Legrand : A positive 2021 mix: EBITA margin rebound and M&A. Buy vs Neutral
>A strong EBITA margin rebound expected in 2021 (+120bp) - We are publishing today a sector study ("2021 could contain a number of surprises (inflation, China, etc.)") on capital goods groups with exposure to construction, with a detailed analysis of the most dynamic market segments to be expected in 2021 and our risk analysis during the Q4 2020 results publications on the outlook for 2021.Legrand was somewhat unlucky in 2020, being considerably penalised by its ...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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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