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ISEQ lifts-Kingspan examined

Tuesday, March 25 09:13:02

The ISEQ is showing signs of recovery this morning (4,866, up 16 points) as European markets shrugged off easing US growth and instead focused on Easyjet results and the growing liklehood of a Chinese stimulus.

Goodbody Stockbrokers looks at Kingspan in North America:

Vicwest, a peer of Kingspan's North American Insulated Panel business (8 PC of Kingspan group sales), reported FY13 sales growth of 29 PC in its Insulated Metal Panel (IMP) business, with Q413 IMP sales growing by 41 PC. Management is confident on the outlook for top line progression in IMP in 2014.

This is helped by a bottoming out of non-residential construction markets and the introduction of supportive regulations. Management expects "double-digit" IMP sales growth in 2014 but cautions that higher steel prices could impact product margins; however, it is unclear from the statement which product line management is specifically referring to. Kingspan's North American Panel business (8 PC of group sales) reported a 15 PC increase in volumes in FY13 (split 11 PC H1 / 18 PC H2) and management has pointed to a strong order book as it exited 2013. We believe North America remains one of the key opportunities for Kingspan to drive structural growth given the low penetration rates of its product (10 PC insulated panel penetration in North America versus 60 PC in the UK) according to Goodbody Stockbrokers.