Kendrion NV
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Quick analysis of Kendrion (30 sec.)

1. Valuation of Kendrion (5 min.)

Current price per share

€18.26

Book Value per Share

€11.65

2. Growth of Kendrion (5 min.)

Is Kendrion growing?

	Current year	Previous year	Grow	Grow %
How rich?	$187.5m	$232m	$2.6m	1.1%

How much money is Kendrion making?

	Current year	Previous year	Grow	Grow %
Making money	-$12.4m	$3.8m	-$16.2m	?
Net Profit Margin	-8.9%	3.1%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Kendrion (5 min.)

4. Comparing to competitors in the Auto Parts industry (5 min.)

Industry Rankings (Auto Parts)

Richest
#305 / 587

Most Revenue
#115 / 587

Most Profit
#569 / 587

Most Efficient
#530 / 587

Fundamentals of Kendrion

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is able to pay all its debts with equity.

1.1. Profitability of Kendrion NV.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Kendrion earns for each €1 of revenue.

Above 10% is considered healthy but always compare Kendrion to the Auto Parts industry mean.
A Net Profit Margin of -45.6% means that €-0.46 for each €1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Kendrion NV:

The MRQ is -45.6%. The company is making a huge loss. -2
The TTM is -8.9%. The company is making a loss. -1

Trends

Current period		Compared to		+/-
MRQ	-45.6%	TTM	-8.9%	-36.7%
TTM	-8.9%	YOY	3.1%	-12.0%
TTM	-8.9%	5Y	0.0%	-8.9%
5Y	0.0%	10Y	0.8%	-0.8%

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	-45.6%	2.8%	-48.4%
TTM	-8.9%	3.3%	-12.2%
YOY	3.1%	3.7%	-0.6%
5Y	0.0%	2.9%	-2.9%
10Y	0.8%	3.9%	-3.1%

Measures how much net profit Kendrion earns for each €1 of revenue.

Revenue is the amount of profit Kendrion generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you €3. The company does not earn €3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is €1.5.

The €3 you pay for a cup of coffee is called revenue.
The €1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Kendrion earns for each €1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Kendrion to the Auto Parts industry mean.
Can be used to compare companies within the Auto Parts industry.

You typically want a high profit margin. This means that for each €1 in sales, Kendrion makes more profit. This shows the investor how efficiently Kendrion is operating in general and compared to other companies in the same industry. Kendrion operates in the Auto Parts industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Kendrion. If profit margins remain low (compared to the Auto Parts industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Kendrion is -0.46. This means that Kendrion earned €-0.46 for each €1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Auto Parts industry is 2.8%.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Kendrion with other companies in the same industry (Auto Parts).
Net profit margin should rise over the years.
Can be influenced when Kendrion sells assets (profit will increase while costs remain the same).
It won’t show what part of Kendrion is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Kendrion

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Kendrion = -59,100
Total revenue MRQ Kendrion = 129,600
€-59,100 / €129,600 = -0.46 or -45.6%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Kendrion is using its assets to generate profit.

Above 5% is considered healthy but always compare Kendrion to the Auto Parts industry mean.
-12.4% Return on Assets means that Kendrion generated €-0.12 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Kendrion NV:

The MRQ is -12.4%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -2.5%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-12.4%	TTM	-2.5%	-9.9%
TTM	-2.5%	YOY	0.8%	-3.3%
TTM	-2.5%	5Y	0.0%	-2.5%
5Y	0.0%	10Y	0.3%	-0.3%

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	-12.4%	1.0%	-13.4%
TTM	-2.5%	1.0%	-3.5%
YOY	0.8%	1.0%	-0.2%
5Y	0.0%	1.0%	-1.0%
10Y	0.3%	1.3%	-1.0%

Shows how efficient Kendrion is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Kendrion to the Auto Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Kendrion is using its resources to generate profit. If the return on assets (-12.4%) from Kendrion are higher than the Auto Parts mean (1.0%) that means Kendrion is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Kendrion is -12.4%. This means the company generated €-0.12 for each €1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Auto Parts industry is 1.0%.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Kendrion

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Kendrion = -59,100
Total assets MRQ (balance sheet) from Kendrion = 476,600
-59,100 / 476,600 = -0.12 or -12.4%

ROA is an important ratio as it will tell you how effectively Kendrion is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Kendrion is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Kendrion to the Auto Parts industry mean.
-33.8% Return on Equity means Kendrion generated €-0.34 for each €1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Kendrion NV:

The MRQ is -33.8%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -7.1%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-33.8%	TTM	-7.1%	-26.7%
TTM	-7.1%	YOY	1.7%	-8.8%
TTM	-7.1%	5Y	-0.4%	-6.7%
5Y	-0.4%	10Y	0.2%	-0.6%

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	-33.8%	2.0%	-35.8%
TTM	-7.1%	2.1%	-9.2%
YOY	1.7%	2.1%	-0.4%
5Y	-0.4%	1.9%	-2.3%
10Y	0.2%	2.5%	-2.3%

Shows how efficient Kendrion is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Kendrion to the Auto Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Auto Parts industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Kendrion is -33.8%. This means Kendrion generated €-0.34 for each €1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Auto Parts industry is 2.0%.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if Kendrion existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Kendrion

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Kendrion = -59,100
Shareholders equity (balance sheet) MRQ Kendrion = 175,000
-59,100 / 175,000 = -0.34 or -33.8%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Kendrion NV.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Kendrion is operating .

Measures how much profit Kendrion makes for each €1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Kendrion to the Auto Parts industry mean.
An Operating Margin of 0.0% means the company generated €0.00 for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Kendrion NV:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	4.0%	-4.0%
TTM	4.0%	YOY	6.3%	-2.3%
TTM	4.0%	5Y	6.8%	-2.8%
5Y	6.8%	10Y	7.0%	-0.2%

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	-	4.7%	-4.7%
TTM	4.0%	3.7%	+0.3%
YOY	6.3%	4.9%	+1.4%
5Y	6.8%	4.9%	+1.9%
10Y	7.0%	4.5%	+2.5%

Measures how efficient Kendrion is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Kendrion to the Auto Parts industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Kendrion is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Kendrion is 0.0%. This means that Kendrion earned €0.00 for each €1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Auto Parts industry is 4.7%.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Kendrion

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Kendrion = 3,500
Total revenue MRQ Kendrion = 129,600
€3,500 / €129,600 = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Kendrion is keeping operating costs low.

