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...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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