杰富瑞-欧洲资本品：800V直流数据中心架构赢家与输家 专家电话会议回放专场-REPLAY800V DC Data Centre Architecture Winners and Losers-Expert Call-20260320

【价值目录】网整理：

Jefferies

UNIVERSITY

EUROPE|CapitalGoods

InsightswithExpertsMarch20,2026

Expert

Series

***REPLAY***800VDCDataCentre

ArchitectureWinnersandLosers-ExpertCall

WehostedHerveTardyonacalldiscussingtheshiftfromtraditionalACto800VDCdatacentres,highlightingmajordisruptioninwhitespaceviaopen,non-proprietarysidecardesigns.Ingreyspace,MVsolid-statetransformerscouldintegratemultiplefunctionsbutremaincostly,immatureandconstrainedbystandardsandsiliconsupply.Videoreplaylink

here

.

Keytopicsdiscussed:

WhatactuallychangeswhendatacentresmovefromtraditionalACarchitecturesto800VDC-andwherethosechangesreallyshowupfirst.

Why“whitespace”and“greyspace”arebeingdisruptedinverydifferentways,oftenbydifferentsetsofvendors.

Howtheriseofsidecararchitecturescouldreshapewherepowerconversionhappens-andwhocontrolsit.

Whyopen,non-proprietarydesignsaregainingmomentum,andwhatthatcouldmeanforcompetitivedifferentiation.

ThegrowingattentiononMVsolid-statetransformers-whattheypromise,andwhytimingmattersmorethanheadlinessuggest.

Howstandards,safetyframeworksandsiliconavailabilitycouldquietlydictatethepaceofadoption.

WhyAIworkloadsareforcingdata-centrepowerdesigndecisionsmuchearlierthanvendorsareusedto.

Whatamoreconcentratedcustomerbasemeansforgo-to-marketstrategiesacrosspower,electricalandinfrastructuresuppliers.

Wherenewentrantsmightemerge-andwhytraditionalboundariesbetweenutility,MVanddata-centrevendorsareblurring.

Thekeystrategicquestionsinvestorsshouldbeaskingtodayaspowerintensity,voltagelevelsandinfrastructurelifecyclesaccelerate.

Seetheslidedeckusedonthecallonpage4.

EXPERTSTUDIES

GUESTSPEAKER

HervéTardy

FormerSeniorExecutiveinmultiplerolesatEatonCorporationplc

HOSTEDBY

RizkMaidi

EUCapGoods

RizkMaidi*|EquityAnalyst

44(0)207029

8632|rmaidi@

JefferiesUniversity^|EquityResearchTeam

|

jefferiesuniversityreport@

Pleaseseeanalystcertifications,importantdisclosureinformation,andinformationregardingthestatusofnon-USanalystsonpages25-29ofthisreport.

*JefferiesInternationalLimited^JefferiesGroupLLC

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JefferiesUniversity:InsightsfromExperts

JefferiesUniversity:InsightsfromExperts

JefferiesUniversityisanexecutive-leveleducationprogramthatconnectsindependentexpertswithinstitutionalinvestorsonmatterscriticaltomakinginformedinvestmentchoices.Throughthisglobalprogram,Jefferies’clientshavetheopportunitytomeetthought-leaders,innovatorsandscholarsonawiderangeofsubjectsthatmayberelevanttobuildinginvestmentportfolios.Topicscanbetailoredtosuityourneedsanddeliveredindifferentformatsincludingprivateorgroupconferencecalls,in-personpresentationsorviavideo-conferenceaswellasatournumerousconferencesandsummitsheldaroundtheworld.

JefferiesUniversity:ExponentialSeries

JefferiesUniversitycoursesgobeyondinvestmentmatters.OurExponentialSeriesalsodelvesintoissuesthatcanimpactinvestorsonapersonallevel.Joinusforsessionsthatmayunlockmeaningfulinsightsrelatingtoyourhealthandwell-being,personaldevelopment,familydynamics,professionalgrowthandsignificantculturalissues.

RestrictedtoJefferies’clients,theprogramwillcontinuouslyadapttomeetyourneedsandhelpidentifythelatestindustrytrends,investmentideasandmacrodevelopmentsthatmattertoyoumost.ImportantDisclosure

Anyviewsoropinionsexpressedbythethird-partyexpertsaresolelythoseofthespeaker,notJefferies,andthisdoesnotrepresentanendorsementbyJefferiesoftheviewsoropinionsexpressed.

