Kendrion : A solid performance in Q3, apart from residual Auto
>Sales a miss (Auto related), Industrial sales a beat, EBITDA margins a beat - Kendrion Q3 sales missed our estimates (no css) by 4%, which is solely driven by the Residual automotive business as IAC and Industral Brakes performed well. Due to cost savings and higher sales levels, the adj. EBITDA came in at €8.8m or a beat of 12% with the adj. EBITDA margin coming in at 12.1% versus our expectation of 10.5%. Due to that better than expected performance, the net profit...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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