Share Name Share Symbol Market Type Share ISIN Share Description
Kingspan Group LSE:KGP London Ordinary Share IE0004927939 ORD EUR0.13
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.21 € -0.90% 23.24 € 23.19 € 23.67 € 23.60 € 22.95 € 23.31 € 183,647 16:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 2,774.3 232.0 106.7 21.8 4,108.93

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Date Time Title Posts
24/8/201610:36Kingspan with Charts & News203
26/2/201013:29Kingspan overdue to rocket-
30/4/200908:20kingspan ready to rocket-
26/4/200920:34kingspan great product with a new wonder insulation in the pipeline-
17/11/200810:06Kingspan very upbeat126

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Kingspan Daily Update: Kingspan Group is listed in the Construction & Materials sector of the London Stock Exchange with ticker KGP. The last closing price for Kingspan was 23.45 €.
Kingspan Group has a 4 week average price of 23.97 € and a 12 week average price of 23.78 €.
The 1 year high share price is 26.12 € while the 1 year low share price is currently 17.38 €.
There are currently 176,804,004 shares in issue and the average daily traded volume is 103,343 shares. The market capitalisation of Kingspan Group is £4,108,925,052.96.
wexboy: 2016 – The Great Irish Share Valuation Project (Part I): Company: Kingspan Group (KSP:ID) Last TGISVP Post: Here Market Cap: EUR 3,910 M Price: EUR 22.05 Kingspan’s firing on all cylinders… The transition towards more energy efficient buildings & building techniques – in both developed & (increasingly) emerging markets – provides an attractive secular growth tailwind, while relentless industry consolidation underpins an eat or be eaten strategy. Management capitalised on the company’s financial strength (as I’d expected) in late 2014, with an astonishing six month blitz of acquisitions. US/Canadian acquisitions propelled North America to 20% of total revenue, while buying Joris Ide rounded out pan-European exposure & delivered a 25% step-change in revenue. [Astonishingly, KSP still finished FY-2015 with net debt at just 1.0 times EBITDA]. With two acquisitions only closing in H1-2015, annualised H2 results offer a better run-rate, in terms of revenue/profitability. That pegs current trading margin at 9.4%, on €3.1 billion of revenue, leaving Kingspan’s peak 13.3% margin (from 2006) well within its grasp again. A fairer valuation would average the two – implying an 11.3% margin, which deserves a 1.125 Price/Sales ratio (noting the company’s superior cash generation). [NB: Observing market/M&A multiples over the years, per my rule of thumb a 10-12.5% operating margin deserves a 1.0 P/S multiple (on average). And higher margins justify expanded multiples, e.g. a 30% margin might deserve a 4.0-4.5 P/S multiple. Also, see my related DCC notes & commentary here]. And with finance expense a mere 5% of trading profit, Kingspan’s got substantial firepower to pursue more earnings-enhancing acquisitions (without impacting valuation, or imposing undue financial risk). We should upgrade our valuation accordingly, by: i) adjusting for (surplus) cash, and ii) adjusting for incremental debt potential of €0.6 billion*, which would increase finance expense (at a standard 5%) to a still-manageable 15% of trading profit – but we’ll apply my usual 50% haircut to be conservative. [*Here’s the math: (288.4 M Trading Profit * 15% – 14.8 M Finance Expense) / 5%]. Recognising the current & potential growth trajectory here, we should also factor/average an appropriate earnings multiple into our intrinsic value estimate: With earnings up 21% & 70% in the last two years, just about any multiple’s justified…again, to be prudent, we’ll limit ourselves to a 20.0 Price/Earnings ratio, based on a 123 cents adjusted diluted EPS H2-2015 run-rate: (EUR 1.23 Adj Dil EPS * 20.0 P/E + (3,078 M Rev * 1.125 P/S + 212 M Cash + 569 M Debt Adjustment * 50%) / 177 M Shares) / 2 = EUR 23.50 Kingspan’s now marginally under-valued – quite surprising for an outstanding growth story which offers an attractive combination of organic growth & a steady diet of acquisitions. Management’s discipline financing this growth is remarkable too – they’ve increased the outstanding share count a mere 6% in the past decade, relying instead on the judicious use of leverage. KSP’s never really been a cheap stock, but noting its balance sheet strength & capacity to generate cash, plus the white space still ahead (for example) in N America & the Rest of the World, the current share price & price target are well deserved. I wouldn’t be at all surprised to see them marching ahead together in the years to come. Price Target: EUR 23.50 Upside/(Downside): 7% For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
hunter321: Kingspan on a roll as sales jump 10% Tuesday, February 25, 2014 Shares in insulation products specialist Kingspan jumped by over 3% yesterday after the company published annual results beating both analyst and its own expectations. By Geoff PercivalThe stronger-than-anticipated 2013 figures for the Co Cavan-based firm showed a 10% rise in sales to €1.79bn, an 18% rise in basic earnings per share to 51.7c, and a trading profit of €122.8m, which represented a yearly increase of 14%. The profit figure was 10% ahead of Kingspan's last forecast in November and nearly €5m ahead of most analysts predictions. Pre-tax profit for the year was up from €89.9m to nearly €102m, whilst after-tax profits rose 19% to €89.2m. Kingspan's share price closed up 3.23% at €14.40 yesterday. While revenue slipped by 12% and 3%, respectively, in its environmental and insulation boards divisions, the two units, nonetheless, showing a 25% rise and 0% respective change in trading profit. The group's main business - insulated panels - grew sales revenue by 23% to just over €1.03bn. That division saw sales rise by 46% in mainland Europe, by 1% in the UK, by 7% in north America and by 24% in Ireland.
