olivLaw · European equity research
Rexel RXL.PA
France · Euronext Paris · ISIN FR0010451203 · Vertical: Listed companies from France
Rexel is a global distributor of electrical products and solutions that is shifting its model toward digital services and data-driven offers. Electrification and digitalisation set the direction of the strategy, and the digital share of sales has grown substantially, reaching above 28 % of group sales at the end of 2023.
At the close of 05 Nov 2026, Rexel (RXL.PA) stock was 34.39 EUR (+0.88% on the day), with market capitalisation 10.4 bn EUR, P/E 13.4 on diluted EPS of 2.57 EUR over the last 12 months, dividend yield 3.49%, beta 1.36, 52-week range 29.19–39.30 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.4
- neutral
- Bollinger (20, 2)
- 31.77 – 35.72
- in the upper half of the band · %B 0.66 · band width 11.7%
- SMA 50 / 200
- 35.04 / 36.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.34
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.2% | −0.6% | −2.5 pp | — |
| 3 months | −8.5% | −4.2% | −4.3 pp | — |
| 6 months | −8.9% | +4.3% | −13.2 pp | — |
| Year to date | +2.4% | +7.5% | −5.1 pp | — |
| 1 year | +16.6% | +9.9% | +6.7 pp | −6.8% |
| 3 years | +74.2% | +49.8% | +24.3 pp | −15.9% |
| 5 years | +95.1% | +42.8% | +52.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 6.1, median 9.1, max 9.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 12.6 bn | 14.7 bn | 18.7 bn | 19.2 bn |
| Revenue YoY | unavailable | +16.7% | +27.3% | +2.4% |
| Net income | -261.2 m | 597.2 m | 922.3 m | 774.7 m |
| Net income YoY | unavailable | unavailable | +54.4% | −16.0% |
| Diluted EPS | -0.86 | 1.96 | 3.04 | 2.57 |
| Diluted EPS YoY | unavailable | unavailable | +55.1% | −15.5% |
| net % | -2.1% | 4.1% | 4.9% | 4.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 912.7 m EUR
- Financial debt
- 2.6 bn EUR
- Net debt
- 1.7 bn EUR
- Equity
- 5.5 bn EUR
- Total assets
- 13.6 bn EUR
- Debt / equity
- 0.47x
- Current ratio
- 1.75x
- ROE
- 14.3%
- ROA
- 5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 12.6 bn | 14.7 bn | 18.7 bn | 19.2 bn | esef· 18 Mar 2024verified |
| Cost of revenue | 9.5 bn | 10.8 bn | 13.8 bn | 14.3 bn | esef· 18 Mar 2024verified |
| Gross profit | 3.1 bn | 3.9 bn | 4.9 bn | 4.9 bn | esef· 18 Mar 2024verified |
| Operating income | -3.4 m | 911.8 m | 1.3 bn | 1.2 bn | esef· 18 Mar 2024verified |
| Pre-tax income | -120.6 m | 778.4 m | 1.2 bn | 1.0 bn | esef· 18 Mar 2024verified |
| Income tax | 140.7 m | 180.8 m | 301.2 m | 274.2 m | esef· 18 Mar 2024verified |
| Net income | -261.2 m | 597.2 m | 922.3 m | 774.7 m | esef· 18 Mar 2024verified |
| Diluted EPS | -0.86 | 1.96 | 3.04 | 2.57 | esef· 18 Mar 2024verified |
| Dividend per share | 0.00 | 0.46 | 0.76 | 1.20 | esef· 18 Mar 2024verified |
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 685.4 m | 573.5 m | 895.4 m | 912.7 m | esef· 18 Mar 2024verified |
| Inventories | 1.5 bn | 2.1 bn | 2.3 bn | 2.4 bn | esef· 18 Mar 2024verified |
| Current assets | 4.6 bn | 5.6 bn | 6.7 bn | 6.7 bn | esef· 18 Mar 2024verified |
| Property, plant & equipment, net | 253.3 m | 271.9 m | 306.8 m | 354.5 m | esef· 18 Mar 2024verified |
| Goodwill | 3.2 bn | 3.4 bn | 3.5 bn | 3.7 bn | esef· 18 Mar 2024verified |
| Intangibles (excl. goodwill) | 997.5 m | 1.2 bn | 1.2 bn | 1.5 bn | esef· 18 Mar 2024verified |
| Total assets | 10.0 bn | 11.6 bn | 12.9 bn | 13.6 bn | esef· 18 Mar 2024verified |
| Long-term debt | 1.9 bn | 1.3 bn | 1.8 bn | 2.6 bn | esef· 18 Mar 2024verified |
