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...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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