Rexel : Updating our recommendations in the light of relative values
Rexel reported its full-year results two weeks ago. They were marked by a steeper-than-anticipated decline in sales in Q4 in a less favourable environment, but also by adjusted EBITA that was slightly higher than forecast. Free cash flow generation was also up, and remains strong, whilst leverage remains well below the maximum target set by the group, and adequately positioned within the rating. Lastly, the 2024 forecasts are in line with the consensus. We reiterate our Stable cr...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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