Legrand Shares Drop 2.24% to €152.55 After Mixed Analyst Reviews
Shares of the electrical infrastructure specialist fell at the end of the session, in a CAC 40 that lost 1.02%. Two firms updated their views within 24 hours, with raised targets but divergent conclusions. Nevertheless, the stock remains up 48% over the year.
Goldman Sachs and BNP Paribas Exane Revise Their Targets
Goldman Sachs raised its price target on Legrand from €138 to €156 this Tuesday, while maintaining a neutral rating. The day before, BNP Paribas Exane upgraded to 'buy' (outperform) with a target increased from €165 to €175, representing a potential of about 14.7% relative to the current price. These adjustments followed the publication of the first quarter results on May 7, showing a revenue increase of 11.4% to €2.537 billion and a net debt reaching €4.67 billion. The consensus continues to evolve after this event, and the differing opinions between the two firms highlight the questions posed by the acquisition strategy. Based on expected earnings, the stock is trading at approximately 26.4 times current year earnings, compared to an average of 18.2 times for the Industrials sector. Despite today's consolidation, analyst opinions remain largely constructive.
Share Price Retreats After Hitting Record High on May 7
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Today's decline follows the record high reached on May 7 at €166.95. The price is now at €152.55, down 2.24%, with a focus on cyclical stocks in the CAC 40 (Schneider Electric down 3.20%, STMicroelectronics 4.12%). The stock remains above its 20-day moving average (€151.45) and is at mid-range of the Bollinger Bands (57%). The RSI at 60 indicates a moderating momentum without signs of tension. The resistance level identified at €160.10 was breached and then given up in recent sessions, and the support at €128.85 remains distant. The construction climate in France was reported at -18 in April according to Eurostat surveys, a context that weighs on the expectations of the building equipment sector. Key upcoming dates include the general assembly on May 27, followed by the dividend detachment on May 29, and the first half results on July 29.
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.
