Legrand SA

LR: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€76.00	Rkdwmp	Kzdfmgh

Legrand: Targets Set at Capital Markets Day Are Attainable; Raising Our Fair Value Estimate

Matthew Donen

Sep 24, 2024

We’re raising our fair value estimate for narrow-moat Legrand to EUR 94, from EUR 91, to incorporate its latest medium-term guidance set at its capital markets day. We are confident in Legrand delivering its annualized revenue growth target of between 6% and 10% through 2030, of which half will be via acquisitions. Management has successfully showcased its ability to use acquisitions to reach its growth targets in the past and we expect will continue to do so, given a fragmented market and several adjacent product verticals to grow its total addressable market. Shares screen as marginally overvalued.

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