Rexel: Oddo BHFstill a buyer, cuts TP
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Rexel shares, while reducing its target price for them from E28 to E25, incorporating in its DCF valuation a punctually higher beta to account for ongoing uncertainties (1.
4 vs. 1.32).
Reviewing last Friday's quarterly publication, the broker notes that the disappointing pricing in Q3 outweighed the positive surprise in terms of volumes, although declares that it does not share the scenario of negative pricing in 2024.
In its opinion Rexel is one of the groups that is the best positioned to benefit from the electrification theme, and is trading at a discount of over 30% relative to its historical multiples.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
4 vs. 1.32).
Reviewing last Friday's quarterly publication, the broker notes that the disappointing pricing in Q3 outweighed the positive surprise in terms of volumes, although declares that it does not share the scenario of negative pricing in 2024.
In its opinion Rexel is one of the groups that is the best positioned to benefit from the electrification theme, and is trading at a discount of over 30% relative to its historical multiples.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.