Rexel : Gradual recovery ongoing via several initiatives
>Q3 growth in line with guidance - Organic growth and the adjusted EBITA margin were slightly below our estimates (€ 3,313m reported, +3.4% organic growth, 4.4% margin; we had forecast € 3,338m, +4.2% and 4.5% respectively). Net profit was stronger than expected (€ 77m vs Oddo-BHF estimate: € 63m) due to a very low level of restructuring charges. FCF was a negative -€ 6m vs +€ 40m expected (very negative change in WCR), and net debt came to € 2.26bn vs € 2.11bn at en...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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