Kendrion : Not the hoped for Q2, outlook cautious
>Weak Q2 in terms of margins and FCF - Kendrion’s Q2 results are disappointing relative to our estimates (no consensus). Sales were in line at €78m, up sequentially by 3% but down 7% yoy. Adjusted EBITDA came in at €8.2m or a miss of 16% versus our estimates with the adj. EBITDA margin coming in at 10.6% versus an expected 12.7%. Q1 2024 adj. EBITDA margin was 13.3%. We assume the miss on the adj. EBITDA is due to disappointing retained automotive revenues and a slowe...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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