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Investing.com - Deutsche Bank upgraded Kingspan Group PLC (LON:KSP) from Hold to Buy and raised its price target to EUR82.00 from EUR80.00 on Thursday.
The upgrade comes as Kingspan plans to launch an initial public offering for its fast-growing ADVNSYS business in the first quarter of 2026, while retaining a 75% stake in the unit.
Deutsche Bank views the upcoming IPO as a catalyst that will allow Kingspan to "crystallise value and reduce leverage" despite recent share price underperformance, with the stock down more than 20% since its March highs.
The bank’s analysts noted that Kingspan shares have surrendered "substantially all the gains" that were made when the potential IPO was first announced.
Deutsche Bank considers Kingspan’s projected 2026 valuation of approximately 11 times EV/EBITDA and a price-to-earnings ratio of around 14 times as "attractive," with the slight price target increase reflecting the bank’s detailed analysis of Kingspan’s data center business.
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