Legrand : Price increases and non-residential segment to provide strong underpinning
>Excellent start to the year, with organic growth of 11.2% - Legrand’s Q1 2022 results, reported yesterday (see our first take), came in well ahead of expectations in terms of organic sales growth (11.2% vs 5.2% expected) while the adjusted EBIT margin just beat forecasts, at 20.3%. Adjusted EBIT topped forecasts by 10%. FCF came to € 44m, down 82%, mainly reflecting sharply higher inventories (18.4% of sales, well above the normative level of 12%) but also a deterior...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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