| Current liabilities | 2.9 bn | 4.3 bn | 4.3 bn | 3.8 bn | esef· 18 Mar 2024verified |
| Total liabilities | 6.2 bn | 7.0 bn | 7.6 bn | 8.1 bn | esef· 18 Mar 2024verified |
| Equity | 3.8 bn | 4.6 bn | 5.3 bn | 5.5 bn | esef· 18 Mar 2024verified |
| Shares outstanding at year end | 303.7 m | 303.1 m | 303.4 m | 301.4 m | esef· 18 Mar 2024derived |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 706.9 m | 717.7 m | 840.1 m | 942.1 m | esef· 18 Mar 2024verified |
| Investing cash flow | 67.6 m | -542.3 m | -182.1 m | -709.3 m | esef· 18 Mar 2024verified |
| Financing cash flow | -580.2 m | -299.7 m | -286.6 m | -200.8 m | esef· 18 Mar 2024verified |
| Dividends paid | 0 | 139.6 m | 230.1 m | 362.2 m | esef· 18 Mar 2024verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 10.4 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.32 – 76.59 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E28.51 – 76.59 (Mid 44.03)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)16.32 – 22.25 (Mid 18.83)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.4% | 71 (vs peers) | 23% |
| Net margin · Quality | 4.0% | 74 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 15.0% | 100 (on a fixed band) | 18% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 13.4x | 70 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.5% | 50 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial79/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality73/100 · 2/3 factors with a value
- Returns· partial50/100 · 1/2 factors with a value
- Valuation· partial70/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
REXEL (RXL.PA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 19.2 bn EUR in 2023; YoY growth 2.4%; net margin 4.0%; ROE 14.3%.
The estimated value range is 22.41–49.42 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 31.43 EUR, the price of 34.39 EUR leaves a potential of -8.6% (value / price − 1) and a margin of safety of -9.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.4%
- Net margin: 4.0%
- Revenue CAGR 3Y: 15.0%
- Current ratio: 1.7x
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| RXL.PARexel | 10.4 bn | 13.4 | 14.3% | 4.0% | +2.4% | +5% / +55% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for RXL.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 22.47 Total return -32% · Per year -32% | 39.55 Total return 19% · Per year 19% | 59.32 Total return 77% · Per year 77% |
| 3 years | 26.66 Total return -13% · Per year -4% | 52.30 Total return 66% · Per year 18% | 85.42 Total return 166% · Per year 39% |
| 5 years | 31.62 Total return 10% · Per year 2% | 69.17 Total return 128% · Per year 18% | 123.01 Total return 294% · Per year 32% |
- Exit P/E± 13.08
- Net margin± 9.15
- Annual revenue growth± 6.83
- Annual dilution± 0.77
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Rexel is a global distributor of electrical products and solutions that is shifting its model toward digital services and data-driven offers. Electrification and digitalisation set the direction of the strategy, and the digital share of sales has grown substantially, reaching above 28 % of group sales at the end of 2023 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Cyberattacks and system failureshigh
Unavailability of systems or a cyberattack could affect sales, strategic data and reputation, and the company rates its residual exposure as high 1.
- Marketing and data skillsmedium
Difficulty moving to a customer- and data-driven marketing approach could lead to an unsuitable offer plan, with excess inventory and write-downs 1.
