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CAPITAL GOODS: Legrand (LRFP NR/A-/NR): 2Q24 Results

CAPITAL GOODS

No real surprises here, credit neutral.

  • Legrand reported revenue 3% better than expected, with 1.5% organic growth an improvement over the contraction in 1Q. Datacentres is a strong area of performance while construction remains in a slump.
  • Adj. operating profit beat by 2%. 1H result is down 9% YoY on lower margins and sales.
  • 1H FCF dropped 43% YoY on a large WC increase. Normalised, it fell 4%. 
  • Leverage up to 1.8x from 1.2x YoY, following bolt-on acquisitions 
  • FY24 guidance was confirmed.

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