Legrand’s 2022 figures delivered a decent beat over consensus and our estimates. Organic growth was above the company’s guidance with pricing again being the key driver. Profitability was strong due to good cost and price management. CFO and FCF also grew yoy. The board will propose a dividend of €1.90 and commence a buy-back programme of upto €500m over 18 months. Lastly, Legrand’s 2023 outlook is slightly ahead of consensus and we remain confident in the company’s ability to deliver.