olivLaw · European equity research
Kendrion N.V. KENDR.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Kendrion N.V. is a European industrial group that in 2025 focused exclusively on industrial divisions after divesting its automotive activities in Europe, the USA and China. The company could benefit from a more stable margin profile, targeting a normalized EBITDA margin of 15%-18% from 2026, but remains exposed to weak industrial demand in Europe.
At the close of 05 Nov 2026, Kendrion N.V. (KENDR.AS) stock was 18.60 EUR (−2.82% on the day), with market capitalisation 292.5 m EUR, P/E 15.0 on diluted EPS of 1.24 EUR over the last 12 months, dividend yield 7.80%, beta 0.79, 52-week range 13.40–21.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.9
- weak (30–45)
- Bollinger (20, 2)
- 18.34 – 19.58
- in the lower half of the band · %B 0.21 · band width 6.5%
- SMA 50 / 200
- 19.51 / 18.52
- mixed trend
- MACD (12, 26, 9)
- -0.18 / -0.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.3% | −0.6% | −8.6 pp | — |
| 3 months | −5.3% | −4.2% | −1.1 pp | — |
| 6 months | +5.7% | +4.3% | +1.3 pp | — |
| Year to date | +32.9% | +7.5% | +25.3 pp | — |
| 1 year | +31.7% | +9.9% | +21.8 pp | −0.2% |
| 3 years | +60.9% | +49.8% | +11.1 pp | +2.2% |
| 5 years | −7.5% | +42.8% | −50.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 11.3, median 15.1, max 18.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 309.0 m | 247.5 m | 245.5 m |
| Revenue YoY | unavailable | −19.9% | −0.8% |
| Net income | 9.9 m | -4.5 m | 19.5 m |
| Net income YoY | unavailable | −145.5% | unavailable |
| Diluted EPS | 0.64 | -0.29 | 1.24 |
| Diluted EPS YoY | unavailable | −145.3% | unavailable |
| net % | 3.2% | -1.8% | 7.9% |
| Free cash flow | 12.5 m | 900.0 k | 24.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.4 m EUR
- Financial debt
- 59.7 m EUR
- Net debt
- 30.3 m EUR
- Equity
- 153.4 m EUR
- Total assets
- 272.2 m EUR
- Debt / equity
- 0.39x
- Current ratio
- 2.42x
- ROE
- 12.5%
- ROA
- 6.1%
- FCF margin
- 9.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 309.0 m | 247.5 m | 245.5 m | esef· 04 Mar 2026verified |
| Operating income | 22.2 m | 14.6 m | 21.3 m | esef· 04 Mar 2026verified |
| Depreciation & amortisation | 17.3 m | 16.0 m | 15.0 m | esef· 04 Mar 2026verified |
| EBITDA | 39.5 m ≈ | 30.6 m ≈ | 36.3 m ≈ | esef· 04 Mar 2026derived |
| Interest expense | 6.3 m | 4.0 m | 3.8 m | esef· 04 Mar 2026verified |
| Pre-tax income | 16.1 m | 10.6 m | 17.3 m | esef· 04 Mar 2026verified |
| Income tax | 4.3 m | 2.2 m | 3.7 m | esef· 04 Mar 2026verified |
| Net income | 9.9 m | -4.5 m | 19.5 m | esef· 04 Mar 2026verified |
| Diluted EPS | 0.64 | -0.29 | 1.24 | esef· 04 Mar 2026verified |
| Dividend per share | 0.72 | 0.45 | 1.45 | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 20.6 m | 8.5 m | 29.4 m | esef· 04 Mar 2026verified |
| Receivables | 65.2 m | 58.6 m | 23.6 m | esef· 04 Mar 2026verified |
| Inventories | 87.4 m | 58.5 m | 44.5 m | esef· 04 Mar 2026verified |
| Current assets | 180.8 m | 130.7 m | 98.9 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 134.5 m | 96.0 m | 52.4 m | esef· 04 Mar 2026verified |
| Total assets | 462.3 m | 364.8 m | 272.2 m | esef· 04 Mar 2026verified |
| Accounts payable | 84.5 m | 58.9 m | 33.7 m | esef· 04 Mar 2026verified |
| Short-term debt | 5.3 m | 12.4 m | 2.4 m | esef· 04 Mar 2026verified |
| Long-term debt | 153.2 m | 97.8 m | 57.3 m | esef· 04 Mar 2026verified |
| Current liabilities | 108.7 m | 85.8 m | 40.8 m | esef· 04 Mar 2026verified |
| Total liabilities | 290.3 m | 206.3 m | 118.8 m | esef· 04 Mar 2026verified |
| Equity | 172.0 m | 158.5 m | 153.4 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 15.2 m | 15.5 m | 15.7 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 36.4 m | 18.5 m | 30.4 m | esef· 04 Mar 2026verified |
| Capex | 23.9 m | 17.6 m | 6.2 m | esef· 04 Mar 2026verified |
| Free cash flow | 12.5 m ≈ | 900.0 k ≈ | 24.2 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -29.6 m | 25.8 m | 53.5 m | esef· 04 Mar 2026verified |
| Financing cash flow | -27.8 m | -51.2 m | -61.0 m | esef· 04 Mar 2026verified |
| Dividends paid | 7.1 m | 4.2 m | 19.7 m | esef· 04 Mar 2026verified |
