RXEEY - Rexel Pounded On Fears Of Protracted Construction Declines
Where I had previously expected Rexel (RXEEY) (RXL.PA) to face a slowing non-residential construction market in 2020 and a bottoming industrial market, those assumption are out the window with Covid-19 leading to drastic slowdowns in activity around the world. With fears of much worse near-term revenue and margin prospects, a longer-term downturn in commercial activity, and a liquidity squeeze, Rexel shares have lost more than 40% of their value from my last update in December.
Current conditions are indeed bleak, and I am concerned about the prospect of an extended decline