ukinvestor220: Cheers Wex Company: Kingspan Group Prior Post: Here (valuation, no commentary) Ticker: KSP:ID Price: EUR 8.698 Kingspan's insulation & related businesses are in a marvelous niche, attracting both green customers & green investors. However, there's no escape from the economic & construction cycle – while it continues to increase revenues, based on acquisitions & market share wins, operating profit margins remain under pressure. I tagged Kingspan as marginally over-valued last year. Fortunately, its balance sheet remains in good shape, so the share price has responded pretty positively to two new acquisitions. The purchase of ThyssenKrupp's insulated panel business, with EUR 315 mio in Mainland Europe sales, and Rigidal, another panels & roofing business operating in the Gulf region (with $39 mio in sales), adds significantly to future sales. However, the price rally may be based more on hope at this point, rather than any immediate earnings enhancement – as ThyssenKrupp currently operates at a loss, which likely matches/exceeds Rigidal's current profit. But we can expect to see extensive restructuring here, and I'm confident margins will eventually converge to group levels. Meanwhile, the operating profit margin is likely to fall from 6.6% to 5.4%, albeit on higher revenues. However, Kingspan's long-term growth story remains intact. With a rather absurd EUR 141 mio of cash on hand (vs. EUR 338 mio of debt), the total acquisition consideration presents no financial drag. The company may even have some scope for further acquisitions. With a genuine improvement in the economy, and/or the bombed-out construction sector (who knows when?!), it's obvious Kingspan's margins could rocket higher. Meanwhile, it's reasonable to price KSP somewhere between its prospective 5.4% & its historic 13.3% peak operating margin, which would equate to something like a 0.75 Price/Sales ratio. This confirms the company is fairly priced. Price Target: EUR 8.51 Upside: (2)%
lbo: Kingspan continues to trade at a premium due to the environmental story and one broker said that it was surprised the share price had done so well when peers were trading at lower multiples.
lbo: Kingspan's share price rose 14% following a strong positive reaction to the interim results yesterday. This leaves the shares trading on 26.3x PER and 12.8x EV/EBITDA based on our raised estimates. This represents a significant premium to peers SIG and Rockwool at 8.8x and 6.9x EV/EBITDA respectively. Add in the fact that there is no near term prospect of a dividend and the €6.15 share price looks expensive.
lbo: Rockwool, a Danish competitor of Kingspan in the building insulation business, saw its share price fell 3pc after the group issued a disappointing set of first quarter results. Kingspan's shares declined by 7c to E4.55
benny62: No sense in recent rises other than to relieve pressure on Directors due to looan guarantees.Activity in new construction in UK is non existent......This company will struggle to keep within its bank covenants.Calling in of Directors guarantees will decimate the share price....
lbo: "I predict" Lets hope your prediction on this is better then the one you gave on Anglo Irish bank! They are dangerous words in the current climate IMHO. Any thoughts on the news that 7% of the company shares were being used as security for personal loans? Lets say the share price was €18-19 when the loans were given so 7% of €3bn is €210m and lets say a LTV of 50% so loans of circa €100m now only have security of only €25m. Sounds like an Anglo or Irish Nationwide type loan during the bubble to me. Is this just not another form of debt? Is it possible a bank now has a hold over circa 20% of the company shares at todays valuation? Kingspan directors, including founders Eugene and Brendan Murtagh and current chief executive Gene Murtagh are "under no pressure to sell shares" after it emerged that they pledged nearly eight per cent of the public company against personal bank loans. Those shares were worth close to €103m four months ago, last Friday the 12.2 million shares were valued at just €27m. Two years ago, 12.2 million shares would have been worth close to €270m. Kingspan chief executive Gene Murtagh put up 1.1 million shares as security against bank loans. This represents almost his entire shareholding. Murtagh has exercised shares at prices of well above the current market price, according to filings. Kingspan chairman Eugene Murtagh pledged five million shares as security against loans. Those shares are now worth just €11.5m, having been worth €42m in September or as much as €110m at the top of the market. Apart from his investment in Kingspan, he is also involved in the aviation, property and hotel sector. He bought the luxury five-star Hempel Hotel Group, which owns hotels in London and Amsterdam. His Glenmansion property firm has registered charges with IIB, AIB and BoI. The firm, which is involved in property in Edinburgh, took out a €5.2m loan with AIB in 2006. It is not due to be repaid until 2018, according to company filings. Brendan Murtagh pledged his entire shareholding against bank loans. Those shares are now worth almost €12m, having been valued at up to €113m at the peak
lbo: While ordinary sharholders watch their money go down the drain with the share price! If Dermot has no faith in the share price rising any time soon then why should the mugs on street?
djderry: Your pejorative comments I find mildly amusing,a little like being attacked by a dead sheep.You,and your ilk,are found in the dictionary under the heading 'Bearicus Obnoxious'.The species are identified by 1)their favourite colour:black,2)favourite disposition:black,3)favourite facial expression:a frown.4)favourite expression:'the glass is always half empty.'5)favourite emotion:schadenfreude.The species tend to develope from failed investors who realise,had their porfolios been short all along,they might have made some money.They constantly watch the share price,saying 'it's going up,I made the right choice',or,'it's going down,I made the wrong choice'.They continually chase the next 'big thing'.If it's Tuesday I must be in oil,if it's Wednesday I must short oil.Never realising that the share price is about the least helpful piece of information regarding the true worth of a company.Having closed minds,they rarely,if ever,comprehend the depths of their ignorance.Ah,well,to each his own.On the basis that misery loves company ,I shall desist from posting on the main thread and wish you good luck in your endevours.
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