Legrand : (Very) disappointing Q3, but mainly due to one-off items
>Q3 proved disappointing, mainly due to France - The group posted organic sales growth of 3.9% in Q3 (consensus at 4.2%), of which -4.3% in France (15% of group sales). The adjusted EBITA margin was down 90bp to 19.5% (versus our and the consensus estimate of 20.7%). See page 2 for further details. Key points in the conference call - The CEO and CFO held a conference call yesterday, the main takeaways from which are as follows:France. The destoc...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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