| Share repurchases | — | 0 | 2.5 m | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 73 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 292.5 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality73
- Returns82
- Balance sheet59
- Valuation79
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.09 – 36.43 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)21.32 – 36.43 (Mid 26.91)WACC 7.7% · starting FCFF 27.2 m EUR · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -14.4%
- Peers: EV/EBITDA19.48 – 28.82 (Mid 22.57)5 companies used · median multiple 10.6x · quartiles 9.3x – 13.3xARCAD.AS, BAMNB.AS, BNJ.AS, BRNL.AS, CMCOM.AS
- Peers: P/E13.09 – 31.83 (Mid 17.99)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)19.72 – 26.89 (Mid 22.75)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Attractive profile · Score 73/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.5% | 54 (vs peers) | 13% |
| Net margin · Quality | 7.9% | 78 (vs peers) | 8% |
| FCF conversion · Quality | 124.1% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.8x | 40 (vs peers) | 13% |
| Interest coverage · Balance sheet | 5.6x | 63 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 15.0x | 62 (vs peers) | 13% |
| EV/EBITDA · Valuation | 8.9x | 80 (vs peers) | 13% |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 7.6% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 81.4% | 55 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet59/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns82/100 · 2/2 factors with a value
- Valuation79/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Kendrion N.V. (KENDR.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 245.5 m EUR in 2025; YoY growth -0.8%; net margin 7.9%; ROE 12.5%; net debt/EBITDA 0.8x.
The estimated value range is 19.60–30.32 EUR per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 22.66 EUR, the price of 18.60 EUR leaves a potential of 21.8% (value / price − 1) and a margin of safety of 17.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 73/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.9%
- FCF conversion: 124.1%
- Current ratio: 2.4x
- EV/EBITDA: 8.9x
- FCF yield: 8.3%
- Shareholder yield (distributions): 7.6%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| KENDR.ASKendrion N.V. | 292.5 m | 15.0 | 12.5% | 7.9% | −0.8% | +34% / +70% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for KENDR.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.41 Total return -39% · Per year -39% | 18.45 Total return 6% · Per year 6% | 27.86 Total return 58% · Per year 58% |
| 3 years | 9.05 Total return -37% · Per year -14% | 18.15 Total return 17% · Per year 5% | 30.24 Total return 88% · Per year 23% |
| 5 years | 7.87 Total return -36% · Per year -9% | 17.86 Total return 29% · Per year 5% | 32.83 Total return 120% · Per year 17% |
- Exit P/E± 4.54
- Net margin± 3.18
- Annual revenue growth± 2.75
- Annual dilution± 0.27
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kendrion N.V. is a European industrial group that in 2025 focused exclusively on industrial divisions after divesting its automotive activities in Europe, the USA and China. The company could benefit from a more stable margin profile, targeting a normalized EBITDA margin of 15%-18% from 2026, but remains exposed to weak industrial demand in Europe.
SWOT
Strengths
- The company reached its minimum EBITDA profitability target in 2025 ahead of schedule and generated solid cash flow.
- The industrial portfolio is concentrated in niches where the company has expertise in valves, actuators, brakes and controls.
- Its dividend policy and clear financial commitments give shareholders transparency.
Weaknesses
- The company depends on industrial demand in Europe, which remained weak, particularly in Germany.
- The phased transfer of the Sibiu facility and the post-divestment reorganisation add operational complexity.
- Reliance on industrial projects that can be postponed or cancelled reduces revenue visibility.
Opportunities
- Rising investment in automation and robotics could expand demand for the company's brakes and controls.
- If margin and ROI targets are met, the company could finance growth from its own cash flow.
- Expansion in Asia alongside Europe and the USA could diversify revenue sources.
Threats
- If the European economy does not recover, industrial orders could remain below expectations.
