Goldman Sachs has launched a buy rating on Rockwool, setting a 12‑month target of DKK 245 that signals a 21% upside from the Jan. 19 close. The Danish insulation maker shed its Russian assets last week, easing a long‑standing overhang that had weighed on the shares for investors today now.

With the Russian exposure removed, Rockwool trades near trough multiples—about 13× forward earnings—making the valuation attractive. Goldman Sachs balances a discounted‑cash‑flow estimate of DKK 240 with a P/E‑based target of DKK 250, anchoring its bullish stance amid rising capex plans for the next two years in the near term ahead.

Projected revenue falls to €3.64 bn in 2026, but EBIT is expected to shrink only modestly to €565 m, while margin expansion offsets the dip. Rockwool’s 70% European revenue mix, especially in residential and renovation, positions it to benefit from a construction rebound in the coming years for investors today.

Capital spending will climb to €586 m in 2026, a 16% share of sales, raising free‑cash‑flow risk. Goldman Sachs notes that the margin of safety offered by low multiples should cushion the capex wave, but warns of potential downside if earnings growth stalls for the next few quarters ahead.