Rexel S.A.

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.
  • TickerRXL
  • ISINFR0010451203
  • ExchangeEuronext Paris
  • SectorElectronic & Electrical Equipment
  • CountryFrance

Analysts

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf. ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 09/07/2019

Tandis que nous nous attendions à un ralentissement du marché des Services IT, les publications du T1 ont été rassurantes, avec une croissance qui s’est maintenue à +4.0% yoy. De plus, les indicateurs avancés se sont améliorés au cours des derniers trimestres, ce qui nous rassure sur les perspectives, alors que les niveaux de valorisation du secteur se sont détendus, ce qui offre un point d’entrée attractif et favorise le M&A. Nous privilégions Devoteam ainsi qu'Atos et Capgemini sur ...

Alfred Glaser ...
  • Delphine Brault

Rexel : Preview of H1 results (31 July): initial data in IFRS 16

>Results now half-yearly and in IFRS 16 - The group had decided to move from quarterly to half-yearly reporting in 2019 and must simultaneously integrate IFRS 16 (expected impact of +147bp on adjusted EBITDA, +25bp on adjusted EBITA and +€ 930m on net debt). We are forecasting sales of € 6,795m, +2.8% on a constant number of trading days and organic basis (Q2 at € 3,480m, +2.6%), adjusted EBITA of € 316m (4.7% margin under IFRS 16), EBIT of € 248m and net profit of € ...

Alfred Glaser ...
  • Delphine Brault

Rexel : Preview des résultats du S1 (31 juillet) : premiers chiffres en IFRS 16

>Des résultats désormais semestriels et en IFRS 16 - Le groupe avait décidé de publier désormais que des semestriels en 2019 et doit intégrer en même temps IFRS 16 (impact prévu de +147pb sur l’EBITDA ajusté, +25 pb sur l’EBITA ajusté et +930 M€ sur la dette nette). Nous prévoyons un CA de 6 795 M€, +2.8% en organique à jours constants (T2 à 3 480 M€, +2.6%), un EBITA ajusté de 316 M€ (4.7% de marge en IFRS 16), un EBIT de 248 M€ et un RN de 99 M€. Les chiffres compar...

Remi Ramadou

REXEL- 2Q18 Comments

Rexel, the French distributor of electrical products, held a conference call today to comment on what proved to be satisfactory 2Q18 results. After a mixed first quarter marked by a deterioration of profitability, good sales volume across most regions and productivity measures in the US enabled the group to improve its adjusted-reported EBITA margin by 20bps to a decent 4.8% in Q2.

Remi Ramadou

REXEL- Rating Report

Headquartered in Paris and listed on NYSE Euronext (market cap. of €3.8bn), Rexel S.A. is a global distributor of low and ultra-low voltage electrical products. The group supplies various customers (top 10 customers accounted for less than 4% of 2017 sales) - from local electricians to medium and large contractors in construction and public work - which install electrical products in 3 end-markets: industrial (33% of sales), commercial building (45%) and residential building (22%).

Remi Ramadou

Rexel 1Q18 - Miss on EBITA margin, but full-year guidance still achievable

Rexel, the French distributor of electrical products, released mixed 1Q18 results. While sales growth (at comparable scope, exchange rates and same-day basis) was 3.9%, in line with market expectations, reported EBITA was down 4.8% to €127m, representing a 30bps decline in margin to 4.0% which was below consensus (by 30bps).

Rexel SA - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Rexel SA - September 2017 (LTM): Peer Snapshot

Peer Snapshot:  Rexel SA - September 2017 (LTM) 15 November 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Jan-16 FYE Dec-16 LTM Sep-17

Alfred Glaser ...
  • Delphine Brault

Rexel : Preview of H1 results (31 July): initial data in IFRS 16

>Results now half-yearly and in IFRS 16 - The group had decided to move from quarterly to half-yearly reporting in 2019 and must simultaneously integrate IFRS 16 (expected impact of +147bp on adjusted EBITDA, +25bp on adjusted EBITA and +€ 930m on net debt). We are forecasting sales of € 6,795m, +2.8% on a constant number of trading days and organic basis (Q2 at € 3,480m, +2.6%), adjusted EBITA of € 316m (4.7% margin under IFRS 16), EBIT of € 248m and net profit of € ...

