DAVY VIEW

Kingspan is well set up to deliver another year of progress in 2025. The stock has responded positively to recent results, which pointed to good momentum entering the year. As ever with Kingspan, a defining characteristic is how long-term thinking is not at the expense of consistent short-term delivery. The latter can be occasionally restrained, as was the case last year, but the compelling longer-term potential is evident when divisional returns on net assets are analysed. We adjust our price target to 9700c and reiterate our conviction in the investment case.