从面板到电力

研报英文原文证据摘录

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M

Idea

August 19, 2026 03:00 AM GMT

Morgan Stanley & Co. International plc+

Kingspan Group PLC | Europe

Cedar Ekblom, CFA

Equity Analyst

Panels to Power

Daniel Khajenouri

Equity Analyst

What’s Changed

Kingspan Group PLC (KSP.I)

From

To

Price Target

€92.00

€113.00

Reiterate Overweight. PT to €113. H1 and guidance confirm faster

growth across Panels, roofing and ADVNSYS. Consensus has

caught up to our base estimates, but excludes BMC (~7% FY27

EPS upside) and re-rating optionality. Bull case €152, ~50%

upside.

Key Takeaways

Growth is broadening: H1 panel orders +13%; panel volumes +14% vs. 2019

despite market volumes -4–5%. We lift mid-term Building Envelope margin to

12%.

ADVNSYS momentum remains exceptional: H1 revenue +34% and orders/backlog

>2x YoY; BMC doubles addressable wallet from ~$0.5m to ~$1m/MW.

Consensus has caught up, but only to our base case: FY26/27 EPS is +1.3%/+0.8%

vs. consensus, while BMC adds ~7% to FY27 EPS and is not yet in our model.

The peer set is changing: Kingspan trades at 19x FY26E EV/EBIT vs. Industrial DC

exposed plays on >20x. We see scope for KSP's multiple to converge.

Next catalyst is the US roofing CMD: management targets ~$200m revenue in

Kingspan Group PLC (KSP.I, KSP ID)

Building & Construction | Ireland

Stock Rating

Industry View

Price target

Shr price, close (Aug 17, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

Overweight

In-Line

€113.00

€100.00

€105.30-62.60

€18,177

€2,084

€21,181

* = GAAP or approximated based on GAAP

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

Sales / Revenue

(€mn)**

EBITDA (€mn)**

EBIT (€mn)**

EPS (€)**

ModelWare EPS (€)

Prior EPS (€)**

EV/revenue*

EV/EBITDA**

P/E**

Div yld (%)

FCF yld ratio (%)**

Net debt/EBITDA**

RNOA (%)**

9,199 10,321 11,480 12,379

1,218

903

3.67

3.66

1.8

13.6

20.2

0.7

3.5

1.7

11.0

1,419

1,068

4.35

4.24

2.1

15.0

23.0

0.7

5.1

1.5

12.2

1,674

1,285

5.39

5.24

1.8

12.5

18.6

0.8

6.2

1.2

13.6

1,849

1,431

6.06

5.88

1.6

11.0

16.5

0.9

9.6

0.9

14.3

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

…