DAVY VIEW

The news that Kingspan has agreed terms on a €750m Green Private Placement brings together two of the attractive dynamics central to the investment case. These are the group’s environmental dimension and its very healthy financial position. Kingspan now has over €2bn of cash and committed undrawn facilities and we expect these will be deployed in the continuing expansion of the group, both via internal investment (product development and capacity expansion) and further M&A. Kingspan has already undertaken three bolt-on deals of a decent size year to date and further activity is likely, which we believe will be well received.