Legrand Shares Drop 1.91% to €151.75, Reaching Key Moving Average
The electrical infrastructure specialist drops 1.91% to €151.75 at midday, in a CAC 40 down by 1.39%. The stock returns to its 20-day moving average after reaching a record high of €166.95 on May 7. Over one year, the valuation maintains a gain of 41.16%.
The Stock Reaches its 20-Day Moving Average of €152.28 After May 7 Record
Legrand's stock is closely approaching its 20-day moving average (€152.28), with a slight difference of -0.35%. This consolidation is part of a breathing movement after the historical peak of €166.95 recorded last week, during the session on May 7. The RSI at 57 remains in neutral territory, indicating an orderly retreat rather than a technical breakdown. The price remains well above the 50-day moving average (€144.12, +5.29%) and the 200-day moving average (€137.67, +10.23%). The identified support at €131.70 remains distant, and the resistance at €160.10 is the level that needs to be crossed again to reconnect with the record. Today's decline is part of the bearish session of the CAC 40, which is down 1.39%, and the SBF 120 (-1.37%). The one-month volatility remains contained at 8.31.
A Stretched Valuation at 26.3 Times Earnings, Before the May 29 Dividend
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Based on the consensus of analysts, the stock is trading at about 26.3 times the expected earnings for the current fiscal year and 24.0 times those of the next fiscal year. The average for the Industrials sector is 17.9 times, which represents a significant premium justified by the expected growth in EPS of +9.6% from one year to the next. This stretched valuation is appreciated in light of the first quarter accounts, published on May 7, which showed a revenue of €2.537 billion (+11.4%) and a stable adjusted operating margin of 20.7%, but also a net debt increased to €4.67 billion. The calendar offers several upcoming events. The general meeting of shareholders will be held on May 27, followed by the detachment of the dividend on May 29. The results for the first half of 2026 are expected on July 29. The climate in the construction sector remains degraded in France (construction climate at -18.0 in April, production down 3.5% year-on-year), although Legrand's exposure to the residential cycle remains partial. At €151.75, the stock maintains an immediate technical reference on the MM20, the next level to validate before the detachment of the coupon.
SectorMachines et équipements industriels›Équipements électroniques
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 5 400 millions d'euros
Quarterly revenue: 5 400 millions d'euros
Revenue growth: 13,1 %
EBITDA: 1 263 millions d'euros
EBITDA margin: 23,4 %
Net income: 698,2 millions d'euros
5 755 millions d'euros
Guidance from the release
Legrand enregistre un semestre solide avec à nouveau une croissance record de ses ventes de +17% hors change et toujours une excellente rentabilité ; Objectifs annuels 2026 relevés
Risks mentioned
Situation géopolitique et économique qualifiée de « très évolutive » par la direction
Effets de change négatifs, la croissance publiée étant inférieure à la croissance hors change
Dépendance croissante à la dynamique du marché des centres de données
Opportunities identified
Croissance record de +17 % hors change tirée par les centres de données
Sept acquisitions créatrices de valeur dans la transition énergétique et numérique
Nombreux lancements de produits nouveaux dans le cadre du plan stratégique
Outlook / guidance
Expected revenue: 11 140 millions d'euros
Management commentary: sales growth (excluding currency effects) of between +16% and +19% (vs. +10% and +15% previously), comprising organic growth of between +8% and +10% (vs. +4% and +7% previously), and growth through acquisitions of around +8% (vs. between +6% and +8% previously); ■ adjusted operating margin (after acquisitions) of between 20.5% and 21.0% of sales (unchanged)
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
