DAVY VIEW

Kingspan’s limited share repurchase programme equates to just 0.33% of the group’s average number of shares at the end of 2020. If the full buyback occurs, it will likely represent an outlay of under €50m – modest in the context of the group’s financial resources. The reason for the buyback is to offset dilution from share issuances. The Kingspan share count has been creeping higher in recent years, rising from just under 179m shares in 2017 to just over 181m shares by the end of last year.