Legrand : H1 slightly better than expected but FCF disappointing
>H1: sales decline of -15.2% in organic terms, adj. EBIT margin -300bp - This morning, Legrand published its H1 2020 results, which came in a shade above forecasts, notably with an organic sales decline of 15.2% (consensus at -16.9% and ODDO BHF at -16%). By region, growth was down 16.7% in Europe with a very marked decline in France, Italy and Spain (-23% for these three countries), whilst sales were only slightly down in Eastern Europe. In North and Central America...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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