Below 1 is considered healthy (always compare to Auto Parts industry mean).
An Operation Ratio of 1.50 means that the operating costs are €1.50 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of Kendrion NV:

The MRQ is 1.503. The company is inefficient in keeping operating costs low. -1
The TTM is 1.475. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.503	TTM	1.475	+0.028
TTM	1.475	YOY	1.455	+0.020
TTM	1.475	5Y	1.477	-0.001
5Y	1.477	10Y	1.475	+0.002

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	1.503	1.655	-0.152
TTM	1.475	1.653	-0.178
YOY	1.455	1.639	-0.184
5Y	1.477	1.576	-0.099
10Y	1.475	1.260	+0.215

Measures how efficient Kendrion is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Kendrion to the Auto Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Kendrion is 150.3%. This means that Kendrion earned €1.50 for each €1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Auto Parts industry is 1.66.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Kendrion

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(68,700 +126,100) \ 129,600 = 1.50

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Kendrion NV.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Kendrion is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Auto Parts industry mean).
A Current Ratio of 1.87 means the company has €1.87 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of Kendrion NV:

The MRQ is 1.867. The company is able to pay all its short-term debts. +1
The TTM is 1.882. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	1.867	TTM	1.882	-0.015
TTM	1.882	YOY	1.671	+0.211
TTM	1.882	5Y	1.676	+0.205
5Y	1.676	10Y	1.669	+0.008

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	1.867	1.576	+0.291
TTM	1.882	1.566	+0.316
YOY	1.671	1.623	+0.048
5Y	1.676	1.559	+0.117
10Y	1.669	1.320	+0.349

Measures if Kendrion is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Auto Parts industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Kendrion if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Kendrion is 1.87. This means Kendrion has €1.87 in assets for each €1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Auto Parts industry is 1.58.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Kendrion

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
198,100 \ 106,100) = 1.87

The current ratio measures if Kendrion is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Kendrion is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Kendrion does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Kendrion is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Kendrion is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Kendrion to the Auto Parts industry mean.
A Quick Ratio of 0.55 means the company can pay off €0.55 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Kendrion NV:

The MRQ is 0.554. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.712. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.554	TTM	0.712	-0.158
TTM	0.712	YOY	0.722	-0.010
TTM	0.712	5Y	0.718	-0.006
5Y	0.718	10Y	0.733	-0.014

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	0.554	0.640	-0.086
TTM	0.712	0.688	+0.024
YOY	0.722	0.776	-0.054
5Y	0.718	0.747	-0.029
10Y	0.733	0.755	-0.022

1.4. Solvency of Kendrion NV.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Kendrion assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Kendrion to Auto Parts industry mean.
A Debt to Asset Ratio of 0.63 means that Kendrion assets are financed with 63.3% credit (debt) and the remaining percentage (100% - 63.3%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Kendrion NV:

The MRQ is 0.633. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.579. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.633	TTM	0.579	+0.054
TTM	0.579	YOY	0.542	+0.037
TTM	0.579	5Y	0.535	+0.043
5Y	0.535	10Y	0.526	+0.009

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	0.633	0.505	+0.128
TTM	0.579	0.506	+0.073
YOY	0.542	0.496	+0.046
5Y	0.535	0.492	+0.043
10Y	0.526	0.497	+0.029

Measures how much % of Kendrion assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Kendrion than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Kendrion to Auto Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Kendrion is 0.63. This means means that Kendrion is financed with 63.3% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Auto Parts industry is 157.6%.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Kendrion has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Kendrion

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
301,600 \ 476,600 = 63.3% or 0.63.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Kendrion is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Kendrion to the Auto Parts industry mean.
A Debt to Equity ratio of 172.3% means that company has €1.72 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Kendrion NV:

The MRQ is 1.723. The company is just able to pay all its debts with equity.
The TTM is 1.388. The company is able to pay all its debts with equity. +1

Trends

Current period		Compared to		+/-
MRQ	1.723	TTM	1.388	+0.335
TTM	1.388	YOY	1.184	+0.204
TTM	1.388	5Y	1.167	+0.221
5Y	1.167	10Y	1.125	+0.042

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	1.723	1.029	+0.694
TTM	1.388	1.041	+0.347
YOY	1.184	1.009	+0.175
5Y	1.167	1.029	+0.138
10Y	1.125	1.072	+0.053

Measures if Kendrion is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Kendrion is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Kendrion is 1.72. This means that Kendrion can pay off €1.72 for each €1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Auto Parts industry is 1.03.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Kendrion

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
301,600 \ 175,000 = 1.72 or 172.3%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Kendrion NV

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every €1 in earnings Kendrion generates.

Above 15 is considered overpriced but always compare Kendrion to the Auto Parts industry mean.
A PE ratio of -3.94 means the investor is paying €-3.94 for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Kendrion NV:

The EOD is -4.643. Company is losing money. -2
The MRQ is -3.941. Company is losing money. -2
The TTM is 42.324. Good. +1

Trends

Current period		Compared to		+/-
EOD	-4.643	MRQ	-3.941	-0.702
MRQ	-3.941	TTM	42.324	-46.265
TTM	42.324	YOY	453.239	-410.915
TTM	42.324	5Y	85.708	-43.385
5Y	85.708	10Y	94.594	-8.885

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
EOD	-4.643	26.689	-31.332
MRQ	-3.941	20.364	-24.305
TTM	42.324	26.420	+15.904
YOY	453.239	39.665	+413.574
5Y	85.708	34.901	+50.807
10Y	94.594	46.779	+47.815

Measures how much money you pay for each share for every €1 in earnings Kendrion generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Kendrion to the Auto Parts industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Kendrion is -3.94. This means the investor is paying €-3.94 for every €1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Auto Parts industry is 20.36.
What is the trend?
The trend is important because it shows you how Kendrion is performing over time. The most recent quarter might be important if Kendrion released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kendrion up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Kendrion

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 15,026 = EPS
PE ratio MRQ = -3.94

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Kendrion.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Kendrion NV:

The MRQ is 0.267. Very good. +2
The TTM is 34.587. Seems overpriced? -1

Trends

Current period		Compared to		+/-
MRQ	0.267	TTM	34.587	-34.320
TTM	34.587	YOY	5,803.108	-5,768.522
TTM	34.587	5Y	1,538.874	-1,504.287
5Y	1,538.874	10Y	1,301.604	+237.270

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
MRQ	0.267	22.739	-22.472
TTM	34.587	41.750	-7.163
YOY	5,803.108	82.869	+5,720.239
5Y	1,538.874	142.881	+1,395.993
10Y	1,301.604	175.934	+1,125.670

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Kendrion is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Auto Parts industry mean).
A PB ratio of 1.33 means the investor is paying €1.33 for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of Kendrion NV:

The EOD is 1.568. Good. +1
The MRQ is 1.331. Good. +1
The TTM is 1.123. Good. +1

Trends

Current period		Compared to		+/-
EOD	1.568	MRQ	1.331	+0.237
MRQ	1.331	TTM	1.123	+0.208
TTM	1.123	YOY	1.519	-0.396
TTM	1.123	5Y	1.560	-0.437
5Y	1.560	10Y	1.823	-0.263