Alfred Glaser ...
  • Delphine Brault

Rexel : Preview des résultats du S1 (31 juillet) : premiers chiffres en IFRS 16

>Des résultats désormais semestriels et en IFRS 16 - Le groupe avait décidé de publier désormais que des semestriels en 2019 et doit intégrer en même temps IFRS 16 (impact prévu de +147pb sur l’EBITDA ajusté, +25 pb sur l’EBITA ajusté et +930 M€ sur la dette nette). Nous prévoyons un CA de 6 795 M€, +2.8% en organique à jours constants (T2 à 3 480 M€, +2.6%), un EBITA ajusté de 316 M€ (4.7% de marge en IFRS 16), un EBIT de 248 M€ et un RN de 99 M€. Les chiffres compar...

Alfred Glaser ...
  • Delphine Brault

ODDO : Elevators – stuck between floors

A takeover of thyssenkrupp Elevator Technology by KONE might provide upside of 4-20%, including a capital increase and significant synergies (high range of € 7-10 per share). But there are also risks (rejection by competition authorities). We prefer Schindler. - - >Takeover of thyssenkrupp by KONE: upside of between 4% and 20% - Recent articles have reported that KONE will soon make a bid on thyssenkrupp Elevator Technology. This deal could harbour potential for KONE. O...

Alfred Glaser ...
  • Delphine Brault

ODDO : Ascensoristes : coincés entre 2 étages

Un rachat de thyssenkrupp Elevator Technology par KONE pourrait offrir au titre de 4% à 20% d’upside, en intégrant une augmentation de capital et des synergies significatives (la fourchette haute de 7-10 € par action). Mais cette opération présente aussi des risques (refus des autorités de la concurrence). Nous préférons Schindler. - >Rachat de thyssenkrupp par KONE : entre 4% et 20% d’upside - Des articles récents font état d’une offre prochaine de KONE sur thyssenkru...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jeremy Garnier

ODDO BHF Small & MIDCAP MORNING NEWS - 05/06/2019

...

1 director bought

A director at Rexel SA bought 51,910 shares at 11.194EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 07/09/2019

While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf. ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 09/07/2019

Tandis que nous nous attendions à un ralentissement du marché des Services IT, les publications du T1 ont été rassurantes, avec une croissance qui s’est maintenue à +4.0% yoy. De plus, les indicateurs avancés se sont améliorés au cours des derniers trimestres, ce qui nous rassure sur les perspectives, alors que les niveaux de valorisation du secteur se sont détendus, ce qui offre un point d’entrée attractif et favorise le M&A. Nous privilégions Devoteam ainsi qu'Atos et Capgemini sur ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Jeremy Garnier

ODDO BHF Small & MIDCAP MORNING NEWS - 06/05/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Delphine Brault
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2019

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe Chaput
  • Delphine Brault
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2019

...

An unfavourable environment weighs on REXEL, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of REXEL (FR), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title still shows 3 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date May 14, 2019, the closing price was EUR 10.89 and its target price was estimated at EUR 9.49.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Rexel : Update of our recommendations following the new issue

Publication date 08/04/2019 10:47 - Writing date 08/04/2019 07:38 - Equity data - Reco : Neutral - Target : 11.50 EUR - Equity Analyst: Alfred Glaser - - +33 (0)1 44 51 88 93 - ESG Analyst: Valentin Pernet - Corporate Governance: Strong opportunity (1) - / - / - - - - - - - - - - - - - - - - - - - - Following the issuance of Rexel's recent 2026 bond issue, the early redemption of Rexel 2023 and the start of the second phase of the strategic plan, we are lowering our ...

