Rexel : The recovery continues but a lot of work remains
>Q4: good and not-so good - Sales and organic growth exceeded our expectations, while the adjusted EBITA margin was in line (€ 3,497m reported, +1.9% organic growth, 5.0% margin; Oddo Securities estimate: € 3,441m, +0.3% and 5.0% respectively). The net loss was worse than expected (-€ 26m vs Oddo Securities estimate: +€ 55m) due to heavy restructuring charges and asset write-downs. FCF was weak in Q4 (€ 245m vs Oddo Securities estimate: € 368m and € 329m in Q4 2017) ...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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