Legrand designs the equipment that distributes and secures electricity in buildings, including data centres.
Analysis
After its investor day, the group raises its 2030 ambitions and Evercore ISI upgrades to outperform while lifting estimates. The market recognises that AI needs not only chips, but also power, cooling and reliable electrical distribution.
Opportunity
The opportunity is to capture the growing share of data centre budgets devoted to physical infrastructure, with more recurrence than one off projects. The risk is valuation, already demanding after the rebound.
Investor outlook
Positive outlook. Electrification of end uses and the energy constraint of AI are long term trends. Entry points should remain valuation sensitive.
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