Kendrion : A brake and actuator niche market leader
We initiate coverage on Kendrion with an Outperform and a TP of €17 per share. The divestment of most of the Automotive business means that Kendrion can focus on the Industrial activities where EBITDA margins are higher and there is less dependency on specific customers. We assume only a modest recovery in Industrial activity in Brakes, while we are more positive on IAC and the China Automotive business (based on contracts won). The operational leverage on growth plus the cost-sa...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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