Rexel : Target price raised to € 20.0. Outperform confirmed
>Upward revision to our figures after Q1 release - We have revised up our EPS forecasts by more than 5% on average thanks to stronger organic growth on a constant number of trading days in 2021e (8.7% vs 6.7% previously and then by 4.0% in 2022e, unchanged) and raised our forecast for margins by 10bp between 2021e and 2023e. Growth of 8.6% in Q1 2021, followed by +16% anticipated for Q2 (COVID base effect), combined with price effects (excluding cable) which could ach...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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