Kendrion's results for the first quarter of 2021 showed a strong recovery after the declines in 2020, which were caused by the COVID-19 pandemic. Both the short-term and long-term outlooks are promising, driven by trends such as autonomous driving, electrification, emission reduction and industrial automation. We have slightly raised our estimates and expect a CAGR in EBITDA of 17% in 2021-23e. Kendrion's valuation shows a discount of 8% to peers based on 2022e EV/EBITDA, which should gradually diminish when its financial targets for 2025 in terms of revenue growth and margins are met.Den vollständigen Artikel lesen ...