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Legrand Misses On FY Growth, Guides For Similar Pace In FY24; Credit Metrics Steady

CAPITAL GOODS
  • Q4 results miss on Rev (by 1%), EPS (by 26%) while FY organic growth was 2.7% vs. 3.2% consensus.
  • FY24 targets: low single-digit sales growth (from +2.7% Org Growth in FY23), adj-Op Margin Before Acquisitions of 20-20.8% (from 21.0% in FY23).
  • FY FCF of EUR 1.6bn beat consensus by 1.6%, EBITDA leverage to 1x from 1.2x at FY22
  • EUR spreads muted, mostly <1bp wider vs. govies
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