Compared to industry (Auto Parts)

Period	Company	Industry (mean)	+/-
EOD	1.568	1.525	+0.043
MRQ	1.331	1.452	-0.121
TTM	1.123	1.472	-0.349
YOY	1.519	1.745	-0.226
5Y	1.560	1.659	-0.099
10Y	1.823	2.147	-0.324

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Kendrion NV compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-4.326	-0.799	-82%	0.326	-1427%	-0.019	-100%	0.485	-991%
Book Value Growth	-	-	0.729	0.951	-23%	1.023	-29%	1.002	-27%	1.002	-27%
Book Value Per Share	-	-	11.646	14.581	-20%	14.415	-19%	13.447	-13%	13.149	-11%
Book Value Per Share Growth	-	-	0.729	0.951	-23%	1.023	-29%	1.002	-27%	1.002	-27%
Current Ratio	-	-	1.867	1.882	-1%	1.671	+12%	1.676	+11%	1.669	+12%
Debt To Asset Ratio	-	-	0.633	0.579	+9%	0.542	+17%	0.535	+18%	0.526	+20%
Debt To Equity Ratio	-	-	1.723	1.388	+24%	1.184	+46%	1.167	+48%	1.125	+53%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	-3.933	-0.770	-80%	0.240	-1742%	-0.021	-99%	0.046	-8593%
Eps Growth	-	-	-14.775	3.133	-572%	5.797	-355%	2.496	-692%	2.248	-757%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Net Profit Margin	-	-	-0.456	-0.089	-80%	0.031	-1574%	0.000	-100%	0.008	-5906%
Operating Margin	-	-	-	0.040	-100%	0.063	-100%	0.068	-100%	0.070	-100%
Operating Ratio	-	-	1.503	1.475	+2%	1.455	+3%	1.477	+2%	1.475	+2%
Pb Ratio	1.568	+15%	1.331	1.123	+19%	1.519	-12%	1.560	-15%	1.823	-27%
Pe Ratio	-4.643	-18%	-3.941	42.324	-109%	453.239	-101%	85.708	-105%	94.594	-104%
Peg Ratio	-	-	0.267	34.587	-99%	5803.108	-100%	1538.874	-100%	1301.604	-100%
Price Per Share	18.260	+15%	15.500	16.140	-4%	21.875	-29%	20.552	-25%	23.339	-34%
Price To Total Gains Ratio	-4.221	-18%	-3.583	112.855	-103%	149.582	-102%	58.542	-106%	31.516	-111%
Profit Growth	-	-	-14.775	3.133	-572%	5.797	-355%	2.496	-692%	2.248	-757%
Quick Ratio	-	-	0.554	0.712	-22%	0.722	-23%	0.718	-23%	0.733	-24%
Return On Assets	-	-	-0.124	-0.025	-80%	0.008	-1693%	0.000	-100%	0.003	-5007%
Return On Equity	-	-	-0.338	-0.071	-79%	0.017	-2106%	-0.004	-99%	0.002	-16198%
Revenue Growth	-	-	0.975	1.029	-5%	1.032	-6%	1.012	-4%	1.011	-4%
Total Gains Per Share	-	-	-4.326	-0.799	-82%	0.326	-1427%	-0.019	-100%	0.485	-991%
Total Gains Per Share Growth	-	-	-7.222	2.335	-409%	4.163	-273%	3.955	-283%	3.316	-318%
Usd Book Value	-	-	187512500.000	234765650.000	-20%	232086900.000	-19%	216499394.737	-13%	211701612.500	-11%
Usd Book Value Change Per Share	-	-	-4.635	-0.856	-82%	0.349	-1427%	-0.020	-100%	0.520	-991%
Usd Book Value Per Share	-	-	12.479	15.624	-20%	15.445	-19%	14.408	-13%	14.089	-11%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	-4.214	-0.825	-80%	0.257	-1742%	-0.022	-99%	0.050	-8593%
Usd Free Cash Flow	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Price Per Share	19.566	+15%	16.608	17.294	-4%	23.439	-29%	22.022	-25%	25.008	-34%
Usd Profit	-	-	-63325650.000	-12402612.500	-80%	3857400.000	-1742%	-332728.947	-99%	745585.417	-8593%
Usd Revenue	-	-	138866400.000	139107487.500	0%	124294000.000	+12%	121570134.211	+14%	121682218.750	+14%
Usd Total Gains Per Share	-	-	-4.635	-0.856	-82%	0.349	-1427%	-0.020	-100%	0.520	-991%
	EOD	+2 -3	MRQ	TTM	+3 -29	YOY	+6 -26	5Y	+6 -26	10Y	+6 -26

3.2. Fundamental Score

Let's check the fundamental score of Kendrion NV based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-4.643
Price to Book Ratio (EOD)	Between	0-1	1.568
Net Profit Margin (MRQ)	Greater than	0	-0.456
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.554
Current Ratio (MRQ)	Greater than	1	1.867
Debt to Asset Ratio (MRQ)	Less than	1	0.633
Debt to Equity Ratio (MRQ)	Less than	1	1.723
Return on Equity (MRQ)	Greater than	0.15	-0.338
Return on Assets (MRQ)	Greater than	0.05	-0.124
Total			2/10 (20.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Kendrion NV based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	18.000
Total			0/1 (0.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

	2021-12-31		2022-03-31		2022-06-30		2022-09-30		2022-12-31
Retained Earnings	14,400	-9,300	5,100	3,700	8,800	4,000	12,800	-59,100	-46,300
Net Income	200	4,900	5,100	-1,400	3,700	300	4,000	-63,100	-59,100
EBITDA	7,600	7,100	14,700	-1,300	13,400	-100	13,300	-61,500	-48,200
Net Income from Continuing Operations	200	4,900	5,100	-1,400	3,700	300	4,000	-63,100	-59,100

Latest Balance Sheet

Balance Sheet of 2022-12-31. Currency in EUR. All numbers in thousands.

Summary

Total Assets	476,600
Total Liabilities	301,600
Total Stockholder Equity	175,000

	As reported
Total Liabilities	301,600
Total Stockholder Equity	+ 175,000
Total Assets	= 476,600

Assets

Total Assets	476,600
Total Current Assets	198,100
Long-term Assets	198,100

Total Current Assets

Total Current Assets (as reported)	198,100
Cash And Cash Equivalents	37,300
Net Receivables	58,800
Inventory	85,100
Total Current Assets (calculated)	181,200
+/-	16,900

Long-term Assets

Long-term Assets (as reported)	278,500
Goodwill	80,700
Intangible Assets	45,800
Long-term Assets (calculated)	126,500
+/-	152,000

Liabilities & Shareholders' Equity

Total Current Liabilities	106,100
Long-term Liabilities	195,500
Total Stockholder Equity	175,000

Total Current Liabilities

Total Current Liabilities (as reported)	106,100
Short Long Term Debt	8,000
Accounts payable	54,900
Total Current Liabilities (calculated)	62,900
+/-	43,200

Long-term Liabilities

Long-term Liabilities (as reported)	195,500
Long term Debt	156,900
Capital Lease Obligations Min Short Term Debt	13,200
Long-term Liabilities (calculated)	170,100
+/-	25,400

Total Stockholder Equity

Total Stockholder Equity (as reported)	175,000
Total Stockholder Equity (calculated)	0
+/-	175,000

Other

Capital Stock	30,200
Common Stock Shares Outstanding	15,026
Net Debt	127,600
Net Invested Capital	339,900
Net Working Capital	92,000

Balance Sheet

Currency in EUR. All numbers in thousands.

