DAVY VIEW

Kingspan’s terrific start to the year has prompted yet another earnings upgrade as estimates also capture the recent acquisition spend. But the outlook into H2 is highly uncertain and this has weighed on the stock (it is by no means alone in this regard). This uncertainty is likely to persist for a while longer, but the structural attractiveness of Kingspan remains compelling; if anything, recent events only serve to accelerate the need to make the transition to a more energy-efficient construction world.