Rexel reported Q4 and FY16 results slightly ahead of our estimates. All the sales growth numbers are at CER and same-day basis unless specified otherwise. In Q4, the company’s revenue growth remained flat (vs Q3: -3.7% yoy) and registered a sequential improvement in all three regions. Europe returned to positive growth territory (Q4: +1.7%, Q3: -1.6%, Q2: -0.9%; 54% of group sales), on the back of strong construction activity in France, Scandinavia and Germany; jointly contributing c.50