Trend

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

> Total Assets

347,100
363,000
361,500
357,000
344,800
369,200
381,400
381,600
375,300
387,400
382,500
381,100
358,000
467,300
474,400
447,600
429,100
453,300
457,000
491,400
490,800
508,400
533,800
554,800
476,600

476,600

554,800

533,800

508,400

490,800

491,400

457,000

453,300

429,100

447,600

474,400

467,300

358,000

381,100

382,500

387,400

375,300

381,600

381,400

369,200

344,800

357,000

361,500

363,000

347,100

> Total Current Assets

120,700
139,000
141,100
140,000
124,000
134,700
144,000
140,900
128,900
141,900
136,800
134,800
113,200
154,700
162,500
142,800
129,500
154,200
161,600
168,000
166,300
181,700
201,800
212,000
198,100

198,100

212,000

201,800

181,700

166,300

168,000

161,600

154,200

129,500

142,800

162,500

154,700

113,200

134,800

136,800

141,900

128,900

140,900

144,000

134,700

124,000

140,000

141,100

139,000

120,700

Cash And Cash Equivalents

12,400
13,200
13,700
9,600
7,600
8,400
13,900
12,900
10,200
10,500
8,600
8,100
6,300
17,500
33,100
12,900
12,300
14,700
13,700
19,000
17,800
13,900
30,200
35,700
37,300

37,300

35,700

30,200

13,900

17,800

19,000

13,700

14,700

12,300

12,900

33,100

17,500

6,300

8,100

8,600

10,500

10,200

12,900

13,900

8,400

7,600

9,600

13,700

13,200

12,400

Net Receivables

53,700
68,600
68,500
72,900
55,700
68,800
69,600
63,900
53,200
63,100
63,000
64,300
48,400
63,500
59,000
63,100
52,900
72,000
74,800
68,400
66,000
80,100
77,000
84,300
58,800

58,800

84,300

77,000

80,100

66,000

68,400

74,800

72,000

52,900

63,100

59,000

63,500

48,400

64,300

63,000

63,100

53,200

63,900

69,600

68,800

55,700

72,900

68,500

68,600

53,700

Inventory

52,600
57,200
58,900
57,500
57,300
57,500
60,500
64,100
63,500
67,400
63,900
60,700
56,300
73,700
70,400
66,800
61,700
67,500
73,100
80,600
79,700
87,700
94,600
92,000
85,100

85,100

92,000

94,600

87,700

79,700

80,600

73,100

67,500

61,700

66,800

70,400

73,700

56,300

60,700

63,900

67,400

63,500

64,100

60,500

57,500

57,300

57,500

58,900

57,200

52,600

> Long-term Assets

0
0
0
0
0
0
0
0
0
245,500
245,700
246,300
244,800
312,600
311,900
304,800
299,600
299,100
295,400
323,400
324,500
326,700
332,000
342,800
278,500

278,500

342,800

332,000

326,700

324,500

323,400

295,400

299,100

299,600

304,800

311,900

312,600

244,800

246,300

245,700

245,500

Property Plant Equipment

85,500
84,900
84,600
84,300
90,400
106,000
107,800
109,200
113,600
112,900
113,100
112,900
111,400
123,900
123,400
119,800
118,700
118,900
116,800
123,600
121,900
123,800
127,000
134,500
0

134,500

127,000

123,800

121,900

123,600

116,800

118,900

118,700

119,800

123,400

123,900

111,400

112,900

113,100

112,900

113,600

109,200

107,800

106,000

90,400

84,300

84,600

84,900

85,500

Goodwill

94,300
0
0
0
90,900
0
0
0
92,100
0
0
0
92,600
0
0
0
116,000
0
0
0
133,700
0
0
0
80,700

80,700

133,700

116,000

92,600

92,100

90,900

94,300

Long Term Investments

400
300
300
300
200
600
100
3,200
3,100
3,100
3,000
3,100
2,700
0
0
0
0
0
0
0
0
0
0
0
0

2,700

3,100

3,000

3,100

3,200

100

600

200

300

400

Intangible Assets

28,600
123,600
121,000
118,800
24,300
116,000
117,200
116,700
19,800
116,100
116,000
117,200
22,900
0
0
0
42,100
0
0
0
49,700
0
0
0
45,800

45,800

49,700

42,100

22,900

117,200

116,000

116,100

19,800

116,700

117,200

116,000

24,300

118,800

121,000

123,600

28,600

Long-term Assets Other

0
0
0
0
0
0
0
0
0
245,500
245,700
246,300
244,800
312,600
0
0
0
0
0
0
0
0
0
0
0

312,600

244,800

246,300

245,700

245,500

> Total Liabilities

169,000
179,500
181,800
175,800
164,500
183,800
201,700
197,800
193,200
199,400
203,100
201,000
154,500
261,100
269,000
243,000
225,700
241,000
243,900
273,400
267,800
278,000
302,800
314,800
301,600

301,600

314,800

302,800

278,000

267,800

273,400

243,900

241,000

225,700

243,000

269,000

261,100

154,500

201,000

203,100

199,400

193,200

197,800

201,700

183,800

164,500

175,800

181,800

179,500

169,000

> Total Current Liabilities

73,700
79,800
85,700
80,400
86,900
82,500
96,900
88,900
85,300
82,400
85,900
78,500
75,200
84,600
78,300
88,600
89,400
95,500
100,300
94,700
98,800
105,300
104,200
106,100
106,100

106,100

104,200

105,300

98,800

94,700

100,300

95,500

89,400

88,600

78,300

84,600

75,200

78,500

85,900

82,400

85,300

88,900

96,900

82,500

86,900

80,400

85,700

79,800

73,700

Short-term Debt

66,600
72,200
75,900
700
800
2,900
2,600
2,500
1,100
10,200
16,200
8,000
3,200
0
0
0
0
0
0
0
0
0
0
0
0

3,200

8,000

16,200

10,200

1,100

2,500

2,600

2,900

800

700

75,900

72,200

66,600

Short Long Term Debt

66,600
72,200
75,900
700
800
2,900
2,600
2,500
1,100
10,200
16,200
8,000
3,200
9,700
9,900
17,100
9,500
3,400
7,400
5,900
10,100
4,000
3,000
6,100
8,000

