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Rexel’s Q3 trading update was largely in line with the consensus and our expectations. While the Q3 revenue benefited from volume and price increases on non-cable products, growth was weighed down by negative currency effects (USD and CAD). As a result, the share price is down by >5% (at the time of writing). Nevertheless, the management confirmed its full year guidance. We do not expect to change our estimates and retain our positive stock recommendation.
Companies: Rexel (RXL:EPA)Rexel SA (RXL:PAR)
AlphaValue
Rexel reported better-than-expected H1 23 results. The group reported sales and profitability ahead of consensus and our expectations. Driven by the sustained demand for its products, the management upgraded its full-year guidance. However, given that consensus was already close to the lower end of the range, the new guidance appears unimpressive against the backdrop of the strong show in H1. No wonder the share price fell (-2.7% at the time of writing). We remain cautious on the stock.
Rexel reported strong Q1 FY2023 sales figures, 5% ahead of the street’s expectations. The performance was driven by robust contributions from both price and volume as the group benefited from its ability to pass on price increases, as well as demand for its sustainable electrification products. Despite the strong Q1, the management reiterated the full year guidance. The share price reaction thus remained muted (+0.6% at the time of writing). We maintain our cautiously optimistic stance on the st
Rexel reported strong FY22 results, with beats across sales, EBITA and net income. The management’s outlook for FY23 points to a moderation in the EBITA margin. The share price reaction has remained muted (-0.35% at the time of writing). We will increase our estimates to incorporate the robust performance in FY22 but are likely to maintain our cautious view on the stock.
Rexel gave a better-than-expected Q3 FY22 sales update. Same day sales came in ahead of consensus, driven by an acceleration in volume growth and pricing on non-cable products. Consequently, the management upgraded the FY22 guidance for the second time this year for same day sales and the adj. EBITA margin. We will revise our estimates slightly up and reiterate our positive stance on the stock’s valuation.
Rexel reported Q2 and H1 22 results ahead of consensus, causing the share price to close up 4.4%. The inflationary environment continues to benefit the group’s sales and profitability, given its ability to pass on price increases. Despite the strong H1 performance, management reiterated the guidance that had been upgraded at the June CMD. We do not expect to make significant changes to our estimates and maintain our positive view on the stock.
Companies: Rexel SA (RXL:PAR)Rexel SA (0KBZ:LON)
Rexel hosted its Capital Markets Day 2022 on 16 June, at which it raised the guidance for FY22 and also provided a roadmap for the medium term (2022-25). While the upgraded guidance for FY22 is ahead of expectations, it is mostly driven by the non-recurring impact of higher prices given Rexel’s ability to pass on cost inflation. No wonder the share price closed down c.4%. Moreover, the 2022-25 profitability targets do not factor in a recessionary scenario. We remain cautious on the stock.
Rexel reported strong Q1 2022 sales figures, 8% ahead of market expectations. No wonder the share price has jumped 7.6% (at the time of writing). The company’s performance continued to benefit from growth momentum across all geographies, supported by a positive pricing environment. Going forward, while the tough comparable base is expected to reduce the carryover effect in pricing, the strong order backlog provides visibility on demand. We will revise our estimates upwards to accommodate the str
Rexel reported Q4 and FY21 results slightly above consensus and our estimates. For FY21, the same day sales grew 15.6% yoy, benefiting from an inflationary environment as well as economic recovery across all geographies. While the group’s 2022 outlook is not very exciting, it factors in the robust volume environment, reflecting the strength of the business model. We will raise our target price and estimates slightly upwards.
Rexel announced a strong trading update on the FY21 outlook, beating street and our expectations. The company not only indicated strong top-line growth in 2021, but also lifted the guidance for the adjusted EBITA margin for FY21 to 6.2%, which, in spite of including 40bp one-off benefit, places the group to achieve its 2023 target of 6% a year ahead of schedule. We will tweak our estimates upwards, and maintain our positive stance on the stock.
Rexel’s share price slumped >9% yesterday after the Q3 sales came in slightly short of market expectations. The sales momentum moderated in Q3 vs Q2, as a result of a relatively tougher base effect and some impact from supply chain constraints. While the Q3 update was underwhelming, we view yesterday’s stock price movement as a market overreaction. Although we will be trimming our estimates post the Q3 results, we remain optimistic on Rexel on the back of structural growth drivers and the cheap
Rexel’s Q2 sales and H1 FY2021 results were largely in line with street expectations. Accelerating demand for electrical products, a favourable pricing environment, along with a soft base effect propelled the impressive sales growth. The profitability improvement was underpinned by the recovery in sales along with managing price increases and tight cost control. Overall, a strong set of results. No major changes expected on our estimates or target price. We re-affirm our positive stance on the s
Rexel registered better-than-expected activity levels in H1 FY2021 with the group outpacing the market in an improving operating environment, across the regions and end-markets. Same-day sales growth improved sequentially in Q2, with H1 FY2021 expected to come in c.19% yoy higher, along with an adjusted EBITA margin of c.5.6%. Consequently, management raised its FY2021 outlook substantially. Unsurprisingly, the stock price reacted positively, closing >4% up yesterday. We will raise our estimates
Rexel reported its Q1 sales update ahead of street expectations as the group returned to positive top-line growth, building on the momentum in recovery in H2 FY2020. The company’s performance was better than pre-COVID-19 levels for the first time in most regions. We expect the positive growth momentum to be maintained in the near term, due to the healthy demand for electrical products and soft comparables.
Rexel ended FY20 strongly with sales just down 0.7% in Q4, while clocking positive growth so far in Q1 FY2021. The group delivered results ahead of market expectations on most accounts including the resumption of a dividend at €0.46 per share. Credible growth strategy along with a promising medium-term outlook has sparked investor sentiment and strengthened confidence. We will raise our target price and estimates accordingly.
Companies: Rexel SA
Research Tree provides access to ongoing research coverage, media content and regulatory news on Rexel SA. We currently have 0 research reports from 2 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
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Liberum
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Cavendish
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Companies: Luceco PLC
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Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
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Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
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Canaccord Genuity
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Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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