Legrand is a global specialist in electrical and digital building infrastructure based in France. Co. offers a full range of control-and-command, cable management, energy distribution and "Voice-Data-Image" products and systems which are suitable for the international commercial, industrial, and residential segments of the low voltage market. Co. markets its products under internationally recognized general brand names, including Legrand and Bticino. Each product group is marketed in all of Co.'s major geographic markets (France, Italy, Rest of Europe, USA/Canada and Rest of the World).
  • TickerLR
  • ISINFR0010307819
  • ExchangeEuronext Paris
  • SectorElectronic & Electrical Equipment
  • CountryFrance

Legrand France S.A.: Update to credit analysis

Our credit view of Legrand, reflecting its relative resilience in the current market environment.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflections, following in the footsteps of MSCI EM and Japan. The proliferation of breakouts is building a stro...

Jérôme VINERIER

Short term view - LEGRAND : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €55.15. The background trend would be questioned should prices rise above €59.24.

Jérôme VINERIER

Analyse court terme - LEGRAND : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 55,15 €. La tendance de fond serait remise en cause en cas de franchissement de 59,24 €.

Jérôme VINERIER

Analyse court terme - LEGRAND : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 55,15 €. La tendance de fond serait remise en cause en cas de franchissement de 59,24 €.

Jérôme VINERIER

Short term view - LEGRAND : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €55.15. The background trend would be questioned should prices rise above €59.24.

Alfred Glaser ...
  • Delphine Brault

Legrand : Q1 was disappointing except for FCF, we lower our EPS estimates

>Q1 adjusted EBITA aided by 100bp from capital gains - Legrand's Q1 2020 results, reported yesterday, fell short of expectations, with an organic sales decline of 7.3% (consensus at -5.1% and ODDO BHF at -0.4%). The adjusted EBIT margin contracted by 110bp, vs a 100bp contraction expected by the consensus. However, it included € 16m in capital gains on the sale of a building in Chile. Stripping out this impact the adjusted EBIT margin would have fallen by 210bp....

Alfred Glaser ...
  • Delphine Brault

Legrand : Le T1 déçoit, à l’exception du FCF, nous ajustons nos BPA à la baisse

>Un EBITA ajusté T1 aidé par des plus-values à hauteur de 100 pb - Legrand a publié hier des résultats T1 2020 inférieurs aux attentes, affichant notamment un recul en organique de 7.3% (consensus à -5.1% et ODDO BHF à -0.4%). S’agissant de la marge d’EBIT ajusté, cette dernière recule de 110 pb, contre -100 pb attendu par le consensus. Mais elle inclut 16 M€ de plus-values liées à la cession d’un bâtiment au Chili. Hors cet impact, la marge d’EBIT ajusté aurait...

Alfred Glaser ...
  • Delphine Brault

Legrand : Q1 sales already down sharply and April instils fear (-41%)

>Sales decline of -7.3% in organic terms, EBIT margin -110bp - Legrand's Q1 2020 results, reported this morning, fell short of expectations, with an organic sales decline of 7.3% (consensus at -5.1% and ODDO BHF at -0.4%). By region, growth fell by 5.1% in Europe and the group was in decline in France, Italy, the UK, Spain, while sales grew in eastern Europe, Germany and the Netherlands. In North and Central America, the decline came to -4.2% in Q1, and -17.2% in...

Alfred Glaser ...
  • Delphine Brault

Legrand : Une activité T1 qui recule déjà fortement et le mois d’avril fait peur (-41%)

>Recul du CA de -7.3% en organique, marge EBIT ajusté -110 pb - Legrand a publié ce matin des résultats T1 2020 inférieurs aux attentes, affichant notamment un recul en organique de 7.3% (consensus à -5.1% et ODDO BHF à -0.4%). Par région, la croissance est en retrait de 5.1% en Europe avec un recul en France, Italie, Royaume-Uni, Espagne, tandis que les ventes progressent en Europe de l’Est, en Allemagne et aux Pays-Bas. En Amérique du Nord et Centrale, le recul...