Formoreinformation,suggestionsandfeedback,pleasecontact

JefferiesUniversity@J

.

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HervéTardy

HervéTardyiscurrentlyservingasPrincipalConsultantatAirVayConsulting(2024–Present),aprivateadvisoryfirmprovidingstrategicconsultingincriticalpower,digitalinfrastructure,andenergymanagement.

Previously,heheldmultipleseniorexecutiverolesatEatonCorporationplc,apublicmultinationalpowermanagementcompany.HeservedasVicePresident,Marketing&Strategy–CriticalPower&DigitalInfrastructureDivision(2021–24);VicePresident/GeneralManager,DistributedPowerInfrastructureDivision(2007–21),andVicePresident,ITChannelSales&Marketing,Americas(2007–11),leadingglobalstrategy,productmanagement,sales,andoperationalperformanceacrosspowerqualityanddigitalinfrastructurebusinesses.

PriortojoiningEaton,heheldleadershiprolesatMGEUPSSystemsS.A.,servingasGeneralManager,SinglePhaseUPS(02–10/2007),andatMGEUPSSystems,Inc.asVicePresident,Marketing&ServiceSales(2006–07),overseeingmarketingstrategyandservicerevenuegrowthwithinthecriticalpowersector.

【价值目录】网整理：

800VDC

ARCHITECTURE

HervéTardy

AirVayConsultingLLC

【价值目录】网整理：

AGENDA

Traditionalvs800VDC:

WhatarethedifferencesExpected800VDCData

Centermarketshare

Potentialwinners&losersKeytakeaways

2

TRADITIONALVS800VDC:

WHATARETHEDIFFERENCES

4

NVIDIA’SPROPOSEDEVOLUTIONOFTHEDATACENTERPOWERARCHITECTURE

Source:Nvidia

【价值目录】网整理：

800VDCWILLIMPACTBOTHGRAYANDWHITESPACESDIFFERENTLY

1.WhiteSpace:

•WheretheITracksarelocated

2.GraySpace

•Theadjacenttechnicalroomswithalltheheavyelectrical/cooling

equipment

3.Differences

•Deployment

•CentralizedvsDistributed

•HighASPsvslargevolume

•Decisionmakers

•FacilityManagervsITManager

•Vendors

•Novendorisstronginbothspaces

Source:SchneiderElectric

Note:BothSchneiderElectric&EatonreporttheirlargeDistributedITsalesasWhiteSpacealthoughtheseproductsarenotphysically

locatedinadatacenter.

WHITESPACE:THESIDECARWILLBETHEFORALL800VDCCOMPONENTS

1.MovepowerawayfromtheComputeRackinadedicatedpowersidecar

2.AllcomponentsbasedonOpenComputeProject(OCP)designs

•NoproprietaryIP

3.Competitiveadvantagesforvendors:

•Powersupplyexperience

•Largescalemanufacturing

SpendingonOCP-Specifiepower

infrastructur

d

e

RECEPTACLE

6

Source:Nvidia

【价值目录】网整理：

GRAYSPACE:THEMVSOLIDSTATETRANSFORMERWILLBETHESWISSARMYKNIFEOFTHEAIDATACENTER

1.Thepromise:

•Muchhigherefficiency,

•IntegrationofallthefunctionsneededintheGraySpace,

•Muchmorecompact.

2.Thetechnologyhasbeenintheworksforyearsbutlackedausecaseuntilnow

•10xthecostofatraditionalMVTransformer

•Shouldstillbe1.5xor2xthecostafter

additionofotherfunctions/manufacturingatscale.

3.Safetystandardsarestilllacking

•Willtake2yearstobecomereality

4.Thesweetspotfordatacentermoduleswillbeat5MW

•Vs1MWforEVChargersSource:Amperesand

7

‘When?’and‘HowMuch?’arethe2keyquestions

【价值目录】网整理：

THEMVSSTMARKETPLAYERS

1.Earlywinners

•EatonacquiredResilientPowerfor$86Min2025(2MWmodule)

•DeltaElectronicshaveapilotsiteinSingapore(500kW)

•ABBisco-chairofthe800VDCstandardscommittee

2.Outsiders

•Amperesand-$80MSeriesAfundingin2025

•HeronPower-$43MSeriesAfundingin2025,$140Min2026

•DGMatrix-$100MSeriesAfundingin2026,backedbyABB

•Flexannouncedtheirdesiretocompete

3.Laggards(atthistime)

