EFTA Document EFTA01385525

> 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 should outperform its construction markets owing to its over-exposure to markets with low penetration rates (the USA, EM and Mainland Europe) and end- users' increasing focus on future-proofing buildings. • We see c4% upside to 2020E DBe for