Rexel : Improvement in Q2, guidance maintained: success still to be confirmed
>Q2 saw improvement almost across the board - Organic growth and the adjusted EBITA margin beat our estimates and the consensus (€ 3,374m in revenue, +5.1% organic growth, 4.8% margin vs Oddo BHF estimates: € 3,329m, +4.3% and 4.5% respectively). Net profit was slightly weak (€ 40m vs Oddo BHF estimate: € 49m) due to reorganisation costs, particularly in Germany and Spain. FCF came to € 115m vs Oddo BHF estimate: € 72m (satisfactory conversion of earnings into cash), ...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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