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Price · 1Y
$153.18
Thesis
Legrand is a French electrical-infrastructure specialist whose data-center segment — rack PDUs, busways, and power distribution acquired through a string of bolt-ons — has become a fast-growing, higher-margin growth engine layered on a steady building-products base. It's a quieter, high-quality way to own data-center electrification.
The investment case is a consistent compounder with a accelerating data-center mix and disciplined M&A. Risks: construction-cycle exposure on the core building business, integration of acquisitions, and a premium valuation.
Catalysts
- Data-center segment growth and margin mix
- Bolt-on acquisitions in power distribution
- Building-products demand through the cycle
- Free-cash-flow conversion and capital return