Kendrion : Modest adjustments to 2024-2025 estimates, investment case unchanged
>Result of core Industrial activities not as disappointing as initially assumed - The Q2 results of Kendrion were not as disappointing as we initially reported. The Industrial unit actually performed better than we had anticipated with IB outperforming on sales and the Industrial unit as a whole outperforming on adj. EBITDA although the adj. EBITDA margin was still down yoy. Yes, the Residual business did not show the improvement in adj. EBITDA we had anticipated des...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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