Edison Investment Research Limited 
Edison Investment Research Limited: Kendrion (KENDR): Initiation - Energised by electrification 
20-Apr-2021 / 07:00 GMT/BST 
=---------------------------------------------------------------------------------------------------------------------- 
 
London, UK, 20 April 2021 
 
Kendrion (KENDR): Initiation - Energised by electrification 
Kendrion is a global player in high-quality electromagnetic systems that optimise safety, performance and comfort in 
automotive and industrial applications. The coronavirus pandemic creates a short-term uncertain market environment but 
the underlying demand for Kendrion's products is strong and it will benefit from multiple long-term disruptive trends, 
such as autonomous driving, electrification, emission reduction and industrial automation. Its valuation shows a 
discount to peers, which should gradually vanish when company targets are met. 
 
We value Kendrion at around EUR28 per share, which is the average of historical multiples (EUR28), DCF (EUR29) and peer 
comparison (EUR26). Higher revenues and margins will result in higher cash flows over the next few years supporting our 
DCF valuation. Kendrion is valued at a discount to peers of 11% on 2022e EV/EBITDA, which might vanish over time as we 
believe that the company will be able to accelerate growth and significantly improve margins. 
Click here to view the full report. 
 
All reports published by Edison are available to download free of charge from its website 
www.edisongroup.com 
About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the 
widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, 
family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the 
darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. 
Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. 
Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in 
Athens, Johannesburg and Sydney. 
Edison is authorised and regulated by the Financial Conduct Authority. 
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not 
solicitations to buy or sell any securities. 
For more information, please contact Edison: 
Johan van den Hooven +44 (0)20 3077 5700 industrials@edisongroup.com 
Learn more at www.edisongroup.com and connect with Edison on: 
LinkedIn        https://www.linkedin.com/company/edison-group-/ 
Twitter           www.twitter.com/Edison_Inv_Res 
YouTube       www.youtube.com/edisonitv 
=---------------------------------------------------------------------------------------------------------------------- 
Dissemination of a CORPORATE NEWS, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=----------------------------------------------------------------------------------------------------------------------

1186349 20-Apr-2021


 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1186349&application_name=news

(END) Dow Jones Newswires

April 20, 2021 02:00 ET (06:00 GMT)