Legrand's 3Q Echoes Others' Hints of More Moderated European Construction Markets
Our key takeaways from Legrand's third-quarter results are (1) there is an increasing probability of a European residential construction market slowdown (but not a crash) in 2019, and (2) margin weakness--the main focus of the earnings call--is short-term noise, with underlying factors starting to abate. The shares sold off moderately after results but are not yet cheap enough to be attractively priced relative to our EUR 54 fair value estimate, which includes a revenue growth slowdown next year...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).
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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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