Kendrion

Kendrion

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101020 Kendrion - A Magnetic Future? 101020 Kendrion - A Magnetic Future?

Kendrion has a magnetic future and shareholders of the company could have such a future as well. Firstly, it has ample room to grow its business organically. Excluding acquisitions a sharply higher share price is already justified. Secondly, when the company has a new financing arrangement in place it could give an additional boost to its valuation by making acquisitions. It targets to acquire EUR100m worth in revenues for approx 1 times sales and 6 to 6.5 times income from profits. Any investor must fell magnetized to such an investment case.

090414 Kendrion - company visit note 090414 Kendrion - company visit note

Company visit note.

101209 Kendrion - New financing arrangement in place 101209 Kendrion - New financing arrangement in place

Now with a new financing agreement in place Kendrion could give an additional boost to its valuation by making acquisitions. The current credit facility restricted the possibilities of acquisitions unless the company was willing to present an enormous equity issue to its shareholders. For more details we like to refer to our report of October 21st 2010 "Kendrion | a magnetic future".

091223 Kendrion to start operations in India 091223 Kendrion to start operations in India

In an interview management of Kendrion stated it intends to enter the market in India and targets 40% of its revenues outside of Europe in 3 years. To realize this target in geographical sales breakdown the company is condemned making acquisitions in North America.

110906 Kendrion | living on CO2 110906 Kendrion | living on CO2

No. pages 8
Description Kendrion convinced us that for the near term organic growth could remain above the threshold of 10%. Particularly the opportunities in Passenger Car Systems are huge. This business unit operates in the sweet spot of engine technology aimed at reducing the CO2 emissions per vehicle. Despite its share price appreciation of approx 65% since we issued our in-depth report 'Kendrion | magnificent magnetic future' we remain upbeat.
Contents
  • Organic growth to remain double digit
  • Reduction in CO2 emmissions driver for Passenger Car Systems
  • Ambitious growth target within reach
  • Outcome European Commission's fine expected shortly
  • Conclusions

111229 Kendrion | acquisition of FAS Control 111229 Kendrion | acquisition of FAS Control

No. pages 3
Description Not only will the acquisition of FAS Control contribute immediately to the earnings per share of Kendrion and deliver an initial return on investment of approx 13%, moreover, the takeover will offer ample opportunities for its business unit Car Passenger Systems to grow.
Contents
  • creating a platform to conquer the US market
  • estimated financial details
  • strategic importance
  • conclusions

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