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Legrand: Oddo confirms rating after results

( - Legrand has announced H1 2019 net income group share that is up 6.
5% at 415.3 million euros, while sales rose by 8% to 3,226.8 million euros.

Following this publication, Oddo maintains its Neutral rating on the share, with a target price of 59 euros.

The broker believes that organic growth is low at 1.5%, which analysts consider as disappointing (2.9% in Q1). Analysts say that growth was hurt by the "Rest of the World" division (-1.4%), due to difficult base effects (Turkey and India) and a sharp fall in sales in the Middle East. However, the group's adjusted EBIT margin is better than expected at 21.3% (vs. consensus of 20.8% and Oddo BHF's estimate of 21.1%).

Management (unsurprisingly) confirmed its 2019 targets. The group aims for organic sales growth of between 0% and +4% in 2019 and an adjusted operating margin before acquisitions (at 2018 scope) of between 19.9% ​​and 20.7%.

Oddo believes that the consensus will probably leave its estimates largely unchanged.

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