8,000

6,100

3,000

4,000

10,100

5,900

7,400

3,400

9,500

17,100

9,900

9,700

3,200

8,000

16,200

10,200

1,100

2,500

2,600

2,900

800

700

75,900

72,200

66,600

Accounts payable

41,300
73,700
72,100
72,800
43,800
71,500
66,000
63,000
41,700
60,000
57,300
59,300
41,300
64,700
59,000
61,000
44,000
71,900
73,900
72,900
51,600
79,800
79,700
78,300
54,900

54,900

78,300

79,700

79,800

51,600

72,900

73,900

71,900

44,000

61,000

59,000

64,700

41,300

59,300

57,300

60,000

41,700

63,000

66,000

71,500

43,800

72,800

72,100

73,700

41,300

Other Current Liabilities

24,100
1,600
2,100
2,100
29,700
2,700
15,600
15,700
30,200
12,200
12,400
11,200
15,500
10,200
9,400
10,500
17,800
13,100
12,400
9,100
18,200
15,200
15,500
16,100
0

16,100

15,500

15,200

18,200

9,100

12,400

13,100

17,800

10,500

9,400

10,200

15,500

11,200

12,400

12,200

30,200

15,700

15,600

2,700

29,700

2,100

1,600

24,100

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
117,000
117,200
122,500
79,300
176,500
190,700
154,400
136,300
145,500
143,600
178,700
169,000
172,700
198,600
208,700
195,500

195,500

208,700

198,600

172,700

169,000

178,700

143,600

145,500

136,300

154,400

190,700

176,500

79,300

122,500

117,200

117,000

Capital Lease Obligations

0
0
0
0
0
0
0
0
0
0
0
0
14,700
0
0
0
15,400
0
0
0
15,200
0
0
0
13,200

13,200

15,200

15,400

14,700

Deferred Long Term Liability

1,600
0
0
0
2,700
0
400
400
4,600
400
300
300
7,600
700
700
700
5,800
600
500
500
6,300
400
400
300
0

300

400

6,300

500

600

5,800

700

7,600

300

400

4,600

400

2,700

1,600

> Total Stockholder Equity

178,100
183,500
179,700
181,200
180,300
185,400
179,700
183,800
182,100
188,000
179,400
180,100
203,500
206,200
205,400
204,600
203,400
212,300
213,100
218,000
223,000
230,400
231,000
240,000
175,000

175,000

240,000

231,000

230,400

223,000

218,000

213,100

212,300

203,400

204,600

205,400

206,200

203,500

180,100

179,400

188,000

182,100

183,800

179,700

185,400

180,300

181,200

179,700

183,500

178,100

Common Stock

26,800
26,800
27,000
27,000
27,000
27,000
27,100
27,100
27,100
27,100
27,200
27,200
29,900
29,900
29,900
29,900
29,900
29,900
29,900
29,900
29,900
29,900
30,200
30,200
0

30,200

29,900

27,200

27,100

27,000

26,800

Retained Earnings

16,500
6,000
12,200
16,900
19,500
7,300
11,600
15,600
13,800
4,300
8,800
10,900
7,900
3,000
3,000
4,600
4,300
5,900
11,300
14,200
14,400
5,100
8,800
12,800
-46,300

-46,300

12,800

8,800

5,100

14,400

14,200

11,300

5,900

4,300

4,600

3,000

7,900

10,900

8,800

4,300

13,800

15,600

11,600

7,300

19,500

16,900

12,200

6,000

16,500

Capital Surplus

Treasury Stock

Other Stockholders Equity

78,400
94,300
90,900
87,700
88,700
101,500
107,700
101,300
108,000
116,800
118,000
113,900
117,700
121,600
124,200
118,400
120,900
124,800
128,000
128,100
134,800
149,600
155,500
158,600
0

158,600

155,500

149,600

134,800

128,100

128,000

124,800

120,900

118,400

124,200

121,600

117,700

113,900

118,000

116,800

108,000

101,300

107,700

101,500

88,700

87,700

90,900

94,300

78,400

Balance Sheet

Currency in EUR. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Accounts Payable	54,900	51,600	44,000	41,300	41,700	43,800	41,300	39,800	36,100	36,600
Capital Lease Obligations	13,200	15,200	15,400	14,700	14,000	100	300	-	-	-
Capital Stock	30,200	29,900	29,900	29,900	27,100	-	-	-	-	-
Cash	37,300	17,800	12,300	6,300	10,200	6,600	12,400	10,200	9,600	18,000
Common Stock	-	29,900	29,900	29,900	27,100	27,000	26,800	26,400	26,100	25,900
Common Stock Shares Outstanding	15,026	14,841	14,766	14,754	13,396	13,396	-	-	-	-
Deferred Long Term Liab	-	6,300	5,800	7,600	4,600	3,200	1,600	1,000	800	200
Good Will	80,700	133,700	116,000	92,600	92,100	90,900	94,300	93,400	90,500	87,100
Intangible Assets	45,800	49,700	42,100	22,900	24,000	27,000	30,200	33,200	32,900	33,600
Inventory	85,100	79,700	61,700	55,400	63,500	57,300	52,600	52,500	49,000	46,900
Long Term Debt	156,900	123,900	91,300	36,600	66,600	49,600	62,700	69,100	84,500	63,100
Long Term Investments	-	-	-	2,700	3,100	200	400	600	900	500
Net Debt	127,600	116,200	88,500	33,500	66,500	54,700	-	-	-	-
Net Invested Capital	339,900	357,000	304,200	243,300	258,800	242,300	-	-	-	-
Net Receivables	58,800	66,000	52,900	48,400	53,200	55,700	53,700	50,000	51,100	50,700
Net Tangible Assets	-	45,400	49,500	94,000	70,200	64,400	55,200	43,300	29,800	13,400
Net Working Capital	92,000	67,500	40,100	38,000	43,600	37,100	-	-	-	-
Non Current Assets Total	278,500	324,500	299,600	244,800	246,400	220,800	226,400	-	-	-
Non Current Liabilities Total	195,500	169,000	136,300	79,300	107,900	77,600	95,300	-	-	-
Non Currrent Assets Other	-	-	-	244,800	246,400	220,800	226,400	-	-	-
Other Assets	-	24,600	24,000	22,100	17,800	15,700	17,600	16,900	15,300	15,300
Other Current Assets	-	300	600	300	100	400	-	100	-	100
Other Current Liab	-	18,200	17,800	15,500	19,100	29,700	24,100	19,200	17,200	63,100
Other Liab	-	32,600	32,100	30,400	29,400	27,900	32,300	31,200	31,400	31,100
Other Stockholder Equity	-	134,800	120,900	116,400	108,000	88,000	80,000	63,000	37,400	17,300
Property Plant Equipment	-	121,900	118,700	111,400	113,600	105,600	85,500	82,700	83,100	80,500
Retained Earnings	-46,300	14,400	4,300	8,300	13,800	19,500	14,900	17,800	21,000	16,700
Short Long Term Debt	8,000	10,100	9,500	3,200	10,100	12,400	3,400	1,000	900	67,100
Short Term Debt	-	-	-	3,200	10,100	12,400	3,400	1,000	900	67,100
Total Assets	476,600	490,800	429,100	358,000	375,300	344,800	347,100	340,900	333,500	334,800
Total Current Assets	198,100	166,300	129,500	112,300	128,900	123,500	120,700	114,100	110,800	117,800
Total Current Liabilities	106,100	98,800	89,400	75,200	85,300	89,300	73,700	70,200	63,400	105,000
Total Liab	301,600	267,800	225,700	154,500	193,200	164,500	169,000	171,000	180,300	200,700
Total Stockholder Equity	175,000	223,000	203,400	203,500	182,100	180,300	178,100	169,900	153,200	134,100

