DAVY VIEW

The current sluggishness in the Kingspan share price should not be mistaken for any breakdown in the investment case. Of course, sentiment in relation to the UK remains an overhang, but Kingspan continues to deliver convincingly on what it has control over. In this short update, we upgrade forecasts yet again and highlight that there may well be more to come. Recent deal announcements should also be well received and will serve as a further stimulant to earnings momentum.