Rexel S.A.

Rexel distributes low and ultra-low voltage electrical products to contractors, industrial and commercial customers (industrial and commercial companies, municipalities, public entities, parts manufacturers and panel builders). Its products are used for new installations, or maintenance & repair of existing installations. Its products covers Electrical Installation Equipment, Conduits and Cables, Lighting, Security & Communication, Climate Control, Tools, White & Brown Products. Co. also offers services to its customers, such as logistics & distribution, technical assistance & training. Co. operates mainly in four geographical areas: Europe, North America, Asia-Pacific and Latin America.
  • TickerRXL
  • ISINFR0010451203
  • ExchangeEuronext Paris
  • SectorElectronic & Electrical Equipment
  • CountryFrance

Analysts

Alfred Glaser ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/26/2020

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 26/03/2020

...

Alfred Glaser ...
  • Delphine Brault

Rexel : The group announced measures to limit the risks of the crisis

>Protect employees and shore up the balance sheet - The group is primarily looking to protect the health of its employees while ensuring the continuity of business in the numerous countries where it is active. Most of Rexel’s facilities are open and the digital order and management channels are highlighted for use. To defend its financial position (net debt / adjusted EBITDA of 2.5x in December 2019), Rexel has drawn € 550m on its syndicated credit line as a preventi...

Alfred Glaser ...
  • Delphine Brault

Rexel : Le groupe annonce des mesures pour limiter les risques de la crise

>Protéger les employés et cimenter le bilan - Le groupe cherche avant tout à protéger la santé de ses employés tout en assurant la continuité de l’activité dans les nombreux pays où il est actif. La plupart des installations de Rexel sont ouvertes et les canaux de commandes et de gestion digitaux sont mis en avant. Afin de défendre la position financière (dette nette / EBITDA ajusté de 2.5x en décembre 2019), Rexel a tiré préventivement 550 M€ sur sa ligne de crédit ...

Valérie GASTALDY

Short term view - REXEL : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.800. The background trend would be questioned should prices rise above €11.990.

Valérie GASTALDY

Analyse court terme - REXEL : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,800 €. La tendance de fond serait remise en cause en cas de franchissement de 11,990 €.

Valérie GASTALDY

Analyse court terme - REXEL : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,800 €. La tendance de fond serait remise en cause en cas de franchissement de 11,990 €.

Valérie GASTALDY

Short term view - REXEL : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.800. The background trend would be questioned should prices rise above €11.990.

Jérôme VINERIER

Medium term view - REXEL : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €8.500, then €7.500. Passing €13.706 would question the continuation of the fall.

Alfred Glaser ...
  • Delphine Brault

Rexel : The group announced measures to limit the risks of the crisis

>Protect employees and shore up the balance sheet - The group is primarily looking to protect the health of its employees while ensuring the continuity of business in the numerous countries where it is active. Most of Rexel’s facilities are open and the digital order and management channels are highlighted for use. To defend its financial position (net debt / adjusted EBITDA of 2.5x in December 2019), Rexel has drawn € 550m on its syndicated credit line as a preventi...

Alfred Glaser ...
  • Delphine Brault

Rexel : Le groupe annonce des mesures pour limiter les risques de la crise

>Protéger les employés et cimenter le bilan - Le groupe cherche avant tout à protéger la santé de ses employés tout en assurant la continuité de l’activité dans les nombreux pays où il est actif. La plupart des installations de Rexel sont ouvertes et les canaux de commandes et de gestion digitaux sont mis en avant. Afin de défendre la position financière (dette nette / EBITDA ajusté de 2.5x en décembre 2019), Rexel a tiré préventivement 550 M€ sur sa ligne de crédit ...

Alfred Glaser ...
  • Delphine Brault

ODDO : Significant downward revisions in this cyclical sector. Uncertainty related to its mid/late-cycle aspects

>Companies only factoring in the impact of China at this stage... - In light of recent road shows and contact with various companies on a number of occasions, it is clear that the groups in the sector are currently holding to what they can see, i.e. the impact in China in Q1. Some, for instance Schneider Electric and Schindler, have actually quantified this impact. But most of the comments date back to the publication of the full-year results around mid-February and t...

Alfred Glaser ...
  • Delphine Brault

ODDO : Fortes révisions en baisse dans ce secteur cyclique, incertitudes liées à son côté ‘mid / late – cycle’

>Les sociétés n’intègrent que l’impact Chine à ce stade... - Après plusieurs contacts sociétés et roadshows récents, force est de constater que les groupes s’en tiennent pour l’instant à ce qu’ils voient, c’est-à-dire l’impact en Chine au T1. Plusieurs l’ont d’ailleurs quantifié (Schneider Electric, Schindler par exemple). Mais la plupart des commentaires datent de la publication des résultats annuels (autour de mi-février) et depuis le monde a changé. Les derniers ch...

Alfred Glaser ...
  • Delphine Brault

ODDO : Thyssenkrupp sells its elevator division to a private equity consortium for € 17.2bn

>Thyssenkrupp sells its elevator division to a consortium including Advent, Cinven and RAG foundation - Thyssenkrupp announced yesterday evening that it had decided to sell its elevator division to a consortium of private equity funds comprising Advent, Cinven and RAG foundation. These funds were in competition with another consortium to buy the division.The price offered is € 17.2bn, and the deal is expected to be completed on 30 June 2020, subject to the green ...

