Rexel : The recovery continues: Target price raised to € 22.0 after Q2 publication
>Upward revision to our figures after Q2 release - We have revised up our EPS estimates to factor in the guidance for 2021 that was issued in June and which has just been reiterated. We now anticipate stronger organic growth on a constant number of trading days in 2021e (14.6% vs 8.7% previously (guidance 12-15%) and then by 4.0% in 2022e, unchanged) and raised our forecast for margins by 50-60bp between 2021e and 2023e. For this year we forecast a margin of 5.8% (gui...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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