Kendrion - Higher visibility on realising FY25 targets

Market trends in Q423 were like Q323, with Kendrion's Industrial segment under pressure and Automotive in recovery due to higher pricing and new projects. On 7% y-o-y lower revenues, EBITDA was down 14%, slightly below our expectations. Kendrion is now more confident in realising its FY25 targets (revenue of around €636m and EBITDA margin of 15%) as it has more visibility on the ramp up of new projects, while being bullish about its pipeline, based on electrification and clean energy trends. We have rolled our valuation forward by one year, which, coupled with higher EBITDA margin estimates, points to a value of €18.6/share (from €15.5).

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