Legrand : Feedback from roadshow with CFO: a degree of caution persists, in an improving environment
>Q2 surprises on the upside … - The group reported its interim results on Friday, 30 July. If we focus on Q2 alone, organic business growth reached 33.3% (consensus was 28.9%), of which 52.4% in Europe. Price increases in Q2 contributed 1.9% to growth. The adjusted EBIT margin in Q2 alone was 22.5% (vs 16.3% in Q2 2020 and the consensus of 21.7%), taking the H1 margin to 22%. FCF was also very strong, at € 571m in H1 alone, equivalent to 16.5% of revenue. ...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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