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Accounts Payable	54,900	78,300	79,700	79,800	51,600	72,900	73,900	71,900	44,000	61,000	59,000	64,700	41,300	59,300	57,300	60,000	41,700	63,000	66,000	71,500	43,800	72,800	72,100	73,700	41,300
Capital Lease Obligations	13,200	-	-	-	15,200	-	-	-	15,400	-	-	-	14,700	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	30,200	30,200	30,200	29,900	29,900	29,900	29,900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	37,300	35,700	30,200	13,900	17,800	19,000	13,700	14,700	12,300	12,900	33,100	17,500	6,300	8,100	8,600	10,500	10,200	12,900	13,900	8,400	7,600	9,600	13,700	13,200	12,400
Common Stock	-	30,200	30,200	29,900	29,900	29,900	29,900	29,900	29,900	29,900	29,900	29,900	29,900	27,200	27,200	27,100	27,100	27,100	27,100	27,000	27,000	27,000	27,000	26,800	26,800
Common Stock Shares Outstanding	15,026	15,026	15,026	14,841	14,841	14,841	14,841	14,766	14,766	14,766	14,766	14,754	14,754	13,125	13,636	13,438	10,000	11,765	13,438	12,373	9,489	9,039	12,400	13,636	9,118
Deferred Long Term Liab	-	300	400	400	6,300	500	500	600	5,800	700	700	700	7,600	300	300	400	4,600	400	400	-	2,700	-	-	-	1,600
Good Will	80,700	-	-	-	133,700	-	-	-	116,000	-	-	-	92,600	-	-	-	92,100	-	-	-	90,900	-	-	-	94,300
Intangible Assets	45,800	-	-	-	49,700	-	-	-	42,100	-	-	-	22,900	117,200	116,000	116,100	19,800	116,700	117,200	116,000	24,300	118,800	121,000	123,600	28,600
Inventory	85,100	92,000	94,600	87,700	79,700	80,600	73,100	67,500	61,700	66,800	70,400	73,700	56,300	60,700	63,900	67,400	63,500	64,100	60,500	57,500	57,300	57,500	58,900	57,200	52,600
Long Term Debt	156,900	-	-	-	123,900	-	-	-	91,300	-	-	-	36,600	94,500	88,600	87,900	66,600	81,600	77,300	73,500	49,600	64,000	64,400	67,700	62,700
Long Term Investments	-	-	-	-	-	-	-	-	-	-	-	-	2,700	3,100	3,000	3,100	3,100	3,200	100	600	200	300	300	300	400
Net Debt	127,600	-	-	-	116,200	-	-	-	88,500	900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Invested Capital	339,900	246,100	234,000	234,400	357,000	223,900	220,500	215,700	304,200	221,700	215,300	215,900	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	58,800	84,300	77,000	80,100	66,000	68,400	74,800	72,000	52,900	63,100	59,000	63,500	48,400	64,300	63,000	63,100	53,200	63,900	69,600	68,800	55,700	72,900	68,500	68,600	53,700
Net Tangible Assets	-	52,900	46,100	47,000	45,400	38,700	55,300	54,300	50,500	37,300	35,100	35,400	94,900	62,900	63,400	71,900	70,200	67,100	62,500	69,400	65,100	62,400	58,700	59,900	55,200
Net Working Capital	92,000	105,900	97,600	76,400	67,500	73,300	61,300	58,700	40,100	54,200	84,200	70,100	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	278,500	342,800	332,000	326,700	324,500	323,400	295,400	299,100	299,600	304,800	311,900	312,600	244,800	246,300	245,700	245,500	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	195,500	208,700	198,600	172,700	169,000	178,700	143,600	145,500	136,300	154,400	190,700	176,500	79,300	122,500	117,200	117,000	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	-	-	-	-	-	-	-	-	-	-	-	312,600	244,800	246,300	245,700	245,500	-	-	-	-	-	-	-	-	-
Other Assets	-	20,900	19,800	19,100	24,600	17,700	18,000	19,200	25,000	15,200	15,600	15,200	22,100	13,100	13,600	13,400	17,800	11,600	12,300	11,900	15,000	13,600	14,500	15,200	17,600
Other Current Assets	-	-	-	-	300	-	-	-	600	-	-	-	300	-	-	-	100	-	-	-	400	-	-	-	-
Other Current Liab	-	16,100	15,500	15,200	18,200	9,100	12,400	13,100	17,800	10,500	9,400	10,200	15,500	11,200	12,400	12,200	30,200	15,700	15,600	2,700	29,700	2,100	2,100	1,600	24,100
Other Liab	-	30,600	31,800	32,100	32,600	31,200	31,200	31,600	32,100	36,000	37,000	36,900	30,400	28,000	28,600	29,100	29,400	27,300	27,500	27,800	27,900	31,400	31,700	32,000	32,300
Other Stockholder Equity	-	158,600	155,500	149,600	134,800	128,100	128,000	124,800	120,900	118,400	124,200	121,600	117,700	113,900	118,000	116,800	108,000	101,300	107,700	101,500	88,700	87,700	90,900	94,300	78,400
Property Plant Equipment	-	134,500	127,000	123,800	121,900	123,600	116,800	118,900	118,700	119,800	123,400	123,900	111,400	112,900	113,100	112,900	113,600	109,200	107,800	106,000	90,400	84,300	84,600	84,900	85,500
Retained Earnings	-46,300	12,800	8,800	5,100	14,400	14,200	11,300	5,900	4,300	4,600	3,000	3,000	7,900	10,900	8,800	4,300	13,800	15,600	11,600	7,300	19,500	16,900	12,200	6,000	16,500
Short Long Term Debt	8,000	6,100	3,000	4,000	10,100	5,900	7,400	3,400	9,500	17,100	9,900	9,700	3,200	8,000	16,200	10,200	1,100	2,500	2,600	2,900	800	700	75,900	72,200	66,600
Short Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	3,200	8,000	16,200	10,200	1,100	2,500	2,600	2,900	800	700	75,900	72,200	66,600
Total Assets	476,600	554,800	533,800	508,400	490,800	491,400	457,000	453,300	429,100	447,600	474,400	467,300	358,000	381,100	382,500	387,400	375,300	381,600	381,400	369,200	344,800	357,000	361,500	363,000	347,100
Total Current Assets	198,100	212,000	201,800	181,700	166,300	168,000	161,600	154,200	129,500	142,800	162,500	154,700	113,200	134,800	136,800	141,900	128,900	140,900	144,000	134,700	124,000	140,000	141,100	139,000	120,700
Total Current Liabilities	106,100	106,100	104,200	105,300	98,800	94,700	100,300	95,500	89,400	88,600	78,300	84,600	75,200	78,500	85,900	82,400	85,300	88,900	96,900	82,500	86,900	80,400	85,700	79,800	73,700
Total Liab	301,600	314,800	302,800	278,000	267,800	273,400	243,900	241,000	225,700	243,000	269,000	261,100	154,500	201,000	203,100	199,400	193,200	197,800	201,700	183,800	164,500	175,800	181,800	179,500	169,000
Total Stockholder Equity	175,000	240,000	231,000	230,400	223,000	218,000	213,100	212,300	203,400	204,600	205,400	206,200	203,500	180,100	179,400	188,000	182,100	183,800	179,700	185,400	180,300	181,200	179,700	183,500	178,100

