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Rexel

ENXTPA:RXL
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RXL
ENXTPA
€3B
Market Cap
  1. Home
  2. FR
  3. Capital Goods
Company description

Rexel S.A. distributes low and ultra-low voltage electrical products to professional customers and markets in the fields of construction, industry, and services. The last earnings update was 133 days ago. More info.


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RXL Share Price and Events
7 Day Returns
1.3%
ENXTPA:RXL
2.1%
FR Trade Distributors
1.9%
FR Market
1 Year Returns
-13.2%
ENXTPA:RXL
-17.9%
FR Trade Distributors
3.8%
FR Market
RXL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Rexel (RXL) 1.3% 8% 9.1% -13.2% 0.1% -35.9%
FR Trade Distributors 2.1% 6.5% 8.1% -17.9% 12.8% -28.9%
FR Market 1.9% 3.4% 3.8% 3.8% 44.3% 34%
1 Year Return vs Industry and Market
  • RXL outperformed the Trade Distributors industry which returned -17.9% over the past year.
  • RXL underperformed the Market in France which returned 3.8% over the past year.
Price Volatility
RXL
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Rexel undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Rexel to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Rexel.

ENXTPA:RXL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.2%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:RXL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.924 (1 + (1- 33%) (78.65%))
1.276
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.28
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (1.276 * 6.65%)
9.22%

Discounted Cash Flow Calculation for ENXTPA:RXL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Rexel is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTPA:RXL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 9.22%)
2019 309.11 Analyst x7 283.03
2020 331.33 Analyst x7 277.77
2021 384.48 Analyst x4 295.13
2022 425.31 Est @ 10.62% 298.93
2023 457.87 Est @ 7.65% 294.65
2024 483.41 Est @ 5.58% 284.84
2025 503.35 Est @ 4.12% 271.56
2026 518.99 Est @ 3.11% 256.37
2027 531.42 Est @ 2.39% 240.36
2028 541.50 Est @ 1.9% 224.25
Present value of next 10 years cash flows €2,726.90
ENXTPA:RXL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €541.50 × (1 + 0.73%) ÷ (9.22% – 0.73%)
€6,430.19
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €6,430.19 ÷ (1 + 9.22%)10
€2,662.96
ENXTPA:RXL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €2,726.90 + €2,662.96
€5,389.86
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €5,389.86 / 301.83
€17.86
ENXTPA:RXL Discount to Share Price
Calculation Result
Value per share (EUR) From above. €17.86
Current discount Discount to share price of €10.89
= -1 x (€10.89 - €17.86) / €17.86
39%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Rexel is available for.
Intrinsic value
39%
Share price is €10.89 vs Future cash flow value of €17.86
Current Discount Checks
For Rexel to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Rexel's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Rexel's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Rexel's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Rexel's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:RXL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.50
ENXTPA:RXL Share Price ** ENXTPA (2019-06-25) in EUR €10.89
Europe Trade Distributors Industry PE Ratio Median Figure of 70 Publicly-Listed Trade Distributors Companies 14.09x
France Market PE Ratio Median Figure of 421 Publicly-Listed Companies 17.9x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Rexel.

ENXTPA:RXL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:RXL Share Price ÷ EPS (both in EUR)

= 10.89 ÷ 0.50

21.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Rexel is overvalued based on earnings compared to the Europe Trade Distributors industry average.
  • Rexel is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does Rexel's expected growth come at a high price?
Raw Data
ENXTPA:RXL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
26.4%per year
Europe Trade Distributors Industry PEG Ratio Median Figure of 33 Publicly-Listed Trade Distributors Companies 1.82x
France Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

ENXTPA:RXL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.83x ÷ 26.4%

0.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Rexel is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Rexel's assets?
Raw Data
ENXTPA:RXL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €14.01
ENXTPA:RXL Share Price * ENXTPA (2019-06-25) in EUR €10.89
France Trade Distributors Industry PB Ratio Median Figure of 8 Publicly-Listed Trade Distributors Companies 0.9x
France Market PB Ratio Median Figure of 622 Publicly-Listed Companies 1.45x
ENXTPA:RXL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:RXL Share Price ÷ Book Value per Share (both in EUR)

