Rexel : Un bon travail interne mais pas de visibilité. Nous restons en Neutre
>Marges abaissées, mais FCF revu à la hausse - Le S1 a été globalement un peu mieux ou en ligne avec nos attentes (-10.6% organique, marge de 3.3%) et le début du T3 à -5.6% en ventes est assez solide. Nous prévoyons désormais un recul de -7.6% du CA annuel (vs -8.0%) et une marge d’EBITA ajusté de 3.9% (vs 4.1%). Pour 2021 en revanche, nous tablons sur un rebond du CA de 5.0% (vs 4.5%) et une marge de 4.6% (vs 4.8%). Le groupe affirme ne pas avoir de visibilité à ce...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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