Legrand 1Q Posts a Slowdown as Expected; Shares Look Expensive
Narrow-moat Legrand posted slightly weaker results than consensus with shares trading lower. We were not surprised by the results, which included organic revenue growth of 2.7% year over year, slower than 2018's 4.9% growth, given the company's relatively large exposure to France. The French construction market has been slowing visibly since last year with the rate of new housing permits softening in the first few months of 2018. With nearly 20% of Legrand's revenue coming from France, the compa...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).
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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