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 sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of LEGRAND (FR), a company active in the Electrical Components & Equipment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date October 16, 2020, the closing price was EUR 69.64 and its potential was estimated at EUR 81.59.

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/09/2020

The group has raised its COVID scenario twice, a clear indication that sales and margins are holding up well against the current health crisis. The second half of the year appears to point to stable sales l-f-l and we expect the group to return to more normative growth in 2021. The balance sheet is very healthy and acquisitions can be made. We are raising our rating to Buy from Neutral and lifting our target price to € 177 from € 160. - ...

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/10/2020

Le titre Scor a nettement sous-performé le secteur et ses grands concurrents depuis le début de l’année, compte tenu notamment de l’impact COVID sur la mortalité US et de l’abandon du dividende 2019. Or, le coût COVID reste maîtrisé et les perspectives de résultats et de dividendes favorables sur 2021/2022. Nous réitérons notre recommandation Achat avec un objectif de cours relevé à 33 € (vs 31 €). - ...

Alfred Glaser ...
  • Delphine Brault

Legrand : Good Q3 expected, 2020 guidance likely to be cautious

>Q3 2020e: expectations probably low after a relatively disappointing H1, we are more optimistic than the consensus - Unlike a number of its competitors, Legrand produced only a very slight upside surprise at the H1 results presentation (adjusted EBIT 4.5% above forecasts) and even disappointed on FCF (down 31% in H1). Expectations have therefore partly transferred to H2, bearing in mind that the guidance offers only limited comfort with the group indicating a sequent...

Alfred Glaser ...
  • Delphine Brault

Legrand : Un bon T3 anticipé mais une guidance 2020 logiquement prudente à prévoir

>T3 2020e : des attentes probablement faibles après un S1 relativement décevant, nous sommes plus optimistes que le consensus - Contrairement à nombre de ses concurrents, Legrand n’a que peu surpris à la hausse lors de ses résultats S1 (EBIT ajusté 4.5% au-dessus des attentes) et a même déçu sur le FCF (en recul de 31% sur le S1). Les attentes se reportent donc en partie sur le S2, sachant que la guidance n’offre que peu de confort, le groupe ayant annoncé prévoir une...

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 st...

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 : Good Q3 expected, 2020 guidance likely to be cautious

>Q3 2020e: expectations probably low after a relatively disappointing H1, we are more optimistic than the consensus - Unlike a number of its competitors, Legrand produced only a very slight upside surprise at the H1 results presentation (adjusted EBIT 4.5% above forecasts) and even disappointed on FCF (down 31% in H1). Expectations have therefore partly transferred to H2, bearing in mind that the guidance offers only limited comfort with the group indicating a sequent...

Alfred Glaser ...
  • Delphine Brault

Legrand : Un bon T3 anticipé mais une guidance 2020 logiquement prudente à prévoir

>T3 2020e : des attentes probablement faibles après un S1 relativement décevant, nous sommes plus optimistes que le consensus - Contrairement à nombre de ses concurrents, Legrand n’a que peu surpris à la hausse lors de ses résultats S1 (EBIT ajusté 4.5% au-dessus des attentes) et a même déçu sur le FCF (en recul de 31% sur le S1). Les attentes se reportent donc en partie sur le S2, sachant que la guidance n’offre que peu de confort, le groupe ayant annoncé prévoir une...

Alfred Glaser ...
  • Delphine Brault

ODDO : Des effets d’aubaine au T3 mais une rechute est possible

Le T3 nous semble relativement bien engagé, avec une poursuite des chantiers cet été qui pourrait donner un coup de pouce à la demande, notamment en Europe. Nous prévoyons un recul de l’activité de 3.8% en moyenne au T3 (contre -5.4% précédemment) après -14.3% au T2. Au-delà du T3, les Etats-Unis et le non résidentiel vont rester une source d’inquiétude et le mix un facteur clé de différentiation. Nous sommes plus optimistes pour Assa Abloy et KONE, que nous recommandons à l’Acha...

Alfred Glaser ...
  • Delphine Brault

Legrand : H1 was disappointing, but the mix is at least as much to blame as Legrand

>H1 results show just how big an impact the geomix had… - On Friday, Legrand reported H1 2020 results that came in a shade above forecasts, notably with an organic sales decline of 15.2% (consensus at -16.9% and ODDO BHF at -16%).The adjusted EBIT margin contracted by 300bp, vs a 340bp contraction forecast by the consensus. However, it includes a favourable 40bp impact from acquisitions (Universal Electric). Note that EBIT includes € 40m in restructuring cos...

Alfred Glaser ...
  • Delphine Brault

Legrand : Le S1 nous a déçus, mais le mix est au moins autant à blâmer que Legrand

>Un S1 qui montre combien le mix géographique a pesé … - Legrand a publié vendredi des résultats S1 2020 légèrement supérieurs aux attentes, affichant notamment un recul en organique de 15.2% (consensus à -16.9% et ODDO BHF à -16%).S’agissant de la marge d’EBIT ajusté, cette dernière recule de 300 pb, contre -340 pb attendus par le css. Mais elle inclut 40 pb d’impact favorable lié aux acquisitions (Universal Electric). A noter que l’EBIT intègre 40 M€ de ch...

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...

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- 01 Oct 2020. Frankfurt am Main, October 01, 2020-- 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 2020 (LTM): Peer Snapshot

Peer Snapshot:  Legrand France S.A. - June 2020 (LTM) 26 August 2020 (in US millions) FYE Dec-18 FYE Dec-19 LTM Jun-20 FYE Dec-18 FYE Dec-19 LTM Jun-20 FYE Dec-18 FYE Dec-19 LTM Jun-20

Legrand France S.A. - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

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.

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/09/2020

The group has raised its COVID scenario twice, a clear indication that sales and margins are holding up well against the current health crisis. The second half of the year appears to point to stable sales l-f-l and we expect the group to return to more normative growth in 2021. The balance sheet is very healthy and acquisitions can be made. We are raising our rating to Buy from Neutral and lifting our target price to € 177 from € 160. - ...

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/10/2020

Le titre Scor a nettement sous-performé le secteur et ses grands concurrents depuis le début de l’année, compte tenu notamment de l’impact COVID sur la mortalité US et de l’abandon du dividende 2019. Or, le coût COVID reste maîtrisé et les perspectives de résultats et de dividendes favorables sur 2021/2022. Nous réitérons notre recommandation Achat avec un objectif de cours relevé à 33 € (vs 31 €). - ...

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

...

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/08/2020

...

LEGRAND sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of LEGRAND (FR), a company active in the Electrical Components & Equipment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date October 16, 2020, the closing price was EUR 69.64 and its potential was estimated at EUR 81.59.

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 we...

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