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.
