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
Bruno Cavalier ...
  • Stephane Houri

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

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Bruno Cavalier ...
  • Stephane Houri

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

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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...

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 : 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...

Alfred Glaser ...
  • Delphine Brault

Legrand : H1 slightly better than expected but FCF disappointing

>H1: sales decline of -15.2% in organic terms, adj. EBIT margin -300bp - This morning, Legrand published its H1 2020 results, which came in a shade above forecasts, notably with an organic sales decline of 15.2% (consensus at -16.9% and ODDO BHF at -16%). By region, growth was down 16.7% in Europe with a very marked decline in France, Italy and Spain (-23% for these three countries), whilst sales were only slightly down in Eastern Europe. In North and Central America...

Alfred Glaser ...
  • Delphine Brault

Legrand : Un S1 un peu meilleur que les attentes mais le FCF est décevant

>S1 : recul du CA de -15.2% en organique, marge EBIT ajusté -300 pb - Legrand a publié ce matin 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%). Par région, la croissance est en retrait de 16.7% en Europe avec un recul très marqué en France, Italie, Espagne (-23% pour ces 3 pays), tandis que les ventes ont seulement baissé légèrement en Europe de l’Est. En Amérique du ...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction in France: when “les Bleus” become green

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent perf...

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.

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.

Bruno Cavalier ...
  • Stephane Houri

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

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Bruno Cavalier ...
  • Stephane Houri

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

...

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 – DETAILED COMMENTS 05/08/2020

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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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