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Show Notes

(00:02:35) - (First question) - He gives us a detailed description of Kingspan

(00:03:28) - Investing in a company based on the other side of the world

(00:05:14) - Whether Kingspan is more commercial or residential driven

(00:05:55) - Kingspan’s origins

(00:08:35) - Description of an insulated panel and how it is used

(00:12:38) - What makes their panels the best in the world

(00:15:25) - The benefits of doing both commercial and residential panels

(00:16:08) - Industry characteristics and its overall market share

(00:17:54) - The pricing mechanism and pricing power behind the product

(00:21:26) - Kingspan’s expansion into the world market

(00:22:53) - The secret sauce behind the success of Kingspan

(00:25:01) - Kingspan’s economy to scale

(00:27:42) - What he finds interesting about Kingspan’s financial profile

(00:29:15) - Splitting revenue growth between organic and inorganic growth

(00:32:35) - The visibility of Kingspan’s products and their measurable efficiency

(00:34:50) - His expectations for Kingspan’s growth over the next 10 to 15 years

(00:34:05) - The margin structure of the acquired businesses

(00:37:12) - The life expectancy of the insulation product

(00:38:35) - Risks behind insulated panels and the industry

(00:42:22) - His evaluation of business modeling for acquisitions

(00:43:23) - Which competitors does he watch most closely

(00:44:49) - The lessons learned from studying Kingspan for 10 years