•Vertiv&SchneiderElectricareyettoannouncetheirproductroadmaps

Source:HeronPower

8

Itwillbethehottestraceintheelectricalindustry

LOWVOLTAGEPRODUCTSATRISKWHENSWITCHINGTO800VDC

LowVoltageSwitchgear

PowerDistribution

Units

(PDU)

StaticTransfer

Switches

(STS)

Uninterruptible

PowerSupplies

(UPS)

$0.3B

$0.4B

2025

Market*:

•NAM

•Global

$3.0B?

$5.6B?

$0.7B

$1.1B

$1.4B

$2.6B

*:Productlinesonly.Noinstallationorservicerevenuesincluded

RackPDU

$1.3B

$2.5B

Total

$7.5B

$13.5B

TrackBusway

$0.8B

$1.3B

9

IsthisaPerfectStormscenarioforelectricalvendors?

【价值目录】网整理：

2BIGCAVEATSTOTHE‘PERFECTSTORM’SCENARIO

1.DatacentersarenotonlyrunningonNvidiaVeraRubinsystems.

•Otherequipment(Storage,Networking,Cooling,Lighting,BuildingManagement)willstillrequiretraditionalpowerdistribution.

•Alldatacenterswillbehybrid.800V-onlydata

centersarenotexpecteduntilmanyyears(ifever).

2.NvidiaVeraRubinisonlyjustifiedforspecificusecases:

•AITrainingmostly

•ProbablyanoverkillforAIInferencing(100kW/rack)

•Andwaytoopowerfulforcloudcomputingor

EnterpriseERPworkloads(10-20kW/rack)Source:Nvidia

VeraRubinistheFormula1oftheITindustry.

ButmostcustomersonlyneedaToyotaPriusfortheirITneeds

EXPECTED800VDCDATACENTER

MARKETSHARE

WHATISTHEEXPECTEDMARKETSHAREOF800VDCSYSTEMS?

1.Nobodyhasbeentryingtoanswerthisquestionwhichisyetineverybody’smind!

2.Hereismytake,usingarecentBain&Companyresearch(*):

•Market(inGW)brokendownby:

•Region(NAM,Europe,China,RestofAPAC,MEA,LAM).

•Typeofcustomer(Hyperscalers,CoLos(forHS),Colos(Non-HS),Enterprise

•Typeofworkload(AITraining,AIInference,GeneralCompute)

•Itriangulatedthese3dimensionstoestimatetheadoptionrateof800VDCinNorthAmericaand

Europe.

Whatif800VDCremainsanichemarket?

*AIDataCenterForecast:FromScrambletoStrategy–Oct2025

800VDCADOPTIONMODEL

1.Assumptions:

1.CustomerswhowanttodeployNvidiaVeraRubinserversMUSTuse800VDC

2.NvidiaVeraRubinusecases:

1.MakesbusinesssenseforAITraining.

2.NotasmuchforAIInferencewherethepowerdensityiscloserto100kWperrack

3.Makesnosenseforgeneralcomputingwherepowerdensityiscloserto20kWperrack.

3.Thereisnousecasefor800VDCbeyondVeraRubinasoftoday

1.Therewillnotbeany800VDC-onlydatacenters.

2.Theywillallbehybrid,astraditionalLVpower

distributionisstillneededforstorage,networking,cooling,lighting,etc.

VeraRubin/800VDCwillnotbemainstreaminthedatacenterspace

TAKEAWAYS

NAM

1.23.9%marketsharein2030for800VDC

1.2.4GWin2030–6.5GWinstalledbase(outof80GW)

2.Impactontraditionalpowerarchitecture

1.200bpsCAGRreductionfrom2025to2030:

From16.9%downto14.9%

2.Butmarketgrowthwillstallafter2028

Europe

1.19.4%marketsharein2030for800VDC

1.0.5GWin2030–1.5GWinstalledbase(outof28GW)

2.Impactontraditionalpowerarchitecture

1.120bpsCAGRreductionfrom2025to2030:

