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Rexel: Oddo still a buyer

( - Oddo maintains its "outperform" rating on Rexel shares, with an unchanged target price of 25 euros (current price about 18.
5 euros, +1%).

This morning, ahead of its CMD to be held this afternoon, Rexel announced that it has raised its 2022 guidance, now expecting organic LFL sales growth of 7% to 9%, up from 4% to 6% previously, with an adjusted EBITA margin of around 6.7% (compared to above 6% previously).

For 2022-25, Rexel expects constant day organic sales growth of about 4% to 7% (Oddo BHF expects 4.5%) and an adjusted EBITA margin of 6.5% to 7% in 2025 (Oddo BHF expects towards the bottom of this range, at 6.6% in 2025).

Oddo says that these upgrades are in line with its expectations and that, as a result, it expects a significant upgrade of the consensus.

Trading at a discount of over 20% relative to its historical valuation, analysts conclude that the stock is one of the best vehicles for positioning itself on the electrification theme.

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