- Data collection and exploitationmedium
If data is not managed correctly in all countries, digital tools could become less effective, affecting service and results 1.
- Human resources and successionmedium
Recruitment difficulties, high turnover and succession planning for key posts could affect service levels and financial performance 1.
- Physical climate risksmedium
Extreme weather events could damage the group's and suppliers' facilities, raising costs along the value chain 1.
Investment thesis
What would need to be true (bull case)
- If digitalisation keeps raising the share of online sales and services, the group could strengthen its industry leadership 1.
- Rising demand for electrification and eco-efficient solutions could support volumes over the long term 1.
- A dense branch network and efficient logistics could provide an advantage that is hard for competitors to replicate 1.
What would break the thesis
What to watch
- Evolution of the digital share of sales from the 28 % level of 20232026
- Progress of IT and digital investment from the 58.7 million euro level of 20232026
- Staff turnover rate and recruitment trendsnext annual report
- Evolution of the inventory write-down provision and stock turnovernext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Rexel distributes electrical products and solutions to customers across several countries, through its network of branches, logistics centres and digital channels. The group aims to become a reference services company in the use of digital and data, with centralised coordination of initiatives developed regionally in Europe, North America and Asia-Pacific 1. As a distributor, Rexel sells to both residential and industrial customers, and its advantage rests on its dense branch network and rapid stock-based deliveries 1. With roughly 636 000 customers and about 500 000 order lines delivered daily, the model depends on logistics efficiency and assortment quality 1.
Segments
Digital sales and services
Sales through digital channels represented about 28 % of revenue in 2023, up from roughly 25 % in 2022, with a share close to 38 % in Europe 1. Digital services generated more than 5.4 billion euros in 2023, compared with nearly 4.7 billion in 2022 1.
Branches and traditional distribution
The physical branch network remained the main source of revenue in 2023 and also supports continuity of deliveries if IT systems are interrupted 1. Market structure differs widely between countries, from high residential shares to predominantly industrial customers 1.
Market context
The electrical distribution market is fragmented by country, and electrical standards and customer profiles differ from one region to another, which makes building a uniform offer plan difficult 1. Demand is supported by digitalisation, home automation, connected objects and robotisation, but these require more frequent offer updates and advanced technical skills 1. The residential and industrial mix varies strongly: in 2023 the residential segment represented about 41 % of sales in France and 7 % in North America, while the industrial segment represented about 18 % in France and 34 % in North America 1.
Trends
- Digitalisation of sales channelsmixed
A rising share of digital sales and greater use of IT systems could improve efficiency and customer satisfaction, but it also increases exposure to system failures or cyberattacks 1.
- Electrification and low-carbon solutionstailwind
Rexel aims to promote eco-efficient electrical solutions and renewable energy, which could support long-term demand if electrification continues 1.
- Shortage of skilled labourheadwind
Tight labour markets, notably in North America, China and logistics, could make it harder to recruit and retain talent and could affect service levels 1.
- Physical climate risksheadwind
Floods, wildfires and droughts could affect branches, warehouses and the supply chain if extreme events become more frequent 1.
Competitive position
Rexel operates in an electrical distribution sector with regional competition and pressure from general distributors, and its advantage rests on the density of its branch network and its logistics capacity 1. The sources provided do not detail competitor positions, so the comparative analysis remains limited to information in the annual report 1.
- Regional electrical distributors
Local players in each country compete on price, availability and service, and the intensity of competition varies across markets 1.
- General equipment distributors
These players may compete in certain product segments, especially where standard offers are easy to compare 1.
- Online sales platforms
Third-party digital channels could contest small and medium customers, which obliges the group to maintain its digital advantage 1.
- Manufacturers selling direct
Producers that distribute directly to customers could reduce the room for distributors in some product categories 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202318 Mar 2024
- Annual report 202218 Mar 2024
- Annual report 202123 Mar 2022
- Annual report 202123 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Rexel · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.