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CAPITAL GOODS: Legrand (LRFP NR/A-/NR): Capital Markets Day

CAPITAL GOODS
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  • Legrand put out a press release earlier ahead of its capital markets day, outlining its 2030 ambitions.
  • It’s targeting 6-10% sales CAGR, 3-5% organic. At least 50% of average FCF is earmarked for acquisitions, €5bn of firepower for the period.
  • It expects to maintain operating margins around 20%, with organic improvement offset by dilution from M&A.
  • FCF is seen at 13-15% of sales, €10bn for the period. Dividend policy is around 50% of net income, implying broadly stable leverage over time.
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  • Legrand put out a press release earlier ahead of its capital markets day, outlining its 2030 ambitions.
  • It’s targeting 6-10% sales CAGR, 3-5% organic. At least 50% of average FCF is earmarked for acquisitions, €5bn of firepower for the period.
  • It expects to maintain operating margins around 20%, with organic improvement offset by dilution from M&A.
  • FCF is seen at 13-15% of sales, €10bn for the period. Dividend policy is around 50% of net income, implying broadly stable leverage over time.