= 10.89 ÷ 14.01

0.78x

* Primary Listing of Rexel.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Rexel is good value based on assets compared to the FR Trade Distributors industry average.
X
Value checks
We assess Rexel's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)
  5. Rexel has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Rexel expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
26.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Rexel expected to grow at an attractive rate?
  • Rexel's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Rexel's earnings growth is expected to exceed the France market average.
  • Rexel's revenue growth is positive but not above the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:RXL Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:RXL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 26.4%
ENXTPA:RXL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 2.5%
France Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 24.5%
France Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 2.8%
France Market Earnings Growth Rate Market Cap Weighted Average 12.8%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:RXL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:RXL Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 14,430 525 388 9
2020-12-31 14,045 506 347 14
2019-12-31 13,788 487 319 13
ENXTPA:RXL Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 13,366 285 151
2018-09-30 13,280 367 119
2018-06-30 13,203 413 108
2018-03-31 13,170 382 103
2017-12-31 13,303 290 106
2017-09-30 13,357 327 168
2017-06-30 13,315 273 140
2017-03-31 13,324 349 162
2016-12-31 13,162 364 138
2016-09-30 13,214 483 129
2016-06-30 13,403 466 138
2016-03-31 13,477 386 102

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Rexel's earnings are expected to grow significantly at over 20% yearly.
  • Rexel's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:RXL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Rexel Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:RXL Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.27 1.43 1.21 4.00
2020-12-31 1.17 1.23 1.10 9.00
2019-12-31 1.04 1.09 0.93 8.00
ENXTPA:RXL Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.50
2018-09-30 0.39
2018-06-30 0.36
2018-03-31 0.35
2017-12-31 0.35
2017-09-30 0.56
2017-06-30 0.46
2017-03-31 0.53
2016-12-31 0.46
2016-09-30 0.43
2016-06-30 0.46
2016-03-31 0.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Rexel is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Rexel's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Rexel has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Rexel performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Rexel's growth in the last year to its industry (Trade Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Rexel's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Rexel's 1-year earnings growth exceeds its 5-year average (42.8% vs -15.1%)
  • Rexel's earnings growth has exceeded the Europe Trade Distributors industry average in the past year (42.8% vs 16.8%).
Earnings and Revenue History
Rexel's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Rexel Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:RXL Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 13,365.70 150.70 2,710.60
2018-09-30 13,279.80 119.40 2,683.20
2018-06-30 13,202.90 108.10 2,678.40
2018-03-31 13,169.90 103.10 2,676.60
2017-12-31 13,303.00 105.50 2,716.80
2017-09-30 13,356.80 168.10 2,716.00
2017-06-30 13,314.60 140.30 2,701.70
2017-03-31 13,323.90 162.40 2,698.20
2016-12-31 13,162.10 137.90 2,662.40
2016-09-30 13,214.20 128.60 2,656.90
2016-06-30 13,402.90 138.00 2,663.40
2016-03-31 13,476.60 101.50 2,669.40
2015-12-31 13,537.60 86.20 2,678.60
2015-09-30 13,430.00 144.00 2,641.20
2015-06-30 13,307.80 172.80 2,609.70
2015-03-31 13,041.50 220.00 2,548.10
2014-12-31 12,824.30 240.50 2,497.80
2014-09-30 12,709.90 249.80 2,482.40
2014-06-30 12,704.50 251.10 2,477.50
2014-03-31 12,862.10 214.90 2,507.20
2013-12-31 13,011.60 210.50 2,534.40
2013-09-30 13,163.60 231.70 2,562.30
2013-06-30 13,349.90 238.40 2,598.70
2013-03-31 13,376.10 268.30 2,593.50
2012-12-31 13,449.20 318.10 2,572.70
2012-09-30 13,353.20 295.70 2,541.40
2012-06-30 13,122.70 294.60 2,476.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Rexel has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Rexel used its assets less efficiently than the FR Trade Distributors industry average last year based on Return on Assets.
  • Rexel has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Rexel's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Rexel has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Rexel's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Rexel's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Rexel is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Rexel's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Rexel's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Rexel Company Filings, last reported 5 months ago.