Rexel : Update de nos recommandations à la suite de la nouvelle émission

A la suite de l’émission de la nouvelle obligation Rexel 2026, du remboursement anticipé de Rexel 2023 et du démarrage de la phase 2 du plan stratégique, nous révisons notre avis crédit de positif à stable et adoptons une recommandation Neutre (conserver) sur l’ensemble des souches. - >L’exercice 2018 a constitué une seconde année consécutive de retour à la croissance et de renforcement de la marge opérationnelle. - Le chiffre d’affaires annuel est ressorti à 13 366 m...

Expert Corporate Governance Service (ECGS)

Rexel - AGM 23 May 2019

ITEM 7: The only change proposed in the 2019 remuneration policy of the CEO is related to weightings of annual bonus financial criteria. No other change is proposed. Therefore, although the fixed remuneration is below the median, this remuneration structure is not satisfactory. Target and maximum bonuses are excessive and total theoretical total remuneration could exceed the SBF 80 median. Moreover, vesting in case of underperformance is still allowed. ITEM 9: Unlike last year, amounts granted in 2018 to the CEO seem to be coherent with performances achieved. Therefore, although amounts at sta...

Jehanne Leroy

Rexel - Assemblée générale des actionnaires du 23 mai 2019

Rémunérations Contrairement à l'année dernière, les montants attribués cette année au premier dirigeant semblent plutôt en ligne avec les performances réalisées. Aussi, bien que les montants en jeu soient quelque peu généreux, en raison d'une bonne transparence de la part de la société, et d'un bon alignement des montants attribués avec les performances e la société, nous soutenons la résolution 9 relative aux rémunérations 2018 du Directeur Général. En revanche, concernant la politique de rémunération 2019, les seuls changements apportés par la société concernent le poids des critères finan...

Rexel – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 24/05/2018

ITEM 9: The Board of Directors meeting of February 20, 2017 decided to terminate the duties of Catherine Guillouard as Deputy CEO due to a divergence of views regarding the strategy. Therefore, under item 9, it is proposed to approve her severance payment of €1,627,076, i.e. 24 months of annual remuneration, which exceeds our 12-month ceiling. Moreover, performance conditions of this severance were not sufficiently challenging as they allowed a 100%-vesting with a 60% achievement of the target. ITEM 8: Although the company’s disclosure on its 2017 annual bonus is one of the best of the French...

Jehanne Leroy

Proxy Report - 02/05/2018

Le Conseil d’administration de Rexel, lors de sa séance du 20 février 2017, a décidé de mettre fin aux fonctions du Directeur Général Délégué, Catherine Guillouard, en raison de divergences de vue sur la stratégie. Ainsi, en résolution 9, il est proposé d'approuver ses rémunérations 2017, ainsi que son indemnité de départ de 1 627 076 €, représentant 24 mois de rémunération annuelle, ce qui excède notre limite de 12 mois. De plus, les conditions de performance permettant l'octroi de cette indemnité n'étaient pas exigeantes (en cas d'atteinte moyen de 60% des objectifs, 100% de l'indemnité étai...

Valérie GASTALDY

Short term view - REXEL : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.800. The background trend would be questioned should prices rise above €11.990.

Valérie GASTALDY

Analyse court terme - REXEL : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,800 €. La tendance de fond serait remise en cause en cas de franchissement de 11,990 €.

Valérie GASTALDY

Analyse court terme - REXEL : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,800 €. La tendance de fond serait remise en cause en cas de franchissement de 11,990 €.

Valérie GASTALDY

Short term view - REXEL : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.800. The background trend would be questioned should prices rise above €11.990.

Jérôme VINERIER

Medium term view - REXEL : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €8.500, then €7.500. Passing €13.706 would question the continuation of the fall.

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