Kendrion N.V. (KENDR.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-59.2%

€7.70

vs €18.86 price

Levered DCF

€1.10

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.82

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.29×	-35.86×	18.46×	-5.02×	21.7×	57.24×	33.79×	20.29×
P/B	1.07×	1.01×	1.06×	1.33×	1.4×	1.2×	1.39×	1.54×
P/S	0.67×	0.53×	0.59×	0.45×	0.67×	0.62×	0.68×	0.62×
EV / EBITDA	5.34×	7.35×	6.86×	-54.74×	8.58×	8.82×	8.3×	7.3×
Gross margin	14.6%	50.4%	14.6%	47.9%	48.6%	48.1%	46.8%	47.2%
Operating margin	8.7%	4.7%	11.7%	5.7%	5.9%	7.6%	3.2%	5.3%
Net margin	5.9%	-1.5%	3.2%	-8.9%	3.1%	1.1%	1.9%	3.1%
Current ratio	2.42×	1.52×	1.66×	1.87×	1.68×	1.45×	1.51×	1.51×
Debt / equity	0.39×	0.71×	0.96×	1.02×	0.67×	0.57×	0.27×	0.5×
Interest coverage	5.61×	2.47×	4.2×	6.02×	7.56×	8.6×	5.24×	8×
Dividend yield	12.0%	2.6%	3.9%	3.1%	1.4%	0.0%	2.9%	2.1%
Payout ratio	135.9%	-93.3%	71.7%	-15.3%	29.9%	0.0%	102.5%	42.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	-2.8%	5.8%	-26.5%	6.5%	2.1%	3.9%	7.6%
Return on invested capital	7.2%	3.4%	7.4%	7.7%	4.8%	6.5%	3.4%	5.2%
Return on assets	5.3%	-1.2%	2.1%	-9.7%	2.9%	1.0%	2.2%	3.7%
Free cash flow yield	14.8%	-3.2%	3.3%	0.1%	-0.7%	10.5%	7.4%	1.9%
Earnings yield	8.9%	-2.8%	5.4%	-20.0%	4.6%	1.8%	2.8%	4.9%
Enterprise value	€194M	€264M	€327.4M	€372.3M	€442.5M	€348.3M	€330.3M	€360.5M
Net debt / EBITDA	0.83×	2.89×	3.04×	-20.63×	2.53×	2.61×	1.21×	1.63×
Cash conversion cycle (days)	90	123	88	85	95	75	64	77