Financials Legrand

Equities

LR

FR0010307819

Electrical Components & Equipment

Market Closed - Euronext Paris Other stock markets 11:35:05 2024-05-20 am EDT			After market 01:30:44 pm
102 ^EUR	+0.94%		101.9	-0.15%

May. 10	Indexes already back on top
May. 10	CAC40: continues its rise, close to its all-time high	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,391	19,515	27,448	19,952	24,667	26,429	-	-
Enterprise Value (EV) ¹	21,872	22,118	29,973	22,271	26,673	28,222	27,595	27,093
P/E ratio	23.4 x	28.8 x	30.6 x	20.1 x	21.9 x	23.9 x	22.4 x	20.8 x
Yield	1.84%	1.84%	1.38%	2.21%	2.02%	2.15%	2.24%	2.45%
Capitalization / Revenue	2.93 x	3.2 x	3.92 x	2.39 x	2.93 x	3.11 x	2.97 x	2.81 x
EV / Revenue	3.3 x	3.63 x	4.29 x	2.67 x	3.17 x	3.32 x	3.1 x	2.88 x
EV / EBITDA	14.2 x	15.8 x	18.2 x	12 x	13.6 x	14.4 x	13.1 x	12.1 x
EV / FCF	20.9 x	21.5 x	31.5 x	21.5 x	16.8 x	21.2 x	20.3 x	18.6 x
FCF Yield	4.77%	4.65%	3.18%	4.65%	5.94%	4.71%	4.92%	5.39%
Price to Book	3.83 x	3.99 x	4.81 x	3.01 x	3.74 x	3.71 x	3.39 x	3.19 x
Nbr of stocks (in thousands)	266,945	267,328	266,749	266,669	262,133	261,417	-	-
Reference price ²	72.64	73.00	102.9	74.82	94.10	101.1	101.1	101.1
Announcement Date	2/13/20	2/11/21	2/10/22	2/9/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,622	6,100	6,994	8,339	8,417	8,491	8,897	9,414
EBITDA ¹	1,544	1,400	1,650	1,859	1,962	1,959	2,105	2,242
EBIT ¹	1,326	1,156	1,434	1,702	1,770	1,720	1,838	1,982
Operating Margin	20.02%	18.95%	20.5%	20.4%	21.03%	20.26%	20.65%	21.05%
Earnings before Tax (EBT) ¹	1,156	961.9	1,257	1,383	1,550	1,547	1,673	1,792
Net income ¹	834.8	681.2	904.5	999.5	1,148	1,128	1,207	1,299
Net margin	12.61%	11.17%	12.93%	11.99%	13.65%	13.28%	13.57%	13.8%
EPS ²	3.103	2.531	3.366	3.726	4.304	4.238	4.522	4.861
Free Cash Flow ¹	1,044	1,029	952.4	1,036	1,585	1,329	1,357	1,460
FCF margin	15.77%	16.87%	13.62%	12.42%	18.83%	15.65%	15.25%	15.51%
FCF Conversion (EBITDA)	67.64%	73.52%	57.7%	55.7%	80.79%	67.84%	64.45%	65.13%
FCF Conversion (Net income)	125.1%	151.07%	105.3%	103.6%	137.99%	117.84%	112.36%	112.43%
Dividend per Share ²	1.340	1.340	1.420	1.650	1.900	2.176	2.269	2.480
Announcement Date	2/13/20	2/11/21	2/10/22	2/9/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	3,396	2,833	-	3,453	1,715	1,826	3,541	1,972	2,120	4,092	2,061	2,186	4,247	2,150	2,145	4,295	2,012	2,110	4,122	2,028	2,118	4,182	2,077	2,214	2,196
EBITDA ¹	-	496.9	-	-	-	-	-	456.4	495.8	-	459.5	447.2	-	535	531.1	-	465.2	430.4	895.6	474.8	487.8	-	492	554.3	536.1
EBIT ¹	663.5	496.9	-	761.4	345.3	327.3	-	401.2	436.6	837.8	402.5	461.2	863.7	477.2	477.5	954.7	408.8	406.7	815.5	415.9	426.4	872	413.5	425	465.2
