Shares plunge on Monday as Cavan firm grapples with lower sales
Markets move in mysterious ways. Kingspan said on Monday it expected to post its highest ever annual profit in 2023, yet its shares fell the most in seven months. Why?
For Kingspan, a 7 per cent drop in like-for-like sales between July and September, which was a bigger decline than had been expected, appears to have been the main driver of the sell off in the stock yesterday. Kingspan shares fell 5.2 per cent on the day, to post its biggest one day decline since April 7th.
Second, the fact that volumes were flat even as revenue fell indicates “clear price deflation” in the low teens according to analysts at Goldman Sachs including Pierre de Fraguier.
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