Legrand stock climbs over 6% in a week and erases a large portion of its quarterly decline
Legrand accelerates this Tuesday, ranking among the most dynamic values of a modestly rising CAC 40. The movement comes after a price target revision by Oddo BHF, in a serene market environment where the VIX is approaching 15 points.
Oddo BHF raises its target to €150 on the back of solid half-year results
On Monday, September 21, Oddo BHF revised its price target on Legrand, raising it from €146 to €150, while maintaining a neutral opinion. Compared to the current price of €140.65, this target suggests a potential upside of around 6.6%. This adjustment follows on from the half-year results published on July 29, which had led the group to raise its full-year 2026 targets.
During this H1 2026 publication, Legrand posted record sales growth of +17% on an organic basis, driven in particular by the dynamism of data centers, and highlighted the contribution of seven acquisitions in energy transition and digital transformation. Management nevertheless described the geopolitical and economic situation as "highly evolving," and noted negative currency effects impacting reported growth. An Investor Day is also scheduled in Singapore on September 29, the next concrete milestone on the group's calendar.
A stock that moves back above its three moving averages in a calm market
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Legrand is trading at €140.65 in the session, above its three moving averages: the 20-day MA at €137.68, the 50-day MA at €137.06 and the 200-day MA at €139.80. The gap with the latter remains narrow, barely 0.61%, a sign that the breakout is recent and still fragile. The RSI at 52 is in neutral territory, with no overbought signal, which leaves technical room before the resistance identified at €146.15.
Over the week, the stock is up 6.27%, erasing a large portion of its quarterly decline of 7.16%. The market environment remains favorable: the CAC 40 is up 0.2% in the session, the VIX at 14.84 points reflects contained volatility. The next resistance at €146.15 represents the next level to watch before the Investor Day on September 29.
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.