Rexel : Growth slightly slower than expected but the recovery continues
>A small adjustment to our figures after the Q3 publication - We have revised down our forecast for 2022e EPS, factoring in a slower pace of volume growth but also consolidating Mayer in the US. We forecast organic growth on a constant number of trading days in 2021e of 14.6% (unchanged, Q4 at +6.1% est.), then 2.8% in 2022e (vs 4.0%). For margins, our estimate of 5.8% in 2021e is unchanged, whereas our estimate for 2022e is edged-up in absolute value terms but with a...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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