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

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2019

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2019

...

Alfred Glaser ...
  • Delphine Brault

Legrand : Q3 confirmed weak growth and a solid margin

>Q3 2019: a very solid margin, despite weak volume growth - The group posted organic sales growth of 2.6% for Q3 (ODDO BHF 2.9%, consensus 2.6%), of which +3.1% for the US, +3.6% in Europe and +0.3% in the Rest of World division (sharp contraction in the Middle East, Brazil and Turkey). The adjusted EBITA margin was up 70bp to 20.2% (vs +20bp forecast by the consensus and our estimate of +30bp). Operating leverage was +100bp. See page 2 for further details.§p...

Alfred Glaser ...
  • Delphine Brault

Legrand : Le T3 2019 confirme tant la faible croissance que la solidité de la marge

>T3 2019 : marge très solide, malgré une faible croissance des volumes - Le groupe a affiché une croissance organique de son chiffre d’affaires de 2.6% sur le T3 (ODDO BHF 2.9%, consensus 2.6%), dont 3.1% pour les USA, 3.6% pour l’Europe et 0.3% pour la division Reste du Monde (fort recul au Moyen-Orient ainsi qu’au Brésil et en Turquie). La marge d’EBITA ajustée progresse de 70 pb à 20.2% (vs +20 pb attendus par le consensus et +30 pb par nous). Le levier opérationne...

Moody's announces completion of a periodic review of ratings of Legrand France S.A.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Legrand France S.A. Global Credit Research- 06 Nov 2019. Frankfurt am Main, November 06, 2019-- Moody's Investors Service has completed a periodic review of the ratings of Legrand France S.A. and other ratings that are associated with the same analytical unit.

Legrand France S.A. - June 2019 (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 following rating affirmation

Legrand France S.A. - March 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Moody's affirms Legrand France's long-term issuer A3 rating; stable outlook

Rating Action: Moody's affirms Legrand France's long-term issuer A3 rating; stable outlook. Global Credit Research- 14 May 2019. Frankfurt am Main, May 14, 2019-- Moody's Investors Service has today affirmed the A3 long-term issuer rating and its A3 senior unsecured bond rating of Legrand France S.A..

Alfred Glaser ...
  • Delphine Brault

Legrand : Q3 confirmed weak growth and a solid margin

>Q3 2019: a very solid margin, despite weak volume growth - The group posted organic sales growth of 2.6% for Q3 (ODDO BHF 2.9%, consensus 2.6%), of which +3.1% for the US, +3.6% in Europe and +0.3% in the Rest of World division (sharp contraction in the Middle East, Brazil and Turkey). The adjusted EBITA margin was up 70bp to 20.2% (vs +20bp forecast by the consensus and our estimate of +30bp). Operating leverage was +100bp. See page 2 for further details.§p...

Alfred Glaser ...
  • Delphine Brault

Legrand : Le T3 2019 confirme tant la faible croissance que la solidité de la marge

>T3 2019 : marge très solide, malgré une faible croissance des volumes - Le groupe a affiché une croissance organique de son chiffre d’affaires de 2.6% sur le T3 (ODDO BHF 2.9%, consensus 2.6%), dont 3.1% pour les USA, 3.6% pour l’Europe et 0.3% pour la division Reste du Monde (fort recul au Moyen-Orient ainsi qu’au Brésil et en Turquie). La marge d’EBITA ajustée progresse de 70 pb à 20.2% (vs +20 pb attendus par le consensus et +30 pb par nous). Le levier opérationne...

Alfred Glaser ...
  • Delphine Brault

Legrand : Q3 2019 = repeat of Q2: very moderate growth but a solid margin

>Q3 2019: very moderate organic growth at 2.6% - In Q3, Legrand generated organic sales growth of 2.6% (consensus 2.6%, ODDO BHF 2.9%), reflecting decent growth in mature countries (3.3%) and very limited growth in emerging countries (0.8%), penalised by a demanding base of comparison in Turkey, as well as by a sharp fall in activity in the Middle East and a further decline in business in Brazil. Forex had a favourable impact of 2.7% and scope effects contributed 8.7%...