ENXTPA:RXL Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 4,232.20 2,569.50 544.90
2018-09-30 4,246.20 2,604.10 350.90
2018-06-30 4,153.70 2,572.00 452.70
2018-03-31 4,178.30 2,578.00 394.30
2017-12-31 4,157.60 2,585.50 563.60
2017-09-30 4,265.30 2,766.80 396.60
2017-06-30 4,223.10 2,776.80 459.00
2017-03-31 4,414.50 3,097.10 676.10
2016-12-31 4,383.30 2,798.70 619.30
2016-09-30 4,228.60 2,934.10 410.60
2016-06-30 4,258.40 2,937.70 535.10
2016-03-31 4,330.70 2,944.30 443.90
2015-12-31 4,352.90 3,002.50 804.80
2015-09-30 4,350.70 3,017.80 387.50
2015-06-30 4,415.70 3,005.00 460.40
2015-03-31 4,481.80 3,108.70 478.70
2014-12-31 4,343.40 3,357.40 1,159.80
2014-09-30 4,330.10 3,264.60 623.70
2014-06-30 4,103.30 3,134.90 716.60
2014-03-31 4,266.10 3,025.30 655.50
2013-12-31 4,227.10 3,138.50 957.80
2013-09-30 4,187.90 3,063.20 481.70
2013-06-30 3,970.30 3,194.10 604.40
2013-03-31 4,183.90 2,924.80 234.10
2012-12-31 4,117.60 2,927.20 291.90
2012-09-30 4,132.80 3,024.10 251.60
2012-06-30 4,067.20 3,037.20 562.20
  • Rexel's level of debt (61.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (74.2% vs 61.1% today).
  • Debt is not well covered by operating cash flow (11%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.9x coverage).
X
Financial health checks
We assess Rexel's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Rexel has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Rexel's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.04%
Current annual income from Rexel dividends. Estimated to be 4.71% next year.
If you bought €2,000 of Rexel shares you are expected to receive €81 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Rexel's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.56%).
  • Rexel's dividend is below the markets top 25% of dividend payers in France (4.43%).
Upcoming dividend payment

Purchase Rexel before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:RXL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
Europe Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 62 Stocks 2.6%
France Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3%
France Minimum Threshold Dividend Yield 10th Percentile 0.9%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:RXL Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.56 10.00
2020-12-31 0.52 15.00
2019-12-31 0.48 15.00
ENXTPA:RXL Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-05-23 0.440 4.310
2018-04-05 0.420 3.655
2017-02-13 0.400 2.722
2016-05-25 0.400 2.919
2015-03-26 0.750 5.787
2014-03-13 0.750 4.711
2013-03-25 0.750 4.131
2012-07-27 0.650 4.154
2012-03-01 0.650 4.423
2012-02-10 0.650 3.982
2011-05-19 0.400 2.945
2010-01-15 0.000 0.000
2009-11-12 0.000 0.000
2009-10-30 0.000 0.000
2009-07-31 0.000 0.000
2009-05-14 0.000 0.000
2009-04-30 0.000 0.000
2009-02-12 0.000 0.000
2008-12-31 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Rexel has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Rexel only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Rexel's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Rexel's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Rexel afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Rexel has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Rexel's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Patrick Berard
COMPENSATION €2,486,022
AGE 65
TENURE AS CEO 2.9 years
CEO Bio

Mr. Patrick Berard has been the Chief Executive Officer of Rexel SA since July 1, 2016 and served as its Europe General Manager since November 8, 2016 until 2019. Mr. Berard serves as Europe Chief Executive Officer at Rexel S.A. since 2019. Mr. Berard served as Senior Vice President of Europe at Rexel SA since August 5, 2015 until July 1, 2016. He served as Senior Vice-President of Southern, Central and Eastern Europe at Rexel SA since July 2015 until August 5, 2015. He served as Senior Vice President of Rexel Europe at Rexel SA since July 1, 2015. He served as Senior Vice President of Southern, Central & Eastern Europe at Rexel SA. from October 1, 2014 to July 1, 2015. He served as Senior Vice President of Southern Europe at Rexel SA since 2007. He served as Senior Vice President of France at Rexel SA and also served as its Chief Executive Officer of France. He is Director of Rexel Sverige AB (Sweden – unlisted company). He is Director of Rexel North America Inc. (Canada – unlisted company). He is Chairman of the Board of Directors of Rexel USA Inc. (United States – unlisted company). He is Chairman of the Board of Directors of Rexel Italia S.p.A (Italy – unlisted company). He was President of Rexel France (France – unlisted company). He was President of Dismo France (France – unlisted company). He was President of Sofinther (France – unlisted company). He was Director of Rexel Belgium SA (Belgium – unlisted company). He was Director of Electro-Industrie en Acoustiek NV (Belgium – unlisted company). He was Director of Rexel Luxembourg SA (Luxembourg – unlisted company). He was Director of Elektroskansdia Norge AS (Norway – unlisted company). He was Director of Elektroskansdia Norway Holdings AS (Norway – unlisted company). He was Director of Rexel Finland Oy (Finland – unlisted company). He was Director of Rexel UK limited (United Kingdom – unlisted company). He was Director of Rexel Holding Benelux BV (the Netherlands – unlisted company). He was Chairman of the Board of Directors of ABM Rexel (Spain – unlisted company). He was Director of Moel AB (Sweden – unlisted company). He served as the Chairman, Chief Executive Officer and President of Pinault Bois et Matériaux S.A. He has been a Director of Rexel S.A., since May 23, 2017. In 2003, he joined Rexel as Chief Executive Officer of Rexel France. In 2007, he also became Manager of the southern Europe area (France, Italy, Spain, Portugal), then, in 2013, of Belgium and Luxembourg, prior to being appointed Chief Executive Officer Europe in 2015. His career started in 1978 with the Pulp and Paper Research Institute of Canada. From 1980 to 1987, Mr. Berard was a consultant with McKinsey, then Manager of Planning and Strategy of the Industry and Engineering Division of Thomson. From 1988 to 1999, he occupied various duties with Polychrome, including those of Chief Executive Officer Europe and Vice President of the Group. He served as Operations Manager of Antalis (Groupe Arjo Wiggins) from 1999 to 2002, prior to being appointed, in 2002 as Chairman and Chief Executive Officer of Pinault Bois & Matériaux, a company of the Kering group (formerly PPR Group). Mr. Berard holds PhD in Economics from the University of Grenoble.

