Legrand gains 2.5% and attacks its 200-day moving average at €141.22 after an upgrade from UBS
The electrical equipment manufacturer for buildings extends its rally following the publication of its nine-month accounts. A rating upgrade from a major Swiss bank accompanies the move, in a well-oriented CAC 40.
Legrand gains 2.72% to €137.60 intraday, among the strongest gains in the CAC 40, while the index rises 1.07%. On November 5, the group raised its 2026 organic growth target to 11-13%, compared with 8-10% previously, after nine-month revenue of €8,329.4 million (+19.5%).
Shortly afterward, UBS upgraded its rating from “hold” to “buy” on November 9 and raised its price target from €160 to €170. This target implies a potential upside of about 23.5% relative to the current share price. In the third quarter, organic growth reached 18.8%, compared with 12.7% one quarter earlier.
A share price approaching its 200-day moving average
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On the moving averages, the stock is now above its 20-day moving average (€130.84, a gap of 5.17%) and its 50-day moving average (€135.82, a gap of 1.31%). However, it remains below its 200-day moving average at €141.22, a gap of 2.56%.
The stock has gained nearly 3.6% over one week but has still lost 0.9% over one month. Crossing this long-term average remains the level to watch.
SectorMachines et équipements industriels›Équipements électroniques
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 8 329 millions d'euros
Quarterly revenue: 8 329 millions d'euros
Revenue growth: 19,5 %
EBITDA: 1 950 millions d'euros
EBITDA margin: 23,4 %
Net income: 1 067 millions d'euros
Free cash flow: 1 010 millions d'euros
5 373 millions d'euros
Guidance from the release
« Forts de notre performance depuis le début de l'année, nous relevons nos objectifs pour 2026 »
Risks mentioned
Intégration de multiples acquisitions représentant un défi opérationnel majeur avec calendrier d'intégration étalé.
Impact des mouvements de change négatif (-6,6 M€ de pertes de change au compte de résultat et -588,5 M€ en réserves de conversion).
Augmentation du besoin en fonds de roulement : stocks +315,6 M€, créances clients +458,9 M€ en 9M.
Opportunities identified
Poursuite de la stratégie d'acquisitions ciblées créatrice de valeur avec 7 acquisitions complétées en 9M 2026 (Green4T, Kratos Industries, TES, Keydak, SRS Power Engineering, Girtz Industries, Axel Health).
Croissance du chiffre d'affaires de 19,5% YoY portée par le déploiement des acquisitions et l'intégration en cours.
Amélioration du cash-flow libre à 1 009,5 M€ (12,1% du CA) malgré les investissements d'acquisition.
Outlook / guidance
Expected revenue: 11 472 millions d'euros
Management commentary: « une croissance de ses ventes (hors effets de change) comprise entre +20% et +22% »
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.
