Although Legrand’s Q3 numbers were slightly better than our expectations, they were very much in line with consensus. Sales growth was seen across all geographies with Europe again being the strongest (yoy growth). The Rest of the World did well too. Supply-chain issues were present in Q3 and are expected to escalate in Q4. With this release, the group also provided a more precise FY21 guidance that was slightly better than our forecasts.