From13.5%downto12.2%

2.Butflatmarketafter2027

Stillaveryhealthymarketforthetraditionalpowerinfrastructure

19.4%

23.9%

POTENTIALWINNERS&LOSERS

COMPETITIVEMOATS

FORTRADITIONALVENDORS

GraySpace

WhiteSpace

Traditional

Technology

****

Technology

****

Architecture

Manufacturingcapacity

*****

Manufacturingflexibility

*****

Customeraccess

****

Customeraccess

****

Customerservice

****

Customerservice

**

800VDC

Technology

*****

Technology

**

Manufacturingcapacity

****

Manufacturingcapacity

*****

Customeraccess

***

Customeraccess

*

Customerservice

*****

Customerservice

**

16

Thewhitespaceiswheretraditionalvendorshavethemosttolose

【价值目录】网整理：

17

:OfficialNvidiapartner

Powersuppliesmarket

GTMisnolongeranissuewiththehighlyconcentratedcustomerbase

Wheredotheycomefrom?

GraySpaceWhiteSpace

StrategicRationale

HighVoltage/MediumVoltage

/Utilitymarket

1DataCenter=1GW=1powerplant

Winnersinthe800VDCmarketmightbedifferentthanthetraditionalwinnerssofar

NEWMARKETENTRANTS

【价值目录】网整理：

Winners

Losers

POTENTIALWINNERS&LOSERS

GreySpace

Vendors

WhiteSpace

+MVSSTpilots

-Nofieldserviceorganization

DeltaElectronics

+Technologyleader

+Largestmanufacturingfootprint=Bestcost

+Customerintimacy

+ExperiencewithDCpowerdistribution

+Co-leadofthe800VDCStandardscommittee+InvestmentinMVSSTstartup(DGMatrix)

ABB

-Notaplayer

+MVSSTheadstart(ResilientPower)

+Co-leadofthe800VDCStandardscommittee

Eaton*

-LimitedexperienceinDCpowersupplies

-Manufacturingscale

-Limitedcustomerintimacy

+DCBackgroundwithTelecom

-NoMVSSTroadmapannouncedyet

Vertiv

-Buy&Resellmodel

-Nomanufacturingfootprint

+Systemintegrationleverage(liquidcooling,infrast.)

+MVSST«announced»

-Limitedfieldserviceorganization

Flex

+Manufacturingfootprint

+CustomerIntimacy

-NoMVSSTroadmapannouncedyet

SchneiderElectric*

-LimitedexperienceinDCpowersupplies

-Buy&Resellmodel

-TheirverystrongGTMwillnothelp

-Notaplayer

Legrand

-Notinthepowersupplybusiness

-Limitedmanufacturingbase

-Notoperatingglobally

*:Noimpacttotheirlarge,highlyprofitableDistributedITbusinesses(reportedasWhiteSpace,butnotinsidethedatacenter)

Thewhitespaceiswheretraditionalvendorshavethemosttolose18

THEBIGGESTRISKFORTRADITIONALVENDORS:

INCREASEDINVESTMENTSANDMARGINDILUTION

1.GraySpace

•MVSSTtechnologyisnotmatureyet:

•Willrequirealotofinvestments,

•Willtaketime,

•Willfacequalityissuesatramp-up

2.WhiteSpace

•Marginhit

•LackofdifferentiationforOCPproductswillerodemargins

3.Both:

•Moreproductlinestoaddressthesamemarket

•SimilartowhatcarmanufacturersareexperiencingwiththeEVtransition

Thetransitionwillbedilutivefromaprofitstandpoint

【价值目录】网整理：

20

•800VDCwillbeasignificantchangebutshouldbelimitedto24%ofthedatacentermarketby2030inNorthAmericaand19%inEurope.

•Itwillrequirealotofinvestmentsfromtraditionalvendorswitharamp-upphasewhichwillbemargin-dilutiveinthefirst2to3years.

•800VDCintheWhiteSpaceiswherethebiggestdisruptionwillhappenandwillimpacttraditionalplayers.

•TraditionalvendorsshouldbeabletoretaintheircompetitiveadvantageintheGraySpaceduetotheirfieldservice

organization.

【价值目录】网整理：

THANKYOU

HervéTardy

AirVayConsultingLLC

21

【价值目录】网整理：

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CompanyValuation/Risks

Legrand

Valuation:Ourpricetargetisbasedonourtargetmultipleof20xEV/EBITAforFY26e.

Risksincludebetter-than-expectedend-marketactivityinresidentialandnon-residentialconstructionmarkets,aswellasstrongerM&Aactivities.

