Financials Rexel

Equities

RXL

FR0010451203

Electrical Components & Equipment

Market Closed - Euronext Paris Other stock markets 11:35:19 2024-04-26 am EDT			5-day change	1st Jan Change
25.28 ^EUR	+4.03%		+5.51%	+2.06%

Apr. 04	REXEL : EPS upgrade (2023: +12.8%, 2024: +2.7%)
Mar. 18	Lacroix: agreement to sell signage segment	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,579	3,897	5,436	5,580	7,465	7,519	-	-
Enterprise Value (EV) ¹	6,552	6,246	8,154	7,038	9,426	10,596	10,351	10,124
P/E ratio	17.4 x	-15 x	9.1 x	6.07 x	9.64 x	10.4 x	9.7 x	9.25 x
Yield	4.05%	3.57%	4.21%	6.51%	4.84%	4.7%	4.9%	5.06%
Capitalization / Revenue	0.26 x	0.31 x	0.37 x	0.3 x	0.39 x	0.39 x	0.37 x	0.36 x
EV / Revenue	0.48 x	0.5 x	0.56 x	0.38 x	0.49 x	0.54 x	0.51 x	0.48 x
EV / EBITDA	6.78 x	7.71 x	6.76 x	4.09 x	5.72 x	6.58 x	6.13 x	5.73 x
EV / FCF	25.1 x	10.5 x	19.2 x	14 x	16.6 x	16.8 x	16.4 x	15.4 x
FCF Yield	3.99%	9.56%	5.22%	7.14%	6.02%	5.95%	6.11%	6.5%
Price to Book	0.85 x	1.03 x	1.19 x	1.06 x	1.35 x	1.3 x	1.21 x	1.14 x
Nbr of stocks (in thousands)	302,151	302,204	304,893	302,604	301,362	297,425	-	-
Reference price ²	11.84	12.90	17.83	18.44	24.77	25.28	25.28	25.28
Announcement Date	2/13/20	2/11/21	2/11/22	2/16/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,742	12,592	14,690	18,702	19,153	19,514	20,222	20,998
EBITDA ¹	966.7	810.3	1,207	1,722	1,647	1,610	1,687	1,767
EBIT ¹	685.1	526.4	906	1,368	1,300	1,241	1,308	1,411
Operating Margin	4.99%	4.18%	6.17%	7.32%	6.79%	6.36%	6.47%	6.72%
Earnings before Tax (EBT) ¹	321.1	-120.6	778.4	1,224	1,049	1,010	1,108	1,168
Net income ¹	204.4	-261.2	597.6	922.3	774.7	728.1	793.8	834.6
Net margin	1.49%	-2.07%	4.07%	4.93%	4.04%	3.73%	3.93%	3.97%
EPS ²	0.6800	-0.8600	1.960	3.040	2.570	2.420	2.607	2.732
Free Cash Flow ¹	261.1	597.3	425.5	502.6	567.7	629.9	632.3	658.4
FCF margin	1.9%	4.74%	2.9%	2.69%	2.96%	3.23%	3.13%	3.14%
FCF Conversion (EBITDA)	27.01%	73.71%	35.26%	29.19%	34.46%	39.13%	37.47%	37.26%
FCF Conversion (Net income)	127.74%	-	71.2%	54.49%	73.28%	86.52%	79.65%	78.89%
Dividend per Share ²	0.4800	0.4600	0.7500	1.200	1.200	1.189	1.238	1.278
Announcement Date	2/13/20	2/11/21	2/11/22	2/16/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	6,943	6,046	6,547	7,058	3,555	4,077	7,632	4,377	4,705	9,083	4,817	4,802	9,619	4,928	4,835	9,763	4,665	4,725	9,390	4,770	9,628	9,702	9,679	10,065
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	775.1	-	813	730	852.4	798.8
EBIT	365.9	192.3	327.1	398.2	-	-	507.8	-	-	703.7	-	-	664.8	-	-	702.3	-	-	597.8	-	615.5	607.8	654.1	607.7
Operating Margin	5.27%	3.18%	5%	5.64%	-	-	6.65%	-	-	7.75%	-	-	6.91%	-	-	7.19%	-	-	6.37%	-	6.39%	6.26%	6.76%	6.04%
Earnings before Tax (EBT)	124.6	-360	239.4	375.3	-	-	403.1	-	-	631.7	-	-	591.8	-	-	584.3	-	-	464.6	-	527.3	438.2	565.3	515.6
Net income	41.2	-439.8	178.6	270.6	-	-	327	-	-	459.8	-	-	462.5	-	-	428.4	-	-	346.3	-	366.8	321.9	412.8	376.2
Net margin	0.59%	-7.27%	2.73%	3.83%	-	-	4.28%	-	-	5.06%	-	-	4.81%	-	-	4.39%	-	-	3.69%	-	3.81%	3.32%	4.26%	3.74%
EPS	0.1400	-1.460	0.6000	0.8900	-	-	1.070	-	-	1.510	-	-	1.530	-	-	1.420	-	-	1.150	-	1.265	1.195	1.380	1.270
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/13/20	7/28/20	2/11/21	7/28/21	10/21/21	2/11/22	2/11/22	4/21/22	7/28/22	7/28/22	10/27/22	2/16/23	2/16/23	4/20/23	7/28/23	7/28/23	10/20/23	2/14/24	2/14/24	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,973	2,349	2,718	1,458	1,962	3,077	2,832	2,605
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.075 x	2.899 x	2.253 x	0.847 x	1.191 x	1.911 x	1.678 x	1.474 x
Free Cash Flow ¹	261	597	426	503	568	630	632	658
ROE (net income / shareholders' equity)	8.51%	6.92%	14.3%	18.7%	14.3%	13.2%	13.1%	12.9%
ROA (Net income/ Total Assets)	3.22%	2.64%	5.56%	7.54%	5.83%	5.31%	5.45%	-
Assets ¹	6,340	-9,894	10,758	12,232	13,288	13,709	14,576	-
Book Value Per Share ²	14.00	12.50	14.90	17.40	18.40	19.50	20.80	22.20
Cash Flow per Share ²	1.830	2.330	2.360	2.770	3.130	2.860	3.150	3.810
Capex ¹	124	110	103	125	153	166	169	171
Capex / Sales	0.9%	0.87%	0.7%	0.67%	0.8%	0.85%	0.84%	0.81%
Announcement Date	2/13/20	2/11/21	2/11/22	2/16/23	2/14/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Rexel

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

25.28 EUR

Average target price

26.46 EUR

Spread / Average Target

+4.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electric Equipment Wholesale

	1st Jan change	Capi.
REXEL	+2.06%	8.03B
WESCO INTERNATIONAL, INC.	-10.40%	7.92B
INABA DENKI SANGYO CO.,LTD.	+7.94%	1.3B
TOTECH CORPORATION	+92.45%	799M
SENSHU ELECTRIC CO.,LTD.	+62.65%	589M
ZHONGYEDA ELECTRIC CO., LTD.	-15.52%	601M
TADIRAN GROUP LTD	-1.88%	586M
SOLOMON TECHNOLOGY CORPORATION	+169.82%	554M
TACHIBANA ELETECH CO., LTD.	+8.30%	453M
NICHIDENBO CORPORATION	+2.41%	388M

Electric Equipment Wholesale