Another company which gives, before the official publication of the figures, the first indications concerning its financial year 2021. And it is for a good cause, since the main activity indicators are revised upwards by the professional distribution group for the world of energy Rexel.
Based on better-than-expected sales activity in the fourth quarter, the company is now targeting constant-day billing growth of 15.3%, compared to an initial forecast range of 12% to 15%. Growth is being driven by a dynamic recovery, especially in the United States, also supported by rising inflation, explains management. And this start of a new financial year promises to be promising: “ We are starting the year 2022 with significant order books both at Rexel and with our customers, driven by healthy underlying demand and projects that were postponed from last year due to the poor availability of labor. labor and tensions in the supply chain. “
Ahead of the roadmap
The adjusted gross operating profit margin should stand at 6.2% of sales, compared to 5.7% previously. ” We estimate that the increase in the margin (…) of 200 basis points from 2020 to 2021 includes 40 basis points of non-recurring effects (in particular a one-off positive inflation in the prices of non-cable products partially offset by a negative impact of bonuses , at a historically high level) », Specifies Rexel.
2022 will see a further improvement in this area, since the distributor, on the basis of the action plans carried out in terms of cost management, aims for an adjusted gross operating surplus margin of over 6%, against 5.8% , restated for non-recurring items, last year. A level of 6% which corresponds to the group’s medium-term objectives. It is therefore ahead of its 2023 roadmap.
Positive momentum
” The momentum in terms of growth and improvement in EBIT margin should remain positive in the coming quarters, judge this Wednesday morning Oddo BHF. The group is reaping the benefits of the rationalization and transformation efforts undertaken for several years. “The analyst firm is” outperforming “on the title, with a target price of 21 euros.
The reaction is of course favorable on the stock market on Wednesday. The action accelerated throughout the session to gain up to nearly 10%. Enough to register a new historic peak in the middle of the afternoon. It climbs by 50% over one year.