Legrand’s Q1 results beat both our and consensus expectations, largely fitting into the pattern of Q1 beats so far. All geographic regions registered growth with Europe and APAC showing relatively stronger growth rates. In terms of end-markets, residential and datacentres witnessed strong demand, whereas non-residential still showed mixed developments. Profitability was strong, which also resulted in good FCF generation. Given this result, the group raised its FY21 outlook, albeit not by much. N ....
