(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ opinion on Rexel with an adjusted price target of 28 to 25 euros, integrating a occasionally higher beta into its DCF valuation to take into account ongoing uncertainties (1.4 against 1.32).
Returning to last Friday’s quarterly publication, the research office notes that ‘the disappointing pricing in the third quarter outweighed the positive surprise in volumes’, but it declares ‘not sharing the scenario of negative pricing in 2024’.
‘Rexel is, in our opinion, one of the groups best positioned to benefit from the electrification theme and is trading at a discount of more than 30% on its historical multiples,’ he also underlines.
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