Legrand: Oddo BHF still on hold

(CercleFinance.com) - Oddo BHF confirms its neutral rating on Legrand shares, with an unchanged target price of E88.


Yesterday morning, Legrand published H1 results that were slightly above expectations (5% for adjusted EBIT).

In Q2, Legrand surprised by low volumes but also by strong margins, the broker points out. Organic sales growth in Q2 was only 2% (vs. consensus of 3.6%).

H1 volumes were down by 2.7%, while prices rose by 7.3%. Legrand's EBITA margin rose by 170 bp to 22.2%, boosted by the wide gap between price increases and inflation in raw materials and components (+0.3% in H1 for the latter).


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