The Q4 18 results missed our estimates as Europe under-performed. France entered into red territory, joining Germany and the UK (both already there). North America on the other hand held its baton tight, with the eighth consecutive quarter of revenue increase. Furthermore, Rexel confirmed the completion of its disposal plan and has kept its 2019 revenue and adjusted-EBITA outlook unchanged. Given the weaker than expected growth in Europe, we will be lowering our target price. No change in the
14 Feb 2019
Europe plays the dampening role
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Europe plays the dampening role
The Q4 18 results missed our estimates as Europe under-performed. France entered into red territory, joining Germany and the UK (both already there). North America on the other hand held its baton tight, with the eighth consecutive quarter of revenue increase. Furthermore, Rexel confirmed the completion of its disposal plan and has kept its 2019 revenue and adjusted-EBITA outlook unchanged. Given the weaker than expected growth in Europe, we will be lowering our target price. No change in the