LEGRAND NEUTRAL | EUR94 VS. EUR92 Ready for leverage from solid long term drivers (capital market day feedback) Top line organic growth is about to accelerate… … on the back of a good positioning, innovation & favorable megatrends Neutral maintained on the back of unchanged mid-term guidance.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
LEGRAND - NEUTRAL vs. BUY TOP PICKS | EUR90(+2%) Inflation might start to pinch – downgraded and removed from Top Picks (company contact) Tension in the supply chain… …combined with an acceleration in inflation… …is clouding visibility on H2 as pricing power has limits A more cautious stance on the share price. Removed from Top Picks.
LEGRAND - BUY Top Picks | EUR90 VS. EUR87 (+9%) Growth is the driver, not the margin Raw material and component inflation under control, so far End markets look either solid or in phase of recovery Revenues growth is the key driver
LEGRAND - BUY | EUR84(+8%) Awaiting US recovery – company contact Return to the Paris Agreement positive for Legrand Europe penalised by the lasting pandemic Inflationary environment painless so far Positive stance reiterated, ahead of M&A revival
LEGRAND - BUY | EUR84 VS. EUR85 (+13%) Cautious guidance took its toll Poor performance in the US in Q4 2020… … in a lesser extent in the Rest of the World region but Europe was fine Prudent guidance… .. but Legrand has never make dream with forecasts anyway
LEGRAND - NEUTRAL | EUR63 (+9%) Sales drop in April, improvement subject to health situation improvement Q1 2020 in line with expectations April revenues down -41% lfl Sequential improvement in H2 subject to a better health situation Rating Neutral unchanged
The 1970s concept of domotics has returned with a vengeance with the advent of smartphones and connected speakers, this time under the generic term of the Smart Home. However, whereas the domotics market was historically somewhat disappointing, the smart home market is taking off in Europe and in North America: +c50% (estimated) a year since 2014 and +c30% expected in volume over 2018-2020 (based on Berg Insight data). These figures are coherent with the performances posted by the connected prod...
The semiconductor market is increasingly unlikely to recover before 2020 and we expect 2H19 guidance to be poor: we do not anticipate equipment spending in memory to recover this year. However, ASML’s EUV and ASMI’s ALD give them better visibility and growth profiles than most peers, and that makes them our favourites in the sector, while it appears to be too early to buy a BESI back-end recovery. In automotive semis we currently prefer Melexis over XFAB, as it offers a better risk/reward ba...
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