Kendrion - Q123 - good revenue growth at lower margins

Kendrion's Q123 results were mixed with good revenue growth of 5% but an unexpected decline in EBITDA of 7%. Gross margin was under pressure due to Kendrion passing on material price inflation at no margin and lower direct engineering revenues in Automotive. We have adjusted our estimates only slightly downward as the positive energy transition trend is still intact. Our estimates for FY23-25 reflect a revenue CAGR of 7%, an EBITDA CAGR of 18% and a normalised EPS CAGR of 27%. The unweighted average of our three valuation methods points to a fair value of €23.0 per share.

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