Cash Flow

Currency in EUR. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Begin Period Cash Flow	12,500	8,500	4,600	900	-4,100	9,700	-	-	-	-
Capital Expenditures	37,700	23,700	12,900	15,500	28,100	24,600	23,800	19,500	16,400	15,200
Change In Cash	22,100	4,000	3,900	3,700	5,000	-13,800	8,600	-1,900	-13,100	11,700
Change In Working Capital	-5,400	-18,600	3,400	11,400	-7,500	-8,300	-	-	-	-
Change To Account Receivables	-	-7,100	-200	7,400	3,600	-4,900	-5,700	1,900	2,500	-1,600
Change To Inventory	-5,000	-15,200	6,900	7,300	-6,000	-6,000	-400	-2,500	-1,000	800
Change To Liabilities	-	4,900	-1,300	-1,700	-5,900	4,700	10,200	2,400	-47,400	3,600
Change To Netincome	-	4,200	4,000	-4,600	5,000	4,600	1,200	-1,100	1,600	-6,600
Change To Operating Activities	-	-1,200	-2,000	-1,600	800	-2,100	-2,100	200	-1,600	-1,400
Depreciation	28,000	24,900	26,200	22,700	21,600	22,200	24,000	20,600	18,100	14,700
Dividends Paid	7,100	4,300	4,300	8,100	5,800	6,600	6,100	6,100	5,700	4,300
End Period Cash Flow	34,700	12,500	8,500	4,600	900	-4,100	9,700	-	-	-
Free Cash Flow	200	-2,200	25,800	20,900	5,300	10,200	-	-	-	-
Investments	-37,900	3,500	-900	-400	-3,300	-3,300	-22,900	100	-800	-300
Issuance Of Capital Stock	-	-	0	30,500	0	-	-	-	-	-
Net Borrowings	-	28,200	56,700	-32,600	14,900	-15,500	-6,600	-17,000	19,600	26,600
Net Income	-46,300	14,400	4,300	8,300	13,800	19,500	14,900	16,800	20,200	16,700
Other Cashflows From Financing Activities	-	-	-	100	100	100	100	-	-	-
Other Non Cash Items	5,100	3,700	4,100	600	3,100	2,900	-	-	-	-
Sale Purchase Of Stock	-	-	0	-7,200	-6,600	-4,500	-	-	100	19,000
Stock Based Compensation	500	1,200	0	0	-	-	-	-	-	-
Total Cash From Financing Activities	-	23,900	56,700	-17,300	2,500	-26,600	-12,700	-23,100	14,000	41,300
Total Cash From Operating Activities	37,900	27,800	41,800	40,900	36,700	41,500	44,200	40,900	-5,900	27,500
Total Cashflows From Investing Activities	-	-48,800	-94,200	-19,900	-34,000	-28,300	-22,900	-20,700	-21,800	-57,100

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Capital Expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	-59,100	4,000	3,700	5,100	200	2,900	5,400	5,900	-300	1,600	3,000	-3,000	2,100	4,500	4,300	-1,800	4,000	4,300	7,300	2,600	4,700	6,200	6,000	3,100

Income Statement

Currency in EUR. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Cost Of Revenue	270,500	238,400	205,700	219,400	236,800	241,100	230,500	233,800	229,000	186,800
Ebit	-	29,100	15,200	17,400	32,900	34,100	45,400	21,700	29,100	18,100
Ebitda	-6,800	51,500	39,300	39,300	49,500	51,700	-	-	-	-
Gross Profit	248,800	225,600	190,700	193,000	211,800	220,700	212,900	208,400	200,100	167,400
Income Before Tax	-39,700	20,100	5,700	10,600	21,100	25,800	18,600	18,700	24,900	15,700
Income Tax Expense	-	5,700	1,400	2,700	7,300	6,300	3,700	1,900	4,700	-1,000
Interest Expense	4,900	3,600	3,500	2,500	3,000	0	0	0	0	0
Interest Income	0	0	0	100	200	100	100	-	-	-
Net Income	-46,300	14,400	4,300	7,900	13,800	19,500	14,900	16,800	20,200	16,700
Net Income Applicable To Common Shares	-	14,400	4,300	8,300	13,800	19,500	14,900	16,800	20,200	16,700
Net Income From Continuing Ops	-46,300	14,400	4,300	7,900	13,800	19,500	14,900	16,800	20,200	16,700
Net Interest Income	-4,900	-3,600	-3,500	-2,400	-2,800	-2,300	-2,700	-	-	-
Operating Income	23,600	27,200	12,200	11,800	24,300	28,800	21,500	21,700	29,100	18,100
Other Operating Expenses	-	16,500	15,600	15,600	14,000	16,100	18,700	21,500	17,500	17,000
Reconciled Depreciation	28,000	27,800	30,100	26,200	25,400	23,500	-	-	-	-
Selling General Administrative	15,100	11,300	10,100	8,900	6,400	7,500	9,000	142,000	133,700	116,300
Tax Provision	6,600	5,700	1,400	2,700	7,300	6,300	3,700	-	-	-
Total Operating Expenses	495,700	436,800	384,200	400,600	424,300	433,000	421,900	420,500	400,000	336,100
Total Other Income Expense Net	-	-	-	-6,400	-11,800	-8,300	-8,500	-3,000	-4,200	-2,400
Total Revenue	519,300	464,000	396,400	412,400	448,600	461,800	443,400	442,200	429,100	354,200

