DAVY VIEW

The global nature of Kingspan’s operating horizon and ambition has been underlined by its latest investments. These include entry into the insulated panels market in Chile as well as the acquisition of smoke and fire ventilation systems assets of the Polish-based business Mercor. Both investments are consistent with the group’s stated strategy and, although relatively modest in an overall group context, further extend and deepen Kingspan’s geographic reach and product set. The stock has pulled back recently and is now trading on under 17x our forecast EPS for 2025. We believe the stock is oversold; our view is that there is a clear disconnect between the group’s current valuation and outlook.