Anne-Barbara Nicco

Rexel : An attractive window for a new issue

Publication date 21/02/2020 08:22 - Writing date 21/02/2020 08:20 - Equity data - Reco : NEUTRAL - Target : 12 EUR - Equity Analyst: Alfred Glaser - - +33 (0)1 44 51 88 93 - ESG Analyst: - - Corporate Governance: Strong opportunity (1) - / - / - 23/04/2020 : Q1 sales - - / - - - - - - - - - - - - - - - - - - Rexel's full year 2019 results, released last week, were warmly welcomed by investors who were reassured by the fact that the adjusted EBITA margin target was met de...

Anne-Barbara Nicco

Rexel : Une belle fenêtre pour une nouvelle émission

Les résultats annuels de Rexel publiés la semaine dernière ont été très bien accueillis par les investisseurs, rassurés par le respect de la guidance de marge d’Ebita ajusté malgré un environnement commercial moins favorable en fin d’année, par le bon niveau de free cash-flow et par des objectifs 2020 bien orientés malgré les incertitudes actuelles sur la topline. Nous ne serions pas surpris que le groupe saisissent cette occasion pour émettre prochainement un nouvel emprunt obli...

Rexel : Update of our recommendations following the new issue

Publication date 08/04/2019 10:47 - Writing date 08/04/2019 07:38 - Equity data - Reco : Neutral - Target : 11.50 EUR - Equity Analyst: Alfred Glaser - - +33 (0)1 44 51 88 93 - ESG Analyst: Valentin Pernet - Corporate Governance: Strong opportunity (1) - / - / - - - - - - - - - - - - - - - - - - - - Following the issuance of Rexel's recent 2026 bond issue, the early redemption of Rexel 2023 and the start of the second phase of the strategic plan, we are lowering our ...

Rexel : Update de nos recommandations à la suite de la nouvelle émission

A la suite de l’émission de la nouvelle obligation Rexel 2026, du remboursement anticipé de Rexel 2023 et du démarrage de la phase 2 du plan stratégique, nous révisons notre avis crédit de positif à stable et adoptons une recommandation Neutre (conserver) sur l’ensemble des souches. - >L’exercice 2018 a constitué une seconde année consécutive de retour à la croissance et de renforcement de la marge opérationnelle. - Le chiffre d’affaires annuel est ressorti à 13 366 m...

Remi Ramadou

REXEL- 2Q18 Comments

Rexel, the French distributor of electrical products, held a conference call today to comment on what proved to be satisfactory 2Q18 results. After a mixed first quarter marked by a deterioration of profitability, good sales volume across most regions and productivity measures in the US enabled the group to improve its adjusted-reported EBITA margin by 20bps to a decent 4.8% in Q2.

Alfred Glaser ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/26/2020

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 26/03/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/24/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/24/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 24/03/2020

...

Thanks to a better fundamental star rating, REXEL sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to REXEL (FR), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date February 14, 2020, the closing price was EUR 13.27 and its expected value was estimated at EUR 11.64.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Jehanne Leroy

Rexel – Assemblée Générale des actionnaires du 23 April 2020

Proxinvest souligne la bonne communication de la société, notamment en ce qui concerne les rémunérations des mandataires sociaux. Cependant, concernant la rémunération du Président du conseil d’administration, les montants attribués au titre du dernier exercice, et prévus pour le nouvel exercice, sont trop élevés (189% de la médiane des rémunérations des Président non-exécutifs de l’indice). Aussi, concernant la politique de rémunération du Directeur Général, la structure proposée ne respecte pas les recommandations de Proxinvest : respectivement, le bonus maximum et la rémunération variable t...

Expert Corporate Governance Service (ECGS)

Rexel - AGM 23 May 2019

ITEM 7: The only change proposed in the 2019 remuneration policy of the CEO is related to weightings of annual bonus financial criteria. No other change is proposed. Therefore, although the fixed remuneration is below the median, this remuneration structure is not satisfactory. Target and maximum bonuses are excessive and total theoretical total remuneration could exceed the SBF 80 median. Moreover, vesting in case of underperformance is still allowed. ITEM 9: Unlike last year, amounts granted in 2018 to the CEO seem to be coherent with performances achieved. Therefore, although amounts at sta...

Jehanne Leroy

Rexel - Assemblée générale des actionnaires du 23 mai 2019

Rémunérations Contrairement à l'année dernière, les montants attribués cette année au premier dirigeant semblent plutôt en ligne avec les performances réalisées. Aussi, bien que les montants en jeu soient quelque peu généreux, en raison d'une bonne transparence de la part de la société, et d'un bon alignement des montants attribués avec les performances e la société, nous soutenons la résolution 9 relative aux rémunérations 2018 du Directeur Général. En revanche, concernant la politique de rémunération 2019, les seuls changements apportés par la société concernent le poids des critères finan...

Rexel – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 24/05/2018

ITEM 9: The Board of Directors meeting of February 20, 2017 decided to terminate the duties of Catherine Guillouard as Deputy CEO due to a divergence of views regarding the strategy. Therefore, under item 9, it is proposed to approve her severance payment of €1,627,076, i.e. 24 months of annual remuneration, which exceeds our 12-month ceiling. Moreover, performance conditions of this severance were not sufficiently challenging as they allowed a 100%-vesting with a 60% achievement of the target. ITEM 8: Although the company’s disclosure on its 2017 annual bonus is one of the best of the French...

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