Legrand’s 9M figures marginally missed the company-compiled consensus on sales and organic growth, were in line on adjusted profits, and ahead on FCF. Sales growth was supported by the faster-expanding segments and pricing, whereas the adjusted operating profits were protected by pricing and cost actions. CFO was boosted by higher profits and a reduction in working capital. With these results, Legrand again revised its 2023 sales and margin targets. We continue to see the stock as attractive.