Initiating coverage of Legrand SA with a narrow moat, stable trend rating; shares look pricey.
Legrand slightly beat our estimates for 2016 and looks set for modestly better growth in 2017, leading us to increase our fair value estimate to EUR 46 from EUR 43. We do not find the current share price attractive, as there is little risk built in for any potential setback in Europe’s cyclical construction recovery. However, the company does have one emerging product group, known as the Eliot program, tied to the structural shift to home automation. These products now comprise 9% of sales, but ...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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