Operating Margin	19.54%	17.54%	-	22.05%	20.13%	17.93%	-	20.34%	20.59%	20.47%	19.53%	21.1%	20.34%	22.2%	22.26%	22.23%	20.31%	19.28%	19.78%	20.51%	20.13%	20.85%	19.91%	19.2%	21.19%
Earnings before Tax (EBT) ¹	-	401	-	-	304.4	279.7	-	354.2	397.1	-	361.1	270.9	-	446.2	434	-	387.1	282.3	669.4	373.1	380.1	-	381.8	396.9	424.4
Net income ¹	419.5	285.7	-	481.3	217.7	205.5	423.2	258.3	289.8	548.1	263.6	187.8	451.4	330.5	320.5	651	286.2	211.3	497.5	275.9	283.8	576	271.5	290.9	-
Net margin	12.35%	10.09%	-	13.94%	12.69%	11.26%	11.95%	13.1%	13.67%	13.39%	12.79%	8.59%	10.63%	15.37%	14.94%	15.16%	14.22%	10.02%	12.07%	13.6%	13.4%	13.77%	13.07%	13.14%	-
EPS ²	-	1.060	-	1.788	0.8120	0.7660	-	0.9620	1.078	2.040	0.9840	0.7020	1.686	1.232	1.220	2.450	1.053	0.8010	1.850	1.046	1.079	2.200	1.027	1.101	-
Dividend per Share ²	-	-	-	1.420	-	-	-	-	1.650	1.650	-	-	-	-	1.900	-	-	-	-	-	-	-	-	1.698	-
Announcement Date	2/13/20	7/31/20	2/11/21	7/30/21	11/4/21	2/10/22	2/10/22	5/5/22	7/29/22	7/29/22	11/3/22	2/9/23	2/9/23	5/4/23	7/31/23	7/31/23	11/8/23	2/15/24	2/15/24	5/3/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,481	2,603	2,524	2,319	2,006	1,793	1,166	664
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.607 x	1.86 x	1.529 x	1.247 x	1.023 x	0.9153 x	0.5538 x	0.296 x
Free Cash Flow ¹	1,044	1,029	952	1,036	1,585	1,329	1,357	1,460
ROE (net income / shareholders' equity)	17.2%	13.6%	17%	16.2%	19.2%	17.2%	16.8%	16.9%
ROA (Net income/ Total Assets)	7.54%	5.51%	6.72%	7.03%	8.76%	7.78%	8.09%	8.41%
Assets ¹	11,065	12,365	13,467	14,221	13,117	14,489	14,932	15,444
Book Value Per Share ²	19.00	18.30	21.40	24.90	25.20	27.30	29.80	31.70
Cash Flow per Share ²	4.610	4.320	4.140	4.610	6.880	6.130	6.150	6.760
Capex ¹	195	133	171	178	253	226	240	265
Capex / Sales	2.95%	2.18%	2.44%	2.13%	3.01%	2.66%	2.7%	2.81%
Announcement Date	2/13/20	2/11/21	2/10/22	2/9/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Legrand

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

101.1 EUR

Average target price

97.94 EUR

Spread / Average Target

-3.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electrical Components & Equipment

	1st Jan change	Capi.
LEGRAND	+8.29%	28.73B
SIEMENS AG	+2.06%	147B
SCHNEIDER ELECTRIC SE	+27.27%	139B
EATON CORPORATION PLC	+37.13%	132B
EMERSON ELECTRIC CO.	+15.98%	64.57B
AMETEK, INC.	+1.16%	38.61B
VERTIV HOLDINGS CO	+101.56%	36.24B
WEG S.A.	+7.40%	32.53B
ROCKWELL AUTOMATION, INC.	-13.12%	30.75B
NIDEC CORPORATION	+29.11%	27.09B

Other Electrical Components & Equipment