- Supply chain disruptions and rising purchase prices could weigh on margins.
- Cyber attacks or IT system failures could interrupt operations and damage reputation.
Risks
- Strategic projects and M&A failuremedium
Transactions and strategic projects may not deliver the expected benefits, affecting financial performance.
- Economic and political uncertaintyhigh
Volatile economic and political conditions could affect customer investment behaviour and planning.
- Order volatilityhigh
Cancelled or postponed projects could reduce capacity utilisation and cash flow.
- Cyber and IT riskmedium
Cyber attacks or ERP implementation problems could interrupt operations.
- Sourcing and purchase pricesmedium
Shortages of materials or rising purchase prices could affect production continuity and margins.
Investment thesis
What would need to be true (bull case)
- If the focus on industry continues to deliver stable margins and solid cash flow, the company could sustain consistent dividends.
- Demand in robotics and automation could support revenue growth in segments where the company has technical expertise.
- Financial discipline and medium-term profitability targets could improve profitability in the coming years.
What would break the thesis
- If the European economy stays weak, industrial orders could stagnate and limit growth.
- Reorganisation and the transfer of units could generate unforeseen costs and delays.
- Dependence on projects that can be postponed could make revenue harder to forecast.
What to watch
- Achievement of the normalized EBITDA margin target of 15%-18%2026
- Progress toward the ROI target of 23%-27%2027
- Timetable for the phased transfer of the Sibiu facility to Knorr-Bremsecoming years
- Order intake in Europe and development of industrial output2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2025 integrated annual report, Kendrion completed in February the divestment of its European and USA automotive operations to Solero Technologies, and in August sold its China automotive business to local management. In September it entered into a cooperation agreement with Knorr-Bremse to transfer the Sibiu mobility electronics facility in phases. The company now focuses on two industrial business groups, Industrial Brakes (IB) and Industrial Actuators and Controls (IAC), in Europe, the USA and Asia.
The forward strategy states that Kendrion invests only where it has a clear edge, drawing on its expertise in valves, actuators, brakes and control technology. Management says it targets projects with a minimum EBITDA of 20% and annual revenue growth of at least 10% in investment areas. Key strategic sectors include induction heating systems, industrial locks for professional kitchens, laboratory equipment, parcel lockers, safety valves for nuclear facilities, brakes for robotics and intra-logistics.
Financially, the company reached its minimum EBITDA profitability target ahead of schedule in 2025 and paid both regular and special dividends. Medium-term commitments include a normalized EBITDA margin target, an ROI target by 2027, and a policy of distributing at least half of normalized net profit before amortization.
Segments
Industrial Brakes (IB)
The industrial brakes division serves applications in industrial and collaborative robotics as well as intra-logistics. It is one of the two business groups the company says it will develop exclusively going forward.
Industrial Actuators and Controls (IAC)
This division covers valves, actuators and control technologies, including induction heating systems and safety valves for nuclear facilities. The company regards it as the main driver of profitable growth after exiting automotive.
Market context
According to the report, the European economy, particularly Germany, remained weak in 2025, and interest rate cuts did not produce a meaningful rise in capital investment. For 2026 the company expects industrial output across Europe, the USA and China to remain broadly in line with 2025 levels.
Demand in Kendrion's industrial segments depends on customer investment, which can be postponed or cancelled. The company flags order volatility and project cancellations as relevant risks for capacity utilisation and cash flow.
Trends
- Industrial focustailwind
Exiting automotive and concentrating on industrial projects could support more stable margins if profitability targets are met.
- Weak European economyheadwind
A weak European economy, especially in Germany, could limit orders and customer investment in industrial markets.
- Automation and roboticstailwind
Demand for brakes and controls in industrial and collaborative robotics could grow if automation investment continues.
- Costs and sourcingmixed
Supply disruptions and rising purchase prices could affect margins, although the company diversifies suppliers and applies a local-for-local sourcing strategy.
Competitive position
The annual report does not explicitly name direct competitors. The company operates in niche industrial markets such as brakes, actuators, valves and control systems, where it relies on technical expertise and protection of its intellectual property.
Protection of intellectual property through patents, trademarks and confidentiality agreements is cited as a means of preserving its competitive edge. Losing that edge could reduce market share and profitability.
- Competitors not named in source
The annual report does not name competitors, so no ticker can be attributed from the source.
- Brake and actuator technology suppliers
The source does not identify competing companies in this category.
- Valve and control system manufacturers
The source does not identify competing companies in this category.
- Induction heating equipment suppliers
The source does not identify competing companies in this field.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Kendrion N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.