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Cost Of Revenue	68,700	71,100	64,900	65,800	61,400	58,300	61,200	57,500	54,800	51,500	44,100	55,300	49,600	55,100	58,100	56,600	60,500	55,400	62,800	63,600	65,100	61,100	60,400	60,800	61,800
Ebit	-	6,100	6,400	8,100	6,200	5,000	8,800	9,100	6,200	3,700	300	12,600	3,300	10,100	13,200	12,700	10,100	6,500	6,200	10,200	8,800	7,300	9,000	8,500	9,700
Ebitda	-48,200	13,300	13,400	14,700	7,600	11,900	15,700	16,300	8,200	10,900	7,600	12,600	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	60,900	61,800	62,000	64,100	54,800	54,900	58,100	57,800	48,300	47,100	41,000	54,300	42,700	47,700	50,900	51,700	41,400	51,800	56,200	57,000	44,400	55,600	56,900	57,500	46,200
Income Before Tax	-57,800	5,600	5,400	7,100	0	4,200	7,500	8,400	-400	2,400	-600	4,300	-3,800	2,900	5,700	5,800	500	5,700	5,400	9,500	3,200	6,500	8,200	7,900	3,200
Income Tax Expense	-	1,600	1,700	2,000	-200	1,300	2,100	2,500	-100	800	-600	1,300	-800	800	1,200	1,500	2,300	1,700	1,100	2,200	600	1,800	2,000	1,900	100
Interest Expense	2,400	500	1,000	1,000	800	800	1,300	700	600	1,300	900	700	500	700	900	400	100	900	800	700	700	900	800	600	400
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	2,000	0	2,100	0	-	-	-	-	-	-	-	-	-
Net Income	-59,100	4,000	3,700	5,100	200	2,900	5,400	5,900	-300	1,600	0	3,000	-3,000	2,100	4,500	4,300	-1,800	4,000	4,300	7,300	2,600	4,700	6,200	6,000	3,100
Net Income Applicable To Common Shares	-	4,000	3,700	5,100	200	2,900	5,400	5,900	-300	1,600	1,600	3,000	-3,000	2,100	4,500	4,300	-1,800	4,000	4,300	7,300	2,600	4,700	6,200	6,000	3,100
Net Income From Continuing Ops	-59,100	4,000	3,700	5,100	200	2,900	5,400	5,900	-300	1,600	0	3,000	-3,000	2,100	4,500	4,300	-1,800	4,000	4,300	7,300	2,600	4,700	6,200	6,000	3,100
Net Interest Income	-2,400	-500	-1,000	-1,000	-800	-800	-1,300	-700	-600	-1,300	-900	-700	-2,500	-700	1,200	-400	-	-	-	-	-	-	-	-	-
Operating Income	3,500	6,100	6,400	7,600	4,500	4,800	8,800	9,100	3,400	3,700	200	4,900	-2,500	3,600	4,500	6,200	10,100	6,500	6,200	10,200	8,800	7,300	9,000	8,500	9,700
Other Operating Expenses	-	10,400	11,300	10,300	8,900	9,100	8,300	8,000	6,300	7,500	6,100	8,300	7,100	6,700	8,700	7,100	5,800	7,400	6,200	6,300	9,300	9,500	8,100	8,400	6,600
Reconciled Depreciation	7,200	7,200	7,000	6,600	6,800	6,900	6,900	7,200	8,000	7,200	7,300	7,600	-	-	-	-	-	-	-	-	-	-	-	-	-
Selling General Administrative	-	-	-	-	-	-	-	-	-	-	-	-	34,000	30,900	31,100	31,900	30,900	31,500	37,400	34,100	39,100	33,000	33,800	34,700	37,100
Tax Provision	1,300	1,600	1,700	2,000	-200	1,300	2,100	2,500	-100	800	-600	1,300	-800	800	1,200	1,500	-	-	-	-	-	-	-	-	-
Total Operating Expenses	126,100	126,800	120,500	122,300	111,700	108,400	110,500	106,200	99,700	94,900	84,900	104,700	94,800	99,200	104,500	102,100	91,800	100,700	112,800	110,400	100,700	109,400	108,300	109,800	98,300
Total Other Income Expense Net	-	-	-	-	-	-	-	-	-	-	-	-	-6,500	-700	1,200	-400	-9,600	-800	-800	-700	-5,600	-800	-800	-600	-6,500
Total Revenue	129,600	132,900	126,900	129,900	116,200	113,200	119,300	115,300	103,100	98,600	85,100	109,600	92,300	102,800	109,000	108,300	101,900	107,200	119,000	120,600	109,500	116,700	117,300	118,300	108,000

Latest Income Statement (annual, 2022-12-31)

Gross Profit (+$)
totalRevenue	519,300
Cost of Revenue	-270,500
Gross Profit	248,800	248,800

Operating Income (+$)
Gross Profit	248,800
Operating Expense	-495,700
Operating Income	23,600	-246,900

Operating Expense (+$)
Research Development	-
Selling General Administrative	15,100
Selling And Marketing Expenses	-
Operating Expense	495,700	15,100

Net Interest Income (+$)
Interest Income	0
Interest Expense	-4,900
Other Finance Cost	-0
Net Interest Income	-4,900

Pretax Income (+$)
Operating Income	23,600
Net Interest Income	-4,900
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-39,700	23,600 EBIT - interestExpense = -4,900 -46,300 -41,400
Interest Expense	4,900
Earnings Before Interest and Taxes (EBIT)	-	-34,800
Earnings Before Interest and Taxes (EBITDA)	-6,800

After tax Income (+$)
Income Before Tax	-39,700
Tax Provision	-6,600
Net Income From Continuing Ops	-46,300	-46,300
Net Income	-46,300
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-	4,900

Technicals of Kendrion

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Kendrion NV:

Kendrion NV Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Kendrion NV:

The ADX is .
The ADX is declining, there is no upcoming trend indication. -1
The +DI is lower than the -DI. The current trend is down. -2

Kendrion NV Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The price has crossed the Parabolic SAR to the upside. The trend is reversing to an up trend. +1

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is below 50. -1
The RSI is below 30 and oversold. +2

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Kendrion NV Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is below 50. -1
The Stochastic is below 30 and oversold. +2

Kendrion NV Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

Kendrion NV Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

Kendrion NV Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

3. Volatility Indicators

3.1 Bollinger Bands

3.2 Average True Range (ATR)

Kendrion NV Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

Kendrion NV Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

Kendrion NV Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for Kendrion NV.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-23	STOCH	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2023-05-24	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-05-30	DMI	LONG ENTRY	SHORT CLOSE