Rexel : Plus de vents contraires et un FCF faible au S1. Neutre maintenu
>Le S1 a été en ligne au niveau opérationnel, mais le FCF très faible - Le CA, la croissance organique, et la marge d’EBITA ont été en ligne avec nos attentes (publication de 6 800 M€, +2.7% de croissance organique, marge de 4.7% en IFRS 16; nous attendions 6 795 M€, +2.8% et 4.7% resp.). Le résultat net a été meilleur que prévu (164 M€ contre 99 M€ attendus par nous) grâce aux faibles charges exceptionnelles et un taux d’IS d’à peine 17%. Le FCF a été un point faibl...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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