Rexel : We have raised our forecasts: efficient efforts on costs and cash flow. No change to our Neutral rating
>We have revised our forecasts upwards - We have reworked our forecasts mainly with an improvement in margins and FCF. For revenues, we now forecast an organic trend of -7.3% in 2020 (vs -7.6% previously) and then +6.7% in 2021 (vs 5.0%, incl. a more favourable copper effect). By region and for 2020, we forecast -4.7% for Europe, -12.7% for North America and -0.6% for Asia Pacific. In Q4 2020, we expect -4.0% (-1% in Europe, -10% for North America and +3% for Asia Pac...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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