CEO Compensation
  • Patrick's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Patrick's remuneration is higher than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Rexel management team in years:

2.7
Average Tenure
59.5
Average Age
  • The tenure for the Rexel management team is about average.
Management Team

Patrick Berard

TITLE
CEO, CEO of Europe & Director
COMPENSATION
€2M
AGE
65
TENURE
2.9 yrs

Laurent Delabarre

TITLE
Group Chief Financial Officer
AGE
52
TENURE
2.1 yrs

Ludovic Debailleux

TITLE
Investors Relations Director

Frank Waldmann

TITLE
Group Human Resources Director
TENURE
2.6 yrs

Dominique Cateau

TITLE
Senior Vice President of Southern and Western Europe

John Hanna

TITLE
Senior Vice President - Canada
AGE
75

Roger Little

TITLE
CEO of Rexel Canada
TENURE
5.3 yrs

Éric Gauthier

TITLE
Chief Executive Officer of Asia-Pacific
TENURE
2.8 yrs

Nathalie Wright

TITLE
Group Digital & IT Transformation Director and CEO Nordics
AGE
54

Pierre Benoît

TITLE
CEO of UK/Ireland-Benelux
TENURE
0.2 yrs
Board of Directors Tenure

Average tenure and age of the Rexel board of directors in years:

3
Average Tenure
61.5
Average Age
  • The average tenure for the Rexel board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ian Meakins

TITLE
Independent Non-Executive Chairman of the Board
COMPENSATION
€500K
AGE
61
TENURE
2.7 yrs

Patrick Berard

TITLE
CEO, CEO of Europe & Director
COMPENSATION
€2M
AGE
65
TENURE
2.1 yrs

François Henrot

TITLE
Deputy Chairman & Senior Independent Director
COMPENSATION
€140K
AGE
69
TENURE
5.1 yrs

Herna Verhagen

TITLE
Independent Director
COMPENSATION
€95K
AGE
52
TENURE
5.1 yrs

Agnès Touraine

TITLE
Independent Director
COMPENSATION
€90K
AGE
63
TENURE
2.3 yrs

François Auque

TITLE
Director
COMPENSATION
€13K
AGE
61
TENURE
0.1 yrs

Thomas Farrell

TITLE
Independent Director
COMPENSATION
€95K
AGE
62
TENURE
5.1 yrs

Maria Del Richter

TITLE
Independent Director
COMPENSATION
€98K
AGE
64
TENURE
5.1 yrs

Elen Phillips

TITLE
Independent Director
COMPENSATION
€95K
AGE
58
TENURE
3.3 yrs

Marcus Alexanderson

TITLE
Director
COMPENSATION
€80K
AGE
42
TENURE
2.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Rexel's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Rexel has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Rexel S.A.'s (EPA:RXL) Earnings Grew 43%, Did It Beat Long-Term Trend?

Let's see whether it is solely owing to an industry uplift, or if Rexel has seen some company-specific growth. … There could be factors that are affecting the industry as a whole, thus the high industry growth rate over the same period of time. … I recommend you continue to research Rexel to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for RXL’s future growth?

