RXLSF - Rexel Outperforming With More Still To Come
- Rexel posted better than expected fourth quarter results, including low-double-digit organic sales growth, meaningfully better volumes in the U.S., and improving margins.
- Volume and share growth were a little lackluster relative to my expectations, but Rexel should benefit from an eventual re-acceleration in large industrial projects in the U.S.
- Long-term opportunities include share gains in the U.S., automation/electrification, and building renovation in the U.S. and EU.
- With a little under 4% long-term revenue growth and ongoing margin improvements, Rexel looks undervalued today.
For further details see:
Rexel Outperforming, With More Still To Come