Rexel slumps as H1 misses expectations, FY guidance narrowed to lower end of range
** Shares in Rexel RXL.PA fall 7% after the French electrical supplies distributor reported lower-than-expected Q2 topline figures
** The group reports Q2 organic decline of 2.4% vs -1.5% expected by analysts
** Its H1 adjusted EBITA of 574.2 million euros ($621.28 million) also misses consensus at 588 million euros
** Rexel now eyes FY same-day sales growth and margin in the lower end of the initial range of 'stable to slightly positive' and 6.3%-6.6% respectively
** "Being a distributor, Rexel has limited visibility. It lacks exposure to grid and datacenters markets where we are bullish on 2024 demand," J.P.Morgan says
** "Taking the YTD performance and valuation into account, we expect a modest underperformance today," JPM says
** The stock sits at the bottom of France's SBF 120 index .SBF120
($1 = 0.9242 euros)
Reporting by Alban Kacher
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