'Stone cold outperformance': UBS ups Rockwool to 'buy'

Rockwool A/S

18/02/2026 12:47

** UBS upgrades Danish stone wool insulation maker Rockwool ROCKB.CO to "buy" from "neutral", citing a margin reset and accelerating growth after Q4 results

** The brokerage highlights strong growth in North America and Eastern Europe, which together make up more than 35% of Rockwool's revenue, as key drivers for future volumes

** UBS says the company's "stone cold outperformance" can be seen in strong organic growth, while viewing the higher EUR 650 million ($770 million) capex guide for 2026 as a sign of front-loading of expansion plans

** The broker raises its underlying estimates despite excluding the group's seized Russian assets, which it says represent a significant headwind to EBIT

** It raises PT by more than 6% to DKK 255, saying this implies a 2027 price-to-earnings multiple in line with historical ranges and peers

** Out of 18 analysts that cover the stock, eight rate it "strong buy" or "buy", eight "hold", and two "sell" or "strong sell", according to LSEG data

($1 = 0.8442 euros)

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))