de ■ Kingspan is a global insulation producer, focusing on high-performance panels and boards. • We expect robust organic growth (5% p.a. to 20E). Kingspan should outperform its construction markets owing to its over-exposure to markets with low penetration rates (the USA, EM and Mainland Europe) and e

> Energy, Materials & Industrials Q Kingspan — Priyal Mulji, BUY, close €38.5, €40 tgt, 4% upside ■ Kingspan is a global insulation producer, focusing on high-performance panels and boards. • We expect robust organic growth (5% p.a. to 20E). Kingspan shoul

Group, Prudential - Healthcare: AstraZeneca, Fresenius, Shire Energy, Materials & Industrials: ABB, ArcelorMittal, BAE, Continental, DSM, Glencore, Kingspan, Linde, Renault, Royal Dutch Shell, RWE - TMT: Eutelsat, Infineon, Informa, KPN, Sophos, Vodafone - Business Services, Leisure & Transport Deutsch

BMEB.L Infineon Technologies IFXGn.DE SGS SGSN.S BAE Systems Plc BAES.L Innogy IGY.DE Shire PLC SHP.L British American Tobacco BATS. L Kingspan KSP.I Sophos SOPH.L Bovis Homes BVS. L KPN KPN.AS Swatch Group UHR.S Carrefour CARR. PA Nissan Motor 7201.T Tele2 TEL2b.ST Check Poin

books, including textbooks, which could suffer from structural declines. ■ Kingspan - KSP.I: Slower global growth, especially in large markets for Kingspan such as the UK; Slower innovation or penetration growth; Euro strength causing negative translation effect; Poor cost inflation pass- through; Inabi