Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LEGRAND SA. We currently have 8 research reports from 2 professional analysts.
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Progressive acceleration in revenue growth expected
09 Feb 17
Legrand reported its Q4 16 and FY16 figures. - Growth excluding FX: +6.5% (vs. +2.1% in 2015), of which organic growth of 1.8% (the target was 2%) and external growth of 4.7%; - 8 acquisitions were made in 2016 vs 4 in 2015: over €170m annual sales acquired; - Adjusted EBIT margin before acquisition: 19.7% when the target was 19.6%; - Total sales have been reached €5,019m (vs €4,810m in 2015): growth of 4.3%; - Adjusted net income excluding minority interest up 3% to €567m; - Robust cash flow from operations: €791.4m, i.e. 15.8% of sales; - Net debt has risen by €0.8bn to €1.0bn including more than €300m dividend paid and more than €400m invested in eight acquisitions (vs >€250m in 2015); - Dividend proposal: €1.19 in 2016 (+3.5%) from €1.15 in 2015.
Too slow, too expensive, too French
01 Dec 16
Legrand 9 Months 2016 total Sales grew +4.1% (+2.1% organic) . Company Mgmt Guidance for 2016 is +2% in Organic Sales with 19.4% Ebit Margin (from 19.3% in 2015) By Regions, France organic Sales dropped -2.3% in 9M 2016 (base effect will be clearly negative in Q4 2016 in France !), Europe grew +5.7% (17% of total Sales), Italy +3.8% (10% of total) North America +6.5% (30% of total) and Others -2.2% (25% of total) with weak Sales in Brazil and Middle-East
Solid Q3 16 figures, modest FY16 guidance lift
10 Nov 16
Legrand reported satisfactory numbers for Q3 16 Revenues in the first 9M16 came in at €3.7bn, a +4.1% increase yoy, of which 2.1% organic growth. In Q3 16 alone, organic growth reached 2.5% and was mainly driven by North America (+7.8%) and other Europe (+5%), while Italy grew 2.4%. The operating margin in the first 9M reached 20% (20.2% before acquisitions), +5.7% yoy, and in Q3 16 alone the adjusted operating margin was 19.7%. FCF generation was also very strong at €482.5m (versus €479.8m) representing 13% of sales. The company revised its FY16 guidance slightly upwards with organic growth now expected between 0% and +2% (versus -2% to +2%) coupled with an adjusted operating margin of between 19.3% and 19.6% (versus 18.5% to 19.5%). The company achieved eight acquisitions since the beginning of the year, totalling annual acquired sales of over €170m, of which 80% with products N°1 or 2 in their markets. For 2016, acquisitions should contribute over +4% to growth.
Growth pulled by acquisitions, USA and... Italy!
01 Aug 16
Legrand released its H1 sales, reaching €2.45bn vs €2.41bn yoy. Also, H1 adjusted operating profit amounted to €492.7m vs €478.1m yoy. Its H1 organic growth in sales stood at +1.9% as a result of solid performance in the US growing by +5.5%, while growth in mature European economies reached +1.6%. Legrand’s net profit stayed at €283.5m but decreased slightly as a percentage of sales. Finally, the Eliot programme that Legrand launched in 2015 continued successfully and ahead of schedule in implementing targets set in the programme. The group confirmed its 2016 outlook saying that it expects organic change in sales of between -2% and +2%, and adjusted operating margin before acquisitions of between 18.5% and 19.5% of sales.
Solid Q1 16 figures boosted by a strong US
04 May 16
Main facts The group’s revenue reached €1190m, +1.9% organic growth including +7.6% in North America (+6.9% in the US alone) and +4.7% in Italy, partly offset by -4% in France – despite improving leading indicators – and ROW (-2.4%). The adjusted operating profit reached €226.77m, corresponding to a 19.1% margin (versus 18.8% in Q1 15), while net debt was lowered to €790m versus €866m last year. Legrand confirmed its FY16 target of organic growth between -2% and +2%, and the adjusted operating margin before acquisitions (at 2015 scope of consolidation) of between 18.5% and 19.5% of sales. The company announced two other small acquisitions in the UK – Jontek, a specialist in solutions for monitoring assisted living platforms – and Indonesia – Trias, a specialist in cable management & distribution cabinets – which together represent sales of around €10m.
Cautious on 2016, but growth potential intact
12 Feb 16
Legrand published Q4 15 results in line with market expectations but gave a cautious guidance for 2016. * Q4 15 organic growth was +0.9% yoy (of which France -1.6%, North America +4.3%, Italy +0.9% and ROW +0.6%). * FY15 sales grew 6.9% yoy to €4,810m (vs €4,499m in FY14) due to FX tailwinds (+4.7%), external growth (+1.5%) and a small 0.5% organic growth (vs guidance between -1% and +1%). * Adjusted operating margin was 19.4% (vs a target above 19%). The company proposed a dividend of €1.15, in line with expectations (56% payout ratio). * The company, however, issued cautious FY16 guidance with organic growth forecast between -2% and +2% and adjusted operating margin between 18.5% and 19.5% which points to a similar year as 2015 before any contribution from acquisitions.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management