Kingspan Group PLC

KRX: XDUB (IRL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€16.00	Chbql	Jlbdhkckt

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

Grant Slade

Apr 29, 2024

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.

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