Legrand : Positive surprises from margins but disappointment from organic growth
>Q2 volumes were down (-0.8%) but the margin held up - The group posted organic sales growth of 1.5% for Q2 (ODDO BHF 2.2%, consensus 2.1%), of which +2.7% for the US, +2.4% in Europe and -1.4% in the rest of the world division (sharp contraction in the Middle East). The adjusted EBITA margin was down 40bp to 21.3% (vs consensus estimate of -90bp and our estimate of -60bp). The drop-through margin came to +30bp, while acquisitions weighed to the tune of -70bp in Q2. A...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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