Simply Wall St -

What Can We Learn From Rexel S.A.’s (EPA:RXL) Investment Returns?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Rexel: 0.087 = €582m ÷ (€10b - €3.5b) (Based on the trailing twelve months to December 2018.) Therefore, Rexel has an ROCE of 8.7%. … Rexel's Current Liabilities And Their Impact On Its ROCE Current liabilities include invoices, such as supplier payments, short-term debt, or a tax bill, that need to be paid within 12 months. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

Is Rexel S.A.'s (EPA:RXL) Balance Sheet A Threat To Its Future?

See our latest analysis for Rexel RXL’s Debt (And Cash Flows) RXL's debt level has been constant at around €2.6b over the previous year including long-term debt. … At this current level of debt, RXL's cash and short-term investments stands at €545m , ready to be used for running the business. … Next Steps: RXL’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

Is Rexel S.A.'s (EPA:RXL) High P/E Ratio A Problem For Investors?

The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Rexel: P/E of 20.07 = €10.01 ÷ €0.50 (Based on the trailing twelve months to December 2018.) Is A High P/E Ratio Good? … The P/E ratio indicates whether the market has higher or lower expectations of a company. … ENXTPA:RXL Price Estimation Relative to Market, May 27th 2019 Its relatively high P/E ratio indicates that Rexel shareholders think it will perform better than other companies in its industry classification.

Simply Wall St -

Do Investors Have Good Reason To Be Wary Of Rexel S.A.'s (EPA:RXL) 3.9% Dividend Yield?

ENXTPA:RXL Historical Dividend Yield, May 10th 2019 Payout ratios Companies (usually) pay dividends out of their earnings. … If a company is paying more than it earns, the dividend might have to be cut. … Dividend Growth Potential With a relatively unstable dividend, it's even more important to evaluate if earnings per share (EPS) are growing - it's not worth taking the risk on a dividend getting cut, unless you might be rewarded with larger dividends in future. It's not great to see that Rexel's have fallen at approximately 8.0% over the past five years. If earnings continue to decline, the dividend may come under pressure. Every investor should make an assessment of whether the company is taking steps to stabilise the situation. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Should You Be Concerned About Rexel S.A.'s (EPA:RXL) Historical Volatility?

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Can We See Significant Institutional Ownership On The Rexel S.A. (EPA:RXL) Share Register?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Rexel is a pretty big company. … Normally institutions would own a significant portion of a company this size.

Simply Wall St -

What Are Analysts Saying About Rexel S.A.'s (EPA:RXL) Growth?

Based on Rexel S.A.'s (EPA:RXL) earnings update in December 2018, … analyst consensus outlook appear vastly optimistic, … with a bottom line expansion of more than 100% in the upcoming year,

Simply Wall St -

Is It Time To Consider Buying Rexel S.A. (EPA:RXL)?

(EPA:RXL), which is in the trade distributors business, and is based in France,. … As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s take a look at Rexel’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

What To Know Before Buying Rexel S.A. (EPA:RXL) For Its Dividend

Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. … Does Rexel tick all the boxes of a great dividend stock? … View our latest analysis for Rexel

Simply Wall St -

Company Info

Description

Rexel S.A. distributes low and ultra-low voltage electrical products to professional customers and markets in the fields of construction, industry, and services. It offers electrical installation equipment, conduits and cables, lighting, security and communication, climate control, tools, and white and brown goods. As of February 13, 2019, the company operated a network of approximately 2,000 branches in 26 countries. It principally operates in Europe, the United States, Canada, Australia, New Zealand, India, Middle East, and China. Rexel S.A. was founded in 1967 and is headquartered in Paris, France.

Details
Name: Rexel S.A.
RXL
Exchange: ENXTPA
Founded: 1967
€3,286,911,994
301,828,466
Website: http://www.rexel.com
Address: Rexel S.A.
13 Boulevard du Fort de Vaux,
CS 60002,
Paris,
Ile-de-France, 75017,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA RXL Ordinary Shares Euronext Paris FR EUR 07. Jun 2000
OTCPK RXLS.F Ordinary Shares Pink Sheets LLC US USD 07. Jun 2000
DB E7V Ordinary Shares Deutsche Boerse AG DE EUR 07. Jun 2000
LSE 0KBZ Ordinary Shares London Stock Exchange GB EUR 07. Jun 2000
BATS-CHIXE RXLP Ordinary Shares BATS 'Chi-X Europe' GB EUR 07. Jun 2000
OTCPK RXEE.Y ADR Pink Sheets LLC US USD 11. Sep 2012
Number of employees
Current staff
Staff numbers
27,015
Rexel employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 02:39
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/02/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.