Kingspan Investors - KGP

Kingspan Investors - KGP

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Kingspan Group Plc KGP London Ordinary Share IE0004927939 ORD EUR0.13
  Price Change Price Change % Stock Price Last Trade
0.70 1.12% 63.10 12:43:13
Open Price Low Price High Price Close Price Previous Close
62.45 62.40 63.55 62.40
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Industry Sector

Top Investor Posts

moorsie2: Incredible how little investor comment this stellar share is receiving on here..
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: A bid by insolvent well-known businessman Brendan Murtagh to retain shares and a pension fund valued at up to €1.2m towards 'living expenses' was rejected by a High Court judge today in proceedings where investors are pursuing Mr Murtagh for €28m.
lbo: Murtagh, McCaughey backed €370m Goldman Sachs deal IT was the deal that announced that the Irish had arrived. Nearly 10 years ago, a consortium led by Kevin Warren and Green Property spent almost €370m to buy the landmark Goldman Sachs HQ on London's Fleet Street. Market sources have indicated that bidders may now be circling the building with some investors keen to sell out
lbo: WELL-known businessman Brendan Murtagh is insolvent, the Commercial Court heard yesterday.
lbo: A GROUP OF private investors have claimed that businessman Brendan Murtagh and two others engaged in a "ruthless exploitation" of court procedures with the result of delaying to yesterday the securing of €28.1 million judgment orders against the three over failure to honour agreements related to Polish property investments. Mr Justice Peter Kelly said the significance of the delay was the Educational Building Society got in first as it obtained judgment for €33 million last Monday against Mr Murtagh, Kingscourt, Co Cavan, Greg Coughlan, Ardbrack, Kinsale, Co Cork, and Brian Madden, Well Road, Douglas, Cork. The three now have judgments of more than €61 million against them.
lbo: In a report out yesterday, Standard Bank said that Ireland -- along with Greece -- was among several countries in an "intolerable" economic situation that might lead to bailouts or even an exit from the euro area by the end of next year. "Countries like Ireland and Greece may not be able to grow out of the current crisis," said Steve Barrow, head of Group of 10 foreign-exchange strategy at the bank in London. "With interest-rate cuts, exchange-rate depreciation and significant fiscal support all off-limits for these countries, bailouts or even pullouts from EMU may happen next year." In his report, Mr Barrow had said the absence of a mechanism to permit so-called fiscal transfers within the 16-nation eurozone might undermine the exchange-rate system. Concern some nations will need to be rescued may drive the premium investors demand to hold 10-year Greek debt instead of benchmark German bunds to 400 basis points next year, from 214 basis points today, and the Irish premium may also jump, he said. "The widening difference in yield, or spread, between Greek and Irish bonds and German securities may accelerate, increasing the debt burden for these countries," Mr Barrow wrote in the report. The Irish-German 10-year spread may rise to 300 basis points next year, from about 170 basis points, he said. The spread averaged about 43 basis points in the past five years, with the Greek-German average at 67 basis points in the period. "It can, in many ways, be a more destructive line of attack for the market than currency pressure," Mr Barrow wrote
lbo: STATE-OWNED ANGLO Irish Bank has restructured securities it holds over the assets of developer Howard Holdings assets in a move understood to be in preparation for moving its loans to Nama. Howard was one of the most active property players in the boom – at one stage it had assets of €4 billion under development. It is the main private investor behind the proposed €1 billion Atlantic Quarter in Cork's docklands. It was also developing a conference and event centre there in partnership with the local authority. Howard Holdings plc in Britain was wound up earlier this year. The company was a shareholder in Howard Property Ireland, along with Brendan Murtagh, Lee Madden and Greg Coughlan.
lbo: Howard Holdings in talks with backers over future structure Howard Holdings, the Cork property firm, is in talks with its backers over the future structure of its business. The company, which is backed by Kingspan co-founder Brendan Murtagh, is working on a major restructuring which will involve establishing a new holding company to manage its portfolio of investments and development projects. The overhaul of the firm's corporate structure comes after one of its British companies, Howard Holdings Plc, was wound up by the High Court in Britain for non-repayment of debts totalling £1.2 million (€1.37 million). Last year, the High Court heard that Murtagh, a non-executive director of the business, along with managing director Greg Coughlan and finance director Brian Madden, had agreed to pay investors €3.5 million arising out of guaranteeing a share sale and purchase agreement for a company, Mulbawn Holdings. In June, businesswoman Eileen Monahan, of the Jurys Doyle family, initiated a lawsuit against the three directors over the development of a €200 million Polish property scheme.
lbo: Always remember a bear market can last longer then many investors can remain liquid! Engine room of the boom grinds to a halt The full scale of job losses across Co Meath is beginning to emerge as official figures show its towns are bearing the brunt of some of the fastest rising dole queues across the entire State. Live register figures, for example, have jumped by 122 per cent in Trim, 111 per cent in Kells and 94 per cent in Navan. Much of the reason job losses are higher in Meath than many other areas is that it became the engine room for the construction boom. Companies supplying the building industry - Kingspan, Gypsum, Kingscourt, O'Reilly Bros - were barely able to cope with demand, while locally-based auctioneering and engineering companies flourished. But the foundation for the industry was built on sand. Orders have dried up, the firms are haemorrhaging money and hundreds have either been let go or are working on reduced hours.
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