Rockwool International A/S: Pricing Power, Share Gains & Supportive Regulation - Reiterate Overweight

研报英文原文证据摘录

Rockwool International A/S: Pricing Power, Share Gains & Supportive Regulation - Reiterate Overweight

Idea

June 10, 2026 04:01 AM GMT

Morgan Stanley & Co. International plc+MRockwool International A/S | Europe Daniel Khajenouri

Equity Analyst

Pricing Power, Share Gains & Daniel.Khajenouri@morganstanley.comCedar Ekblom, CFA +44 20 7425-3065

Cedar.Ekblom@morganstanley.com +44 20 7425-4623

Supportive Regulation - Nicolas J Mora

Nicolas.Mora@morganstanley.com +44 20 7677-5376

Reiterate Overweight Peter Ajose-Adeogun

What’s Changed Peter.Ajose-Adeogun@morganstanley.com +44 20 7677-1618

Oscar P Smyth

Rockwool International A/S (ROCKb.CO) From To Research Associate

Price Target DKr 250.00 DKr 263.00 Oscar.Smyth@morganstanley.com +44 20 7425-6567

US expansion and exposure to the EU renovation wave could Rockwool International A/S (ROCKb.CO, ROCKB DC)

Building & Construction | Denmark

drive meaningful growth, while durable pricing power in a

Stock Rating Overweight

consolidated EU market supports resilient margins. Overweight. Industry View In-Line

Price target DKr 263.00

Shr price, close (Jun 9, 2026) DKr 199.90

Key Takeaways 52-Week Range DKr 313.80- 160.78

Mkt cap, curr (mn) €5,508

EU building-efficiency regulations should drive insulation demand through Net debt (12/26e) (mn)* €289

EV, curr (mn)* €5,581

renovations, though benefits depend on national implementation.

* = GAAP or approximated based on GAAP

US - Underpenetrated stone wool market, and new capacity, create a multi-year Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

opportunity for market share gains. Sales / Revenue 3,877 3,795 4,061 4,262

(€mn)**

Market leadership and disciplined pricing support resilient margins. EBITDA (€mn)** 1,275 825 918 973

EBIT (€mn)** 589 544 617 657

Overweight: PT +35% vs.