Financials Kendrion N.V.

Equities

Market Closed - Euronext Amsterdam Other stock markets 11:35:09 2024-04-26 am EDT			5-day change	1st Jan Change
13.12 ^EUR	+1.23%		-2.09%	+8.61%

Apr. 15	Solero Technologies, LLC entered into an agreement to acquire Automotive Business of Kendrion N.V.(ENXTAM:KENDR).	CI
Apr. 12	Transcript : Kendrion N.V. - Special Call

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	309.1	245.1	312.4	232.9	182.3	200.4	-	-
Enterprise Value (EV) ¹	356.5	348.3	443	373.2	327.3	341.9	331.7	324.1
P/E ratio	35.5 x	57.2 x	21.7 x	-5.02 x	18.6 x	13.4 x	9.58 x	-
Yield	1.19%	2.41%	3.28%	4.65%	3.73%	3.89%	4.76%	6.17%
Capitalization / Revenue	0.75 x	0.62 x	0.67 x	0.45 x	0.35 x	0.38 x	0.35 x	0.33 x
EV / Revenue	0.86 x	0.88 x	0.95 x	0.72 x	0.63 x	0.65 x	0.58 x	0.54 x
EV / EBITDA	8.21 x	7.81 x	7.94 x	6.5 x	6.16 x	6.08 x	4.92 x	4.12 x
EV / FCF	12,209,590 x	12,052,719 x	108,049,894 x	63,254,496 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	1.52 x	1.21 x	1.41 x	-	1.07 x	1.06 x	0.99 x	-
Nbr of stocks (in thousands)	14,755	14,766	14,841	15,026	15,093	15,276	-	-
Reference price ²	20.95	16.60	21.05	15.50	12.08	13.12	13.12	13.12
Announcement Date	2/18/20	2/19/21	2/25/22	2/28/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	412.4	396.4	464	519.3	518.5	528.9	570.4	603.8
EBITDA ¹	43.4	44.6	55.8	57.4	53.1	56.2	67.44	78.7
EBIT ¹	17.2	14.5	28	29.4	26.3	32.7	40.27	52.8
Operating Margin	4.17%	3.66%	6.03%	5.66%	5.07%	6.18%	7.06%	8.74%
Earnings before Tax (EBT) ¹	10.6	5.7	20.1	-39.7	13.9	20.57	28.64	-
Net income ¹	7.9	4.3	14.4	-46.3	9.9	12.5	20.4	28.5
Net margin	1.92%	1.08%	3.1%	-8.92%	1.91%	2.36%	3.58%	4.72%
EPS ²	0.5900	0.2900	0.9700	-3.090	0.6500	0.9800	1.370	-
Free Cash Flow	29.2	28.9	4.1	5.9	-	-	-	-
FCF margin	7.08%	7.29%	0.88%	1.14%	-	-	-	-
FCF Conversion (EBITDA)	67.28%	64.8%	7.35%	10.28%	-	-	-	-
FCF Conversion (Net income)	369.62%	672.09%	28.47%	-	-	-	-	-
Dividend per Share ²	0.2500	0.4000	0.6900	0.7200	0.4500	0.5100	0.6250	0.8100
Announcement Date	2/18/20	2/19/21	2/25/22	2/28/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	47.4	103	131	140	145	142	131	124
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.092 x	2.314 x	2.341 x	2.444 x	2.731 x	2.518 x	1.946 x	1.572 x
Free Cash Flow	29.2	28.9	4.1	5.9	-	-	-	-
ROE (net income / shareholders' equity)	5.5%	2.12%	6.75%	-	5.71%	8%	11%	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	13.80	13.80	14.90	-	11.30	12.40	13.20	-
Cash Flow per Share ²	3.030	2.830	1.880	-	2.390	2.810	3.260	4.010
Capex ¹	15.5	12.9	23.7	32	23.9	30.9	31.9	32.9
Capex / Sales	3.76%	3.25%	5.11%	6.16%	4.61%	5.84%	5.59%	5.45%
Announcement Date	2/18/20	2/19/21	2/25/22	2/28/23	2/28/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.12 EUR

Average target price

15 EUR

Spread / Average Target

+14.33%

	1st Jan change	Capi.
KENDRION N.V.	+8.61%	214M
DENSO CORPORATION	+29.62%	50.98B
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APTIV PLC	-20.63%	19.42B
HYUNDAI MOBIS CO.,LTD	+1.48%	15.84B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+31.67%	17.27B
MAGNA INTERNATIONAL INC.	-14.23%	14.09B
CONTINENTAL AG	-18.75%	13.35B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+31.97%	11.74B
AISIN CORPORATION	+14.27%	9.65B