Legrand SA

LR: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€19.00	Mrrtrx	Jgxnhxxh

Legrand Exits 2022 With Relatively Strong Growth and Profitability Above Our Expectations

Denise Molina

Feb 9, 2023

Legrand exited 2022 with around 4% more operating income and also higher free cash flow than we forecast, aided by a successful pricing strategy and good working capital management. Guidance for 2023 looks mostly in line with our forecasts. We reiterate our EUR 83 fair value estimate and narrow moat rating. Shares look fairly valued.

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