UