Kendrion - Recovery in full swing

Kendrion's H121 results showed a strong recovery after the negative impact of the pandemic on the H120 results, with its Automotive division growing revenues organically by 29% y-o-y and Industrial by 15% y-o-y. Margins also recovered, driven by operating leverage. Despite short-term uncertainty about supply chain constraints and the impact of higher raw materials prices, underlying trends such as electrification and energy transition continue to support underlying growth. We raise our estimates and expect an EPS CAGR of 37% in 2021-23e. The unweighted average of our three valuation methods points to a fair value of €29 per share.

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