DAVY VIEW

The closing of the BMC acquisition had been expected in Q4, but its completion ahead of the end of the quarter is welcome and supports current year estimates. There is no impact on 2027 forecasts as we already include BMC, and the deal is one of the reasons why Kingspan’s trading profits are anticipated to rise by over 25% next year. The sense that BMC has been acquired at an attractive price gains further credence in the recently announced acquisition by Eaton, which is paying over 3.2x forecast 2027 sales for an Italian business, COL Group. The equivalent multiple for Kingspan/BMC is <1.5x.