Alfred Glaser ...
  • Delphine Brault

ODDO : Focus on construction: the day after - which stocks to favour when we exit the crisis?

We see the capacity to reignite growth quickly, both in organic terms and via acquisitions, as a key differentiating factor for the stocks in the sector, The main themes (energy efficiency, health in buildings) will be favoured, as will exposure to China. We favour Assa Abloy. Our preference also goes to KONE and Schneider Electric on which we are revising up our recommendations to Buy. We are lowering our recommendation to Neutral on Schindler. - >Capacity to reignite gr...

Legrand France S.A.: Update to credit analysis

Our credit view of Legrand, reflecting its relative resilience in the current market environment.

Legrand France S.A. - September 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Moody's announces completion of a periodic review of ratings of Legrand France S.A.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Legrand France S.A. Global Credit Research- 06 Nov 2019. Frankfurt am Main, November 06, 2019-- Moody's Investors Service has completed a periodic review of the ratings of Legrand France S.A. and other ratings that are associated with the same analytical unit.

Legrand France S.A. - June 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Legrand France S.A.: Update to credit analysis

Update to rating rationale for Legrand’s A3 rating following rating affirmation

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2020

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Johanna Jourdain
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/07/2020

Given its strategic nature in the COVID-19 crisis, food retail has regained a defensive status, which seems justified in our view. This means we have only cut our 2020 forecasts by 3.2%. There are no financial issues in the sector. The valuations remain attractive. We are not changing our sector hierarchy. Ahold Delhaize is still our Top Pick, but we are steering clear of Metro (Reduce vs Neutral). - ...

LEGRAND sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of LEGRAND (FR), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date April 10, 2020, the closing price was EUR 59.16 and its target price was estimated at EUR 51.94.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Legrand – AGM 27 May 2020

ITEM 13: The Company announced on February 28, 2020 that on July 1, 2020, Angeles Garcia-Poveda will become Chairman of the Board and Michel Landel will become Lead independent Director. It is highly appreciated that the Chairman of the Board be entrusted to an independent director. It should be noted, however, that Michel Landel is already Lead independent Director of Danone. ITEM 8: For 2020, the Board had planned to increase the fixed remuneration of the Chief Executive Officer from €700,000 to €900,000. However, in view of the current crisis, Benoit Coquart has renounced this increase. Th...

Expert Corporate Governance Service (ECGS)

Legrand - AGM 29 May 2019

ITEMS 5 and 7: This year again, the Company's disclosure is very good and allows a perfect understanding of annual bonus granted in 2018. Likewise, the company is one of the few to disclose annual bonus quantitative criteria targets to achieve in 2019.This perfect disclosure and acceptable amounts granted justifies our positive voting recommendations on items 5 and 7.

Jehanne Leroy

Legrand - Assemblée générale des actionnaires du 29 mai 2019

Rémunérations Cette année encore, la très bonne communication de la société permet de parfaitement comprendre le bonus attribué au titre de l'exercice. De la même façon, la société est l'une des rares du CAC 40 à publier, a priori, les objectifs de chacun des critères quantitatifs du bonus annuel pour l'exercice suivant. Cette très bonne transparence alliée à des montants raisonnables et une structure respectant nos préconisations justifient nos recommandations positives sur les rémunérations.

Legrand – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 30/05/2018

On February 8, 2018, the company announced that Chairman and CEO are now split. Gilles Schnepp remains Chairman while Benoît Coquart is CEO. ITEM 5: Although the 2018 remuneration of the Chairman will exceed the index median, considering improvements made on governance (removal of the double voting rights in 2015 and split of Chairman and CEO functions), we support the 2018 remuneration policy of the Chairman. ITEM 6: Although the increase of the fixed remuneration is not excessive, it is combined to the increases of target and maximum bonuses and of LTI cap. Hence the total variable remuner...

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