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Kingspan Group PLC KRX

Morningstar Rating
€90.55 +0.05 (0.06%)
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Company Report

Kingspan Group: Price Deflation Weighs on Top-Line Growth in Early 2024; Shares Expensive

Price deflation in thermal insulation product markets has continued in early 2024 as suppliers pass through significantly lower raw materials prices to customers. Consequently, first-quarter organic sales fell for Kingspan’s insulation panels and insulation boards divisions—which together account for approximately 80% of group EBIT—contracting by 9% and 14%, respectively. The first-quarter contraction in selling prices masked modest volume growth for both the insulation panel and insulation board businesses—a resilient outcome given presently soft construction sector conditions.

Price vs Fair Value

KRX is trading at a 148% premium.
Price
€90.50
Fair Value
€74.00
Uncertainty
High
1-Star Price
€89.69
5-Star Price
€25.20
Economic Moat
Kvj
Capital Allocation
Jwxwtfspk

Bulls Say, Bears Say

Bulls

The rising carbon emission efficiency of the built environment represents a secular growth opportunity.

Bears

Deep energy retrofitting of the existing building stock is unlikely to materialize in the near term, dampening the valuation impact of this long-term growth opportunity.

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News

Trading Information

Previous Close Price
€90.50
Day Range
€89.4090.90
52-Week Range
€55.5091.15
Bid/Ask
€90.55 / €90.60
Market Cap
€16.55 Bil
Volume/Avg
57,709 / 260,385

Key Statistics

Price/Earnings (Normalized)
25.25
Price/Sales
2.04
Dividend Yield (Trailing)
0.60%
Dividend Yield (Forward)
0.60%
Total Yield
0.59%

Company Profile

Kingspan Group is a global building products manufacturer with a portfolio that focuses on building envelope products and systems that aim to improve the energy efficiency of the built environment. Having entered insulation products markets in the 1980s, the group’s scope has expanded significantly in the decades since to now include roofing, flooring, natural light ventilation, and water recycling solutions, as well as piping and ducting products used in HVAC and district heating applications. Kingspan has a global manufacturing footprint of more than 210 manufacturing sites spread across some 80 countries.
Sector
Industrials
Industry
Building Products & Equipment
Stock Style Box
Large Core
Total Number of Employees
22,384

Competitors

Valuation

Metric
KRX
GEBN
CRH
Price/Earnings (Normalized)
25.2530.1917.39
Price/Book Value
4.0814.252.75
Price/Sales
2.046.161.63
Price/Cash Flow
19.1323.4510.57
Price/Earnings
KRX
GEBN
CRH

Financial Strength

Metric
KRX
GEBN
CRH
Quick Ratio
1.110.910.81
Current Ratio
1.651.441.37
Interest Coverage
13.1732.9410.21
Quick Ratio
KRX
GEBN
CRH

Profitability

Metric
KRX
GEBN
CRH
Return on Assets (Normalized)
8.49%17.66%7.59%
Return on Equity (Normalized)
18.26%45.78%17.23%
Return on Invested Capital (Normalized)
11.87%24.19%10.92%
Return on Assets
KRX
GEBN
CRH
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