DAVY VIEW

Kingspan will face new competition in North America with the acquisition of Cornerstone’s insulated panels business by Nucor. The deal, both in its pricing (3x revenues) and industrial logic (double-digit annual demand growth expected this decade), very much supports the investment case for insulated panels in North America. Looking ahead, Kingspan is used to competing with steel-centric businesses. It remains well positioned to continue to lead the expansion of the insulated panels category in the region.