fair value of €29 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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