Alfred Glaser ...
  • Delphine Brault

Legrand : T3 2019 = bis repetita du T2 : croissance très modérée mais marge solide

>T3 2019: croissance organique très modérée à 2.6% - Au T3, Legrand a réalisé une croissance organique du chiffre d’affaires de 2.6% (consensus à 2.6%, ODDO BHF 2.9%), reflet d’une croissance correcte dans les pays matures (3.3%) et très limitée dans les émergents (0.8%), pénalisés par les effets de base difficiles en Turquie, ainsi que par un net recul de l’activité au Moyen-Orient et toujours des activités en retrait au Brésil. Les effets changes ont été favorables ...

Eric Lemarie

Smart Home, renaissance de la domotique | initiation de couverture LEGRAND, SOMFY

SECTOR | Smart Industries | Smart Home, renaissance de la domotique Concept des années 70, la domotique revient en force depuis l’avènement des smartphones et des enceintes connectées sous le terme générique « Maison Connectée » ou « Smart Home ». Mais si la domotique s’est révélée historiquement décevante, le marché de la Smart Home décolle en Europe et en Amérique du Nord : c50%/an (estim.) depuis 2014 et c30% attendu en volume sur la période 2018-2020, sur la base des données de Berg Insight. Des chiffres cohérents avec ceux des divisions produits connectés de Legrand et Somfy, qui ont gén...

1 director sold

A director at Legrand Promesse sold 25,530 shares at 63.722EUR and the significance rating of the trade was 67/100. 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 boa...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2019

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2019

While, since the creation of the banking union, Germany has steadfastly opposed the idea of setting up a common scheme to guarantee savers’ deposits, the article published in the Financial Times on Wednesday 6 November by the German finance minister has come as a bombshell. There is still a long way to go, but this statement responds to a real need for capital market unification and investors want to believe in this scenario. At the sector level, our analysts believe that it will rela...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2019

Alors que l’Allemagne s’est opposée depuis la création de l’Union Bancaire à la création d’un fonds de garantie des dépôts au niveau européen, l’article publié dans le FT du ministre allemand des finances a fait l’effet d’une « bombe ». Il y a loin encore de la coupe aux lèvres, mais cette déclaration répond à un vrai besoin d’unification des marchés de capitaux et les investisseurs veulent y croire. Sur le plan sectoriel, nos analystes pensent qu’elle relancera les scénarios de conso...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2019

...

Thanks to a better fundamental star rating, LEGRAND sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to LEGRAND (FR), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 2 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as moderately risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date June 7, 2019, the closing price was EUR 61.94 and its expected value was estimated at EUR 61.08.

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...

Expert Corporate Governance Service (ECGS)

Legrand - AGM 29 May 2019

ITEMS 5 and 7: This year again, the Company's disclosure is very good and allows a perfect understanding of annual bonus granted in 2018. Likewise, the company is one of the few to disclose annual bonus quantitative criteria targets to achieve in 2019.This perfect disclosure and acceptable amounts granted justifies our positive voting recommendations on items 5 and 7.

Jehanne Leroy

Legrand - Assemblée générale des actionnaires du 29 mai 2019

Rémunérations Cette année encore, la très bonne communication de la société permet de parfaitement comprendre le bonus attribué au titre de l'exercice. De la même façon, la société est l'une des rares du CAC 40 à publier, a priori, les objectifs de chacun des critères quantitatifs du bonus annuel pour l'exercice suivant. Cette très bonne transparence alliée à des montants raisonnables et une structure respectant nos préconisations justifient nos recommandations positives sur les rémunérations.

Legrand – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflections, following in the footsteps of MSCI EM and Japan. The proliferation of breakouts is building a stro...

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.

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