Kendrion - Price increases largely drive revenue growth

Kendrion's Q223 organic revenue growth of 9% was better than the 5% in Q1 despite the slowdown in economic activity in several regions. Gross margin remained under pressure due to cost increases. EBITDA increased slightly year-on-year in Q2 after a decline in Q1, as cost savings offset wage inflation. Despite the short-term uncertainties, Kendrion is positive about its orderbook, which is driven by electrification and clean energy trends. On lower margin estimates, the average of our valuation methods points to a value of €21.5 per share.

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