Legrand's 1Q Not as Jaw-Dropping as It First Seems but Still Decent; Shares Overvalued
At first blush, Legrand’s 10.9% reported first-quarter revenue growth looks strong versus the 8.3% high end of management’s 2017 guidance (both include acquisitions and currency effects.) Looking through the multiple one-off effects of acquisitions, currency, easy year-over-year comparisons, and an extra working day from the timing of Easter this year, results were not as jaw-dropping but still looked decent at the group level, with about 3% organic growth, and impressive in some of Legrand’s la...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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