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).
  • TickerLR
  • ISINFR0010307819
  • ExchangeEuronext Paris
  • SectorElectronic & Electrical Equipment
  • CountryFrance

Analysts

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/09/2018

...

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/11/2018

...

Alfred Glaser ...
  • Delphine Brault

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...

Alfred Glaser ...
  • Delphine Brault

Legrand : Le T3 déçoit (beaucoup) mais l’essentiel est lié à du non-récurrent

>Le T3 s’est révélé décevant, principalement à cause de la France - Le groupe a affiché une croissance organique de son chiffre d’affaires de 3.9% au T3 (consensus à 4.2%), dont -4.3% sur la France (15% du chiffre d’affaires du groupe). La marge EBITA ajustée recule de 90 pb à 19.5% (contre 20.7% attendu par le consensus et par Oddo BHF). Plus de détails en page 2. Points saillants de la conférence téléphonique - Le CEO et le CFO ont tenu hier une co...

Legrand France S.A. - June 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Legrand France S.A.: Update to credit analysis

Update to rating rationale for Legrand’s A3 rating

Legrand France S.A. - March 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Legrand France S.A. - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Legrand France S.A. - September 2017 (LTM): Peer Snapshot

Peer Snapshot: Legrand France S.A. - September 2017 (LTM) 19 December 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Sep-17

Alfred Glaser ...
  • Delphine Brault

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...

Alfred Glaser ...
  • Delphine Brault

Legrand : Le T3 déçoit (beaucoup) mais l’essentiel est lié à du non-récurrent

>Le T3 s’est révélé décevant, principalement à cause de la France - Le groupe a affiché une croissance organique de son chiffre d’affaires de 3.9% au T3 (consensus à 4.2%), dont -4.3% sur la France (15% du chiffre d’affaires du groupe). La marge EBITA ajustée recule de 90 pb à 19.5% (contre 20.7% attendu par le consensus et par Oddo BHF). Plus de détails en page 2. Points saillants de la conférence téléphonique - Le CEO et le CFO ont tenu hier une co...

Denise Molina

Morningstar | Legrand's 3Q Echoes Others' Hints of More Moderated European Construction Markets

Our key takeaways from Legrand's third-quarter results are (1) there is an increasing probability of a European residential construction market slowdown (but not a crash) in 2019, and (2) margin weakness--the main focus of the earnings call--is short-term noise, with underlying factors starting to abate. The shares sold off moderately after results but are not yet cheap enough to be attractively priced relative to our EUR 54 fair value estimate, which includes a revenue growth slowdown next year. We maintain our fair value estimate and narrow moat rating. At the group level, the results were ...

Denise Molina

Legrand's 3Q Echoes Others' Hints of More Moderated European Construction Markets

Our key takeaways from Legrand's third-quarter results are (1) there is an increasing probability of a European residential construction market slowdown (but not a crash) in 2019, and (2) margin weakness--the main focus of the earnings call--is short-term noise, with underlying factors starting to abate. The shares sold off moderately after results but are not yet cheap enough to be attractively priced relative to our EUR 54 fair value estimate, which includes a revenue growth slowdown next year...

Alfred Glaser ...
  • Delphine Brault

Legrand : Disappointing Q3, penalised by France

>-4.3% organic growth in France in Q3 - In Q3, Legrand generated organic growth in sales of 3.9% (consensus 4.2%), showing a slowdown relative to Q2 (+6.5%). Forex effects weighed to the tune of -2% and the scope effect (mainly Milestone's consolidation) contributed 8.1% to sales growth. On a reported basis, sales rose 10.2%.By region, there was a disappointment in France, where growth was -4.3% in Q3, undermined by significant one-off inventory reductions. Italy...

A director sold 10,000 shares at 64.000EUR and

A director at Legrand Promesse sold 10,000 shares at 64.000EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/09/2018

...

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/11/2018

...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2018

A few weeks after the French government officially mandated advisers to work on EDF’s “architecture”, we provide an update on the main scenarios and their financial consequences. Our status-quo approach gives a valuation of between € 18.0 (+20%) and € 19.2 (+28%), depending on the outcome of the Multiannual Energy Plan (MEP). Under alternative scenarios, with total regulation of the nuclear sector or segregation of nuclear power, our valuation ranges from € 22.5 (+50%) to € 24.0 (+71%...

Alex Koagne ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2018

Quelques semaines après que l’Etat ait officiellement mandaté des conseils pour travailler sur « l’architecture d’EDF », nous revenons sur les principales hypothèses d’évolution et leurs conséquences financières. Notre approche statu quo nous amène à une valorisation du titre entre 18.0 € (+20%) et 19.2 € (+28%), en fonction de la PPE, tandis que les hypothèses alternatives, avec régulation totale du nucléaire ou sanctuarisation du nucléaire, la porterait entre 22.5 € (+50%) et 24.0 €...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2018

For the moment, 5G has generated more anxiety than real enthusiasm among investors. Our analysis suggests a smooth transition for capex, but that the incident with the spectrum auctions might weigh on sentiment. We favour the German market if the absence of a fourth player is confirmed on 26 November. Deutsche Telekom (Buy, target price € 17.7) is our Top Pick. Cf. sector report published last evening. - ...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Proxy Report - 30/05/2018

On February 8, 2018, the company announced that Chairman and CEO are now split. Gilles Schnepp remains Chairman while Benoît Coquart is CEO. ITEM 5: Although the 2018 remuneration of the Chairman will exceed the index median, considering improvements made on governance (removal of the double voting rights in 2015 and split of Chairman and CEO functions), we support the 2018 remuneration policy of the Chairman. ITEM 6: Although the increase of the fixed remuneration is not excessive, it is combined to the increases of target and maximum bonuses and of LTI cap. Hence the total variable remuner...

Jehanne Leroy

Proxy Report - 30/05/2018

Le 8 février 2018, la société a annoncé la dissociation des fonctions de Président et de Directeur général, jusque-là assumées par Gilles Schnepp. Ce dernier est désormais Président du Conseil tandis que la fonction de Directeur général est assurée par Benoît Coquart. Nous saluons cette amélioration de la gouvernance.C'est celle-ci, couplée à la suppression du droit de vote double en 2015 qui nous permettent de soutenir la politique de rémunération du Président pour 2018. En effet, la rémunération du Président pour 2018 excèdera légèrement la médiane des rémunérations totales des présidents du...

Jérôme VINERIER

Short term view - LEGRAND : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €55.15. The background trend would be questioned should prices rise above €59.24.

Jérôme VINERIER

Analyse court terme - LEGRAND : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 55,15 €. La tendance de fond serait remise en cause en cas de franchissement de 59,24 €.

Jérôme VINERIER

Analyse court terme - LEGRAND : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 55,15 €. La tendance de fond serait remise en cause en cas de franchissement de 59,24 €.

Jérôme VINERIER

Short term view - LEGRAND : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €55.15. The background trend would be questioned should prices rise above €59.24.

Jérôme VINERIER

Medium term view - LEGRAND : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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