In this Research Note, we examine Legrand Group, from the perspective of its latest financial results, strategic roadmap and acquisitions, based on investor presentations and their 2022 Universal Registration Document. Legrand positions itself as the only global specialist in electrical and digital building infrastructure, with the largest product offering on the market. Legrand offers a wide range of more than 300,000 products and solutions in over 100 product families. As a giant in profitable niches, Legrand leads as the number 1 or number 2 player in product areas such as wiring devices, emergency lighting, architectural lighting and door entry systems. Almost all of its sales relate to buildings: Residential spaces: less than 40% of sales in 2022, with half coming from the renovation segment; Datacenters: around 14%; Non-residential spaces (offices, hotels, healthcare, education, etc.): more than 40%, with half coming from the renovation segment; and Other spaces (including industrial sites and infrastructure): around 6%. Legrand […]