reports
- Antoine Lebourgeois
- Antoine Lebourgeois
- Thibault Morel
TECHNOLOGY Excessive relative derating for Schneider and Somfy
As a summary of the 1Q22 publications of our industrial coverage, we believe Schneider features the best fundamentals given (i) its strong industry automation focus, (ii) a product portfolio resolutely focused on sustainability and resource frugality in a context of tense supply chains, and (iii) its diversified geographical exposure. Schneider’s valuation, at par with building-focused players, is in our view not justified given its better fundamentals. Regarding Legrand and Somfy, players almos...
- Antoine Lebourgeois
- Thibault Morel
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