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

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.

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jerôme Bodin
  • Nicolas Thorez
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 02/14/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jerôme Bodin
  • Nicolas Thorez
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 14/02/2020

...

Alfred Glaser ...
  • Delphine Brault

Rexel : Better FCF, but a difficult year in prospect

>Better margins at end-2019 with good FCF - Sales and organic growth in Q4 (-0.5%) were somewhat weak but the adj. EBITA margin was a little better (5.0% for the full year vs 4.9% est.), making it possible to reach the target. Net profit was shy of forecasts (€ 204m vs € 316m expected by the consensus) due to asset impairment (non-cash). FCF was a strong point with € 261m all-inclusive vs our forecast of € 213m and consensus estimate of € 201m (good operational execu...

Alfred Glaser ...
  • Delphine Brault

Rexel : Des FCF meilleurs, mais une année compliquée en perspective

>Une fin d’année 2019 meilleure en marge avec un bon FCF - Le CA et la croissance organique du T4 (-0.5%) ont été un peu faibles, mais la marge d’EBITA un peu meilleure (5.0% annuels vs 4.9% est.), permettant d’atteindre l’objectif fixé. Le résultat net a été sous les attentes (204 M€ contre 316 M€ attendus par le consensus) à cause de dépréciations d’actifs (non cash). Le FCF a été un point fort à 261 M€ tout inclus vs 213 M€ attendus par nous et 201 M€ par le conse...

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.

Remi Ramadou

REXEL- Rating Report

Headquartered in Paris and listed on NYSE Euronext (market cap. of €3.8bn), Rexel S.A. is a global distributor of low and ultra-low voltage electrical products. The group supplies various customers (top 10 customers accounted for less than 4% of 2017 sales) - from local electricians to medium and large contractors in construction and public work - which install electrical products in 3 end-markets: industrial (33% of sales), commercial building (45%) and residential building (22%).

Remi Ramadou

Rexel 1Q18 - Miss on EBITA margin, but full-year guidance still achievable

Rexel, the French distributor of electrical products, released mixed 1Q18 results. While sales growth (at comparable scope, exchange rates and same-day basis) was 3.9%, in line with market expectations, reported EBITA was down 4.8% to €127m, representing a 30bps decline in margin to 4.0% which was below consensus (by 30bps).

Rexel SA - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Rexel SA - September 2017 (LTM): Peer Snapshot

Peer Snapshot:  Rexel SA - September 2017 (LTM) 15 November 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Jan-16 FYE Dec-16 LTM Sep-17

Alfred Glaser ...
  • Delphine Brault

Rexel : Better FCF, but a difficult year in prospect

>Better margins at end-2019 with good FCF - Sales and organic growth in Q4 (-0.5%) were somewhat weak but the adj. EBITA margin was a little better (5.0% for the full year vs 4.9% est.), making it possible to reach the target. Net profit was shy of forecasts (€ 204m vs € 316m expected by the consensus) due to asset impairment (non-cash). FCF was a strong point with € 261m all-inclusive vs our forecast of € 213m and consensus estimate of € 201m (good operational execu...

Alfred Glaser ...
  • Delphine Brault

Rexel : Des FCF meilleurs, mais une année compliquée en perspective

>Une fin d’année 2019 meilleure en marge avec un bon FCF - Le CA et la croissance organique du T4 (-0.5%) ont été un peu faibles, mais la marge d’EBITA un peu meilleure (5.0% annuels vs 4.9% est.), permettant d’atteindre l’objectif fixé. Le résultat net a été sous les attentes (204 M€ contre 316 M€ attendus par le consensus) à cause de dépréciations d’actifs (non cash). Le FCF a été un point fort à 261 M€ tout inclus vs 213 M€ attendus par nous et 201 M€ par le conse...

Alfred Glaser ...
  • Delphine Brault

ODDO : Ascensoristes : Otis dévoile ses perspectives en amont du spin-off

>Marge d’EBIT : 21% pour les services, 7% pour les nouveaux équipements - United Technologies a tenu hier un CMD sur sa division OTIS qui doit faire l’objet d’un spin-off au 2nd semestre 2020. Avant même de parler des perspectives, le groupe a fourni des détails (déjà dévoilés dans le 10K la semaine dernière) sur son activité 2019 et notamment les marges par segment. Otis est le #1 mondial des ascensoristes, devant Schindler, KONE et Thyssenkrupp Elevator Te...

Alfred Glaser ...
  • Delphine Brault

ODDO : Elevator companies: Otis unveiling its outlook ahead of the spin-off

>EBIT margin: 21% for services, 7% for new equipment - Yesterday, United Technologies held a CMD on its Otis division which is to be spun off in H2 2020. Before even mentioning the outlook, the group provided some details (already unveiled in the 10-K last week) on its activity in 2019, notably the margins by segment. Otis is the global number 1 elevator company, ahead of Schindler, KONE and thyssenkrupp Elevator Technologies. The group generated sales of $ ...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : US non-residential construction: +1.5% in 2020e and 0.9% in 2021e

>AIA forecasts updated last week - The American Institute of Architects published its forecasts for the non-residential construction market last week. Every six months, leading consultancy firms (Dodge Data, IHS Economics, ConstructConnect, Associated Builders & Contractors, etc.) publish their growth forecasts for the non-residential construction market for the next 12-24 months.The compilation of the latest data is presented on page 2 (including the size of eac...

1 director bought

A director at Rexel SA bought 51,910 shares at 11.194EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jerôme Bodin
  • Nicolas Thorez
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 02/14/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jerôme Bodin
  • Nicolas Thorez
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 14/02/2020

...

Alfred Glaser ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 02/12/2020

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/12/2020

The market, whilst not totally complacent about the coronavirus epidemic, seems to liken the virus to the SARS epidemic in 2003. It is therefore betting on a very rapid exit from the crisis whilst ignoring the substantial increase in China's weight in the value chains, the macro consequences of which may be temporary but significant. In addition, the other risks (notably political) have not disappeared, even though our upside for the full year is almost used up (Stoxx 600 Dec. 20: 429...

Alfred Glaser ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 12/02/2020

...

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...

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...

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...

Jehanne Leroy

Proxy Report - 02/05/2018

Le Conseil d’administration de Rexel, lors de sa séance du 20 février 2017, a décidé de mettre fin aux fonctions du Directeur Général Délégué, Catherine Guillouard, en raison de divergences de vue sur la stratégie. Ainsi, en résolution 9, il est proposé d'approuver ses rémunérations 2017, ainsi que son indemnité de départ de 1 627 076 €, représentant 24 mois de rémunération annuelle, ce qui excède notre limite de 12 mois. De plus, les conditions de performance permettant l'octroi de cette indemnité n'étaient pas exigeantes (en cas d'atteinte moyen de 60% des objectifs, 100% de l'indemnité étai...

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

Analyse moyen terme - REXEL : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 8,500 €, puis 7,500 €. Le franchissement de 13,706 € remettrait en cause la suite de la baisse.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch