DAVY VIEW

Kingspan has stepped confidently into a new and exciting growth phase. Interim results were enthusiastically received: full year guidance was raised with mid-teen profit growth flagged for 2027. Following this was the BMC acquisition, and there is now the heady prospect of group earnings jumping by over 50% in just two years. Not surprisingly, the stock has responded positively to this prospect. But we believe there is much more to play for, with the recent share price appreciation more than matched by earnings upgrades of over 25%. Our revised price target is €133, which gives upside of over 30%.