AnalystCertification:

I,RizkMaidi,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

I,JefferiesUniversity,certifythatalloftheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutthesubjectsecurity(ies)andsubjectcompany(ies).Ialsocertifythatnopartofmycompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisresearchreport.

Registrationofnon-USanalysts:RizkMaidiisemployedbyJefferiesInternationalLimited,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.Registrationofnon-USanalysts:JefferiesUniversityisemployedbyJefferiesGroupLLC,anon-USaffiliateofJefferiesLLCandisnotregistered/qualifiedasaresearchanalystwithFINRA.Thisanalyst(s)maynotbeanassociatedpersonofJefferiesLLC,aFINRAmemberfirm,andthereforemaynotbesubjecttotheFINRARule2241andrestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalyst.AsisthecasewithallJefferiesemployees,theanalyst(s)responsibleforthecoverageofthefinancialinstrumentsdiscussedinthisreportreceivescompensationbasedinpartontheoverallperformanceofthefirm,includinginvestmentbankingincome.Weseektoupdateourresearchasappropriate,butvariousregulationsmaypreventusfromdoingso.Asidefromcertainindustryreportspublishedonaperiodicbasis,thelargemajorityofreportsarepublishedatirregularintervalsasappropriateintheanalyst'sjudgement.

InvestmentRecommendationRecord

(Article3(1)eandArticle7ofMAR)

RecommendationPublishedMarch20,20268:46A.M.

RecommendationDistributedMarch20,20268:46A.M.

ExplanationofJefferiesRatings

Buy-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)of15%ormorewithina12-monthperiod.

Hold-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)ofplus15%orminus10%withina12-monthperiod.

Underperform-Describessecuritiesthatweexpecttoprovideatotalreturn(priceappreciationplusyield)ofminus10%orlesswithina12-monthperiod.Theexpectedtotalreturn(priceappreciationplusyield)forBuyratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10is20%ormorewithina12-monthperiodasthesecompaniesaretypicallymorevolatilethantheoverallstockmarket.ForHoldratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10,theexpectedtotalreturn(priceappreciationplusyield)isplusorminus20%withina12-monthperiod.ForUnderperformratedsecuritieswithanaveragesecuritypriceconsistentlybelow$10,theexpectedtotalreturn(priceappreciationplusyield)isminus20%orlesswithina12-monthperiod.

NR-Theinvestmentratingandpricetargethavebeentemporarilysuspended.Suchsuspensionsareincompliancewithapplicableregulationsand/orJefferiespolicies.

CS-CoverageSuspended.Jefferieshassuspendedcoverageofthiscompany.

NC-Notcovered.Jefferiesdoesnotcoverthiscompany.

Restricted-Describesissuerswhere,inconjunctionwithJefferiesengagementincertaintransactions,companypolicyorapplicablesecuritiesregulationsprohibitcertaintypesofcommunications,includinginvestmentrecommendations.

Monitor-Describessecuritieswhosecompanyfundamentalsandfinancialsarebeingmonitored,andforwhichnofinancialprojectionsoropinionsontheinvestmentmeritsofthecompanyareprovided.

ValuationMethodology

Jefferies'methodologyforassigningratingsmayincludethefollowing:marketcapitalization,maturity,growth/value,volatilityandexpectedtotalreturn

overthenext12months.Thepricetargetsarebasedonseveralmethodologies,whichmayinclude,butarenotrestrictedto,analysesofmarketrisk,

growthrate,revenuestream,discountedcashflow(DCF),EBITDA,EPS,cashflow(CF),freecashflow(FCF),EV/EBITDA,P/E,PE/growth,P/CF,P/FCF,

premium(discount)/averagegroupEV/EBITDA,premium(discount)/averagegroupP/E,sumoftheparts,netassetvalue,dividendreturns,andreturnon

equity(ROE)overthenext12months.

