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Legrand

  LR FP

Small Electricals, Electrical Products
 /  France 
Strong margin resilience, emerging markets' traction pending
Updates
31/07/2010Earnings/sales releasesLegrand reported strong results for the...
06/05/2010Earnings/sales releasesLegrand reported strong results in Q1 ...
12/02/2010Earnings/sales releasesLegrand reported unsurprising FY09 r...
06/11/2009Earnings/sales releasesLegrand reported it sees no sign of im...
29/07/2009LatestLegrand reported reassuring results fo...
06/05/2009LatestQ1 09 Results – despite strong sales d...
Summary Key Data
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 12.9 13.6
Dividend yield (%) 4.13 4.41
EV/EBITDA (x) 7.08 7.14
AlphaValue EPS (€) 1.32 1.17
Dividend (€) 0.70 0.70
Sales (€M) 4,202 3,578
EBITDA (€M) 916 796
Attributable net profit (€M) 350 290
ROE (after tax) (%) 16.2 12.7
ROCE (%) 9.74 8.78
Gearing (%) 83.9 67.0
Target
Price (€) 24.6
Market Cap (€M) 6,471
Perf. 1W: -0.57 %
Perf. 1M: -5.80 %
Perf. 3M: 4.04 %
Perf Ytd: 26.3 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
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Businesses & Trends
A manufacturer of low-voltage electrical products, Legrand has improved its product range (more sophisticated and better-designed... Read More
Money Making
The high margins have been partly attributable to sales of top-end products, for which customers accept high prices. Legrand is als... Read More
Valuation
Our DCF is based on an average growth of 4% in sales and improved EBITDA margins from 2011e to 2020e after a year of stabilis... Read More
Analyst: Lionel Pellicer
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