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.
