Rexel : Adjustment of our recommendations
Rexel published its half-year results a few days ago and indicated that its organic growth and adjusted EBITA margin would be at the lower end of the previously guided range in a still depressed economic environment. On the other hand, FCF generation remains strong and we believe that year-end leverage will remain below the 2x limit set by financial policy (and compatible with the BB+ rating). We are maintaining our Stable credit rating but are adjusting our recommendations in th...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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