JefferiesFranchisePicks

JefferiesFranchisePicksincludestockselectionsfromamongthebeststockideasfromourequityanalystsovera12monthperiod.Stockselectionisbasedonfundamentalanalysisandmaytakeintoaccountotherfactorssuchasanalystconviction,differentiatedanalysis,afavorablerisk/rewardratioandinvestmentthemesthatJefferiesanalystsarerecommending.JefferiesFranchisePickswillincludeonlyBuyratedstocksandthenumbercanvary

Pleaseseeimportantdisclosureinformationonpages25-29ofthisreport.26

160

140

120

100

80

60

Apr23Jul23Oct23Jan24Apr24Jul24Oct24Jan25Apr25Jul25Oct25Jan2601/27/2025UNPF:€86.0010/13/2025BUY:€167.00

RatingandPriceTargetHistoryfor:Legrand(LRFP)asof03-19-2026

07/03/2023UNPF:€78.0002/06/2024HOLD:€85.0003/19/2024HOLD:€94.0006/18/2024HOLD:€104.0007/16/2024HOLD:€103.00

Jefferies

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***REPLAY***800VDCDataCentreArchitectureWinnersandLosers- ExpertCallMarch20,2026

dependingonanalystrecommendationsforinclusion.Stockswillbeaddedasnewopportunitiesariseandremovedwhenthereasonforinclusionchanges,thestockhasmetitsdesiredreturn,ifitisnolongerratedBuyand/orifittriggersastoploss.Stockshaving120dayvolatilityinthebottomquartileofS&Pstockswillcontinuetohavea15%stoploss,andtheremainderwillhavea20%stop.FranchisePicksarenotintendedtorepresentarecommendedportfolioofstocksandisnotsectorbased,butwemaynotewherewebelieveaPickfallswithinaninvestmentstylesuchasgrowthorvalue.

RiskswhichmayimpedetheachievementofourPriceTarget

Thisreportwaspreparedforgeneralcirculationanddoesnotprovideinvestmentrecommendationsspecifictoindividualinvestors.Assuch,thefinancialinstrumentsdiscussedinthisreportmaynotbesuitableforallinvestorsandinvestorsmustmaketheirowninvestmentdecisionsbasedupontheirspecificinvestmentobjectivesandfinancialsituationutilizingtheirownfinancialadvisorsastheydeemnecessary.Pastperformanceofthefinancialinstrumentsrecommendedinthisreportshouldnotbetakenasanindicationorguaranteeoffutureresults.Theprice,valueof,andincomefrom,anyofthefinancialinstrumentsmentionedinthisreportcanriseaswellasfallandmaybeaffectedbychangesineconomic,financialandpoliticalfactors.Ifafinancialinstrumentisdenominatedinacurrencyotherthantheinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffectthepriceof,valueof,orincomederivedfromthefinancialinstrumentdescribedinthisreport.Totheextentpricesareshowninnon-UScurrency,pleasenotethatourlocalcurrencypricetargetsarebasedonacurrencyconversionusinganexchangerateasofthepriortradingday(unlessotherwisenoted).Shouldtherebefluctuationsintheexchangerateafterthisdate,thatwillaffectthenon-UStargetpricesandshouldnolongerbereliedupon.Inaddition,investorsinsecuritiessuchasADRs,whosevaluesareaffectedbythecurrencyoftheunderlyingsecurity,effectivelyassumecurrencyrisk.

OtherCompaniesMentionedinThisReport

•Legrand(LRFP:€135.30,BUY)

Notes:EachboxintheRatingandPriceTargetHistorychartaboverepresentsactionsoverthepastthreeyearsinwhichananalystinitiatedonacompany,madeachangetoaratingorpricetargetofacompanyordiscontinuedcoverageofacompany.

Legend:

I:InitiatingCoverage

D:DroppedCoverage

B:Buy

H:Hold

UP:Underperform

DistributionofRatingsIBServ./Past12Mos.JILMktServ./Past12Mos.

Count

Percent

Count

Percent

Count

Percent

BUY

2161

61.51%

364

16.84%

107

4.95%

HOLD

1190

33.87%

99

8.32%

16

1.34%

UNDERPERFORM

162

4.61%

2

1.23%

2

1.23%

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OtherImportantDisclosure

OtherImportantDisclosures

Jefferiesdoesbusinessandseekstodobusinesswithcompaniescoveredinitsresearchreports,andexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesamongotheractivitiesfromsuchcompanies.Asaresult,investorsshouldbeawarethatJefferiesmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

JefferiesEquityResearchreferstoresearchreportsproducedbyanalystsemployedbyoneofthefollowingJefferiesFinancialGroupInc.("Jefferies")companies:

UnitedStates:JefferiesLLCwhichisanSECregisteredbroker-dealerandamemberofFINRA(anddistributedbyJefferiesResearchServices,LLC,anSECregisteredInvestmentAdviser,toclientspayingseparatelyforsuchr