Morningstar

Morningstar, Inc.

Equity Bottom-Up

Legrand is well positioned to take advantage of growth in building and home automation systems, but not without facing new competition in some of those products from consumer electronic companies. The heart of Legrand’s product portfolio is a full suite of components necessary to supply electricity to a building or home, as well as front-of-the-wall peripherals. Building and home automation essentially deploys systems using software and control panels to link up lighting, power, audio, heating…

Narrow-moat Legrand posted slightly weaker results than consensus with shares trading lower. We were not surprised by the results, which included organic revenue growth of 2.7% year over year, slower than 2018's 4.9% growth, given the company's relatively large exposure to France. The French construction market has been slowing visibly since last year with the rate of new housing permits softening in the first few months of 2018. With nearly 20% of Legrand's revenue coming from France, the…

France

Legrand S.A. specializes in products and systems for electrical installations and information networks.  The company's products are offered for residential, commercial, and industrial use.

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