Legrand's 1H in Line; Shares Richly Valued
Legrand's first-half 2018 results are in line with expectations. The company looks on track to meet our full-year forecasts of 8% reported revenue growth and 60 basis points margin expansion to 20.6%--at the top end of management's implied guidance on both counts. As such, we see no reason to make changes to our EUR 54 fair value estimate and find the shares richly valued. We are also maintaining our narrow moat rating.ÂAt first glance, the first-half 12%-14% reported growth in revenue and prof...
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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