reports
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- Martijn Den Drijver
Kendrion : More self-help than assumed but recovery a bit pushed out
>Q3 results mixed to positive - The Q3 results were mixed to positive. Industrial did better than expected in terms of sales (growth in IB and flat in IAC) but the Residual automotive part was impacted by a negative development in Sound and Fuel controllers with good but not great growth in Automotive China. Positive was that the EBITDA margin came in materially higher than anticipated (12.1% vs 10.5%). In the analyst call CEO van Beurden indicated that some projects ...
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Martijn Den Drijver
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...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
SCHP SECHE ENVIRONNEMENT
AMS AMS AG
CRI CHARGEURS SA
POM PLASTIC OMNIUM SE
FGA FIGEAC AERO SA
GLO GL EVENTS SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
KENDR KENDRION NV
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VLTSA VOLTALIA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM ARM HOLDINGS PLC
- Martijn Den Drijver
Kendrion : Mixed to positive feelings about new strategic targets
>Capital Markets Day today - Kendrion is presenting its new strategy today following the announced divestment of most of its Automotive activities to Solero, a transaction that will raise €65m and is expected to close on October 10 of this year. As part of the new strategy, Kendrion has announced new financial targets including an adj. EBITDA margin of between 15% and 18% as of 2025 and a ROI of 23%-27% as of 2027. The dividend pay-out is raised from 30%-50% to 50% an...
- Roy Külter
- Steven Boumans
- Roy Külter
- Steven Boumans
- Martijn Den Drijver
Kendrion : Modest adjustments to 2024-2025 estimates, investment case ...
>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...
- Tijs Hollestelle
Kendrion/Margin over volume please/BUY
Kendrion's continued business, in our view, reported solid 2Q24 results. The share price though declined and the stock currently trades c.5% below the share price level before the announcement to dispose the Auto business. This has been fundamentally the most important positive news since the take-over of Intorq back in 2019 but the stock keeps sliding downwards. Kendrion will host a CMD on 5 September. This offers management the opportunity to turn the tide and we expect focus on: (1) Margin po...
- Roy Külter
- Steven Boumans
- ING Helpdesk
Benelux Morning Notes
ASR: 1H small beat, KNAB add-on to Solvency 2 higher. Avantium: Down to the wire. Flow Traders: Pump up the volume. Greenyard: 1Q24/25 preview. Kendrion: Navigating difficult end markets. Montea: Solid results with no surprises, guidance reiterated. NEPI Rockcastle: Guidance raised, M&A opportunities on the radar. Tessenderlo: 1H24 Adj. EBITDA miss of 5%, lower FY guidance
- Martijn Den Drijver
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...
- ING Helpdesk
- Martijn Den Drijver
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 N.V.: 1 director
A director at Kendrion N.V. maiden bought 3,500 shares at 13.950EUR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
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