Rexel : Good internal efforts but no visibility. Neutral recommendation maintained
>Margins lowered, but FCF upgraded - Overall H1 was slightly better than or in line with our estimates (-10.6% LFL, 3.3% margin) and Q3 is off to a solid start with sales down only 5.6%. We now forecast a -7.6% drop in full-year sales (vs -8.0%) and an adjusted EBITA margin of 3.9% (vs 4.1%). For 2021 however, we expect sales to rebound +5.0% (vs 4.5%) and a margin of 4.6% (vs 4.8%). The group said it has no visibility at this point, but the comparison base will be fa...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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