Rexel S.A. (RXL.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+38.0%

€47.66

vs €34.54 price

Levered DCF

€25.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.68

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.8×	21.77×	9.64×	6.07×	9.05×	-15×	17.43×	18.6×
P/B	1.84×	1.31×	1.35×	1.06×	1.19×	1.03×	0.85×	0.66×
P/S	0.51×	0.38×	0.39×	0.3×	0.37×	0.31×	0.26×	0.21×
EV / EBITDA	9.36×	8.39×	6.7×	4.85×	6.8×	22.47×	8.63×	6.77×
Gross margin	25.1%	24.9%	23.5%	26.0%	26.4%	24.6%	25.0%	24.6%
Operating margin	5.5%	4.4%	6.6%	7.2%	6.2%	0.5%	3.5%	3.1%
Net margin	3.0%	1.8%	4.0%	4.9%	4.1%	-2.1%	1.5%	1.1%
Current ratio	1.69×	1.47×	1.75×	1.55×	1.31×	1.59×	1.34×	1.4×
Debt / equity	0.94×	0.85×	0.76×	0.67×	0.72×	0.8×	0.83×	0.61×
Interest coverage	5.11×	3.93×	6.98×	11.02×	9.03×	0.59×	3.4×	2.82×
Dividend yield	3.6%	4.9%	4.9%	4.1%	2.6%	0.0%	3.7%	4.5%
Payout ratio	60.2%	105.3%	46.8%	24.9%	23.4%	0.0%	65.1%	84.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	6.1%	14.0%	17.5%	13.1%	-6.9%	4.8%	3.6%
Return on invested capital	6.7%	4.2%	9.1%	10.9%	8.4%	0.9%	3.7%	2.7%
Return on assets	4.1%	2.4%	5.7%	7.1%	5.2%	-2.6%	1.8%	1.5%
Free cash flow yield	6.6%	10.2%	10.5%	12.7%	11.2%	15.3%	12.0%	5.9%
Earnings yield	5.9%	4.7%	10.4%	16.5%	11.0%	-6.7%	5.7%	5.4%
Enterprise value	€14B	€11.1B	€10.7B	€8.2B	€8.1B	€6.3B	€6.6B	€4.9B
Net debt / EBITDA	2.72×	2.9×	2.04×	1.56×	2.28×	8.45×	3.92×	2.85×
Cash conversion cycle (days)	73	71	52	62	67	55	57	58