Legrand : Q1 was disappointing except for FCF, we lower our EPS estimates
>Q1 adjusted EBITA aided by 100bp from capital gains - Legrand's Q1 2020 results, reported yesterday, fell short of expectations, with an organic sales decline of 7.3% (consensus at -5.1% and ODDO BHF at -0.4%). The adjusted EBIT margin contracted by 110bp, vs a 100bp contraction expected by the consensus. However, it included € 16m in capital gains on the sale of a building in Chile. Stripping out this impact the adjusted EBIT margin would have fallen by 210bp....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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