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

An increasingly favourable environment allows REXEL to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of REXEL (FR), a company active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date October 22, 2019, the closing price was EUR 11.15 and its expected value was estimated at EUR 10.01.

Alfred Glaser ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2019

...

Alfred Glaser ...
  • Delphine Brault

Rexel : Slight downward adjustments after Q3

>Q3 2019 saw a marked slowdown - Q3 2019 sales came in at € 3.422bn, up 0.9% (l-f-l and at constant working days). Q2 was + 2.4%, and Q1 at + 3.1%. We had forecast € 3.44bn, up by 2.0%, and the consensus € 3.415bn, up +1.2%. By region, North America largely undershot our estimates (+2.8% vs +5.5% forecast, US at +1.8%), Europe was slightly below our estimates (-0.7% vs 0.0%) and Asia-Pacific came in ahead of our estimates (+2.7% vs +1.0%). The US was hit by the marked...

Alfred Glaser ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2019

...

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 : Slight downward adjustments after Q3

>Q3 2019 saw a marked slowdown - Q3 2019 sales came in at € 3.422bn, up 0.9% (l-f-l and at constant working days). Q2 was + 2.4%, and Q1 at + 3.1%. We had forecast € 3.44bn, up by 2.0%, and the consensus € 3.415bn, up +1.2%. By region, North America largely undershot our estimates (+2.8% vs +5.5% forecast, US at +1.8%), Europe was slightly below our estimates (-0.7% vs 0.0%) and Asia-Pacific came in ahead of our estimates (+2.7% vs +1.0%). The US was hit by the marked...

Alfred Glaser ...
  • Delphine Brault

Rexel : Légers ajustements en baisse après le T3

>Le T3 a affiché un ralentissement marqué - Le chiffre d'affaires du T3 s'est élevé à 3 422 M€, en hausse de 0.9% (en données comparables et à nombre de jours constant). Le T2 était à + 2.4%, le T1 à + 3.1%. Nous attendions 3 440 M€, en hausse de 2.0%, et le consensus 3 415 M€, +1.2%. Par région, l'Amérique du Nord se situait bien en dessous de nos chiffres (+2.8% vs +5.5% attendus, US à +1.8%), l'Europe un peu en dessous (-0.7% vs 0.0%) et l'Asie-Pacifique au-dessus...

Alfred Glaser ...
  • Delphine Brault

Rexel : T3 légèrement sous nos attentes, objectifs 2019 maintenus

>Croissance réduite à 0.9% au T3 - Le chiffre d'affaires T3 de Rexel s'est élevé à 3 422 M€, en hausse de 0,9% (en données comparables et à nombre de jours constant). Le T2 était à +2.4%, le T1 à +3.1%. Nous attendions 3 440 M€, en hausse de 2.0%, et le consensus 3 415 M€, en hausse de 1.2%. Par région, l'Amérique du Nord se situait bien en dessous de nos chiffres, l'Europe un peu en dessous et l'Asie-Pacifique au-dessus de nos prévisions.Profil cont...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction: worst case not a certainty, but best case even less so

Construction markets should, for the most part, continue to reflect a slowdown in growth in 2020. A number of them may even contract (France, UK, Germany). In this context, the differentiation will primarily stem from a capacity for resilience (geographic mix and leverage/pricing), M&A (and portfolio rotation) and valuation. In the face of this new environment, we are initiating our coverage on Geberit on Reduce and downgrading our recommendations on CRH, HeidelbergCement and Vic...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction : si le pire n’est pas certain, le meilleur l’est encore moins

Les marchés de la construction devraient, pour la majorité, continuer de ralentir en 2020. Certains devraient même s’afficher en recul (France, RU, Allemagne). Dans ce contexte, la différenciation se fera essentiellement sur la capacité de résistance (mix géographique et levier/pricing), le M&A (et rotation de portefeuille) et la valorisation. Face à cet environnement, nous initions Geberit en Alléger, dégradons nos opinions sur CRH, HeidelbergCement et Vicat (d’Achat à Neutre), ...

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...

Alfred Glaser ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2019

...

Alfred Glaser ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2019

...

Alfred Glaser ...
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Hana Maalej
  • Nicolas Thorez
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 17/10/2019

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 07/31/2019

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 31/07/2019

...

An increasingly favourable environment allows REXEL to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of REXEL (FR), a company active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date October 22, 2019, the closing price was EUR 11.15 and its expected value was estimated at EUR 10.01.

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

Analyse moyen terme - REXEL : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 8,500 €, puis 7,500 €. Le franchissement de 13,706 € remettrait en cause la suite de la baisse.

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