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Rexel: feedback from CMD

( - Oddo BHF is maintaining its 'neutral' rating on Rexel shares, raising its target price from E25 to E26, taking into account the new market assumptions.

At its CMD Rexel's management provided new medium-term targets (3-5 years), targeting sales growth of between 5% and 8%, an adjusted EBITA margin of over 7% over time and EPS growth of between 7% and 9% a year.

Oddo BHF considers these medium-term targets to be credible, and they reflect the success of the Group's strategy, citing targets in line with the consensus and its own estimates (which are unchanged).

The broker concludes that 2024 will remain a year of transition, and the timing of the recovery in the construction market remains uncertain.

Meanwhile, UBS confirms its neutral rating on the stock, along with its target price of E26 after the event.

They that consider Rexel's new medium-term financial targets are positive. Details of the margin target of >7% will be decisive, UBS adds.

These targets will be supported by its capital allocation priorities, including an annual dividend payout of at least 40% of recurring net income and a share buyback programme of between E50m and E150m per year.

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