Rexel Stock Climbs 2% and Defies a Struggling Construction Sector
The electrical equipment distributor is regaining momentum after a decline early last week. Jefferies has just raised its price target, as the stock performs in a well-oriented Parisian market.
Jefferies Raises Its Target to €44.20, Reinforcing a Buy Consensus
On June 30th, Jefferies raised its price target on Rexel to €44.20 from €43.70, maintaining its buy rating. With the current price at €38.06, this target offers a potential of about 16%. The day before, Morgan Stanley had also increased its own target from €42.00 to €42.50, confirming its overweight rating. Both firms thus support a positive outlook on the French distributor, in a European construction sector that is otherwise weakened: the construction climate was reported at -18.2 in France in June according to Eurostat, and construction output fell by 2.8% year-on-year in the country.
The Stock Approaches Its Resistance at €38.57 After Rebounding
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The price gains 2.04% to €38.06 in early afternoon, while the SBF 120 index is up by 0.64%. The stock is nearing its resistance at €38.57, a threshold that had previously hindered bullish attempts. This rise largely erases the decline observed on June 23rd, when Rexel had fallen by 3% and hit its 20-day moving average. The stock is now trading above its three moving averages, with a nearly 13% gap from the MM200 at €33.69, indicating a strong underlying trend.
The RSI at 51 remains neutral, showing no signs of excess. Over three months, the gain reaches 16.21%, and 43.73% over one year. Breaking through the €38.57 resistance will be the next technical milestone to watch.
SectorMachines et équipements industriels›Équipements électroniques
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 9 989 millions d'euros
Quarterly revenue: 9 989 millions d'euros
Revenue growth: 2,2 %
EBITDA: 827 millions d'euros
EBITDA margin: 8,4 %
Net income: 340,3 millions d'euros
Free cash flow: 247,3 millions d'euros
3 322 millions d'euros
Guidance from the release
Objectifs 2026 rehaussés ; visibilité accrue grâce à un carnet de commandes record
Risks mentioned
Endettement financier net en hausse de 690 M€ depuis le 31 décembre 2025, à 3 322 M€
BFR opérationnel dégradé à 16,3 % du chiffre d'affaires contre 15,9 % au S1 2025
Effet de change négatif de (2,6)% sur les ventes du semestre
Opportunities identified
Objectifs 2026 rehaussés en croissance et en rentabilité
Ventes digitales à 35 % du chiffre d'affaires, en hausse de 160 bps
Plan stratégique Axelerate 2028 et stratégie active d'acquisitions (TC 360, Revere, DEE)
Outlook / guidance
Expected revenue: 20 385 millions d'euros
Management commentary: Une croissance des ventes à jours constants d'environ 5% (vs 3 à 5% initialement) ; Une marge d'EBITA courant ajusté 1 d'au moins 6,2% (vs environ 6,2% initialement) Une conversion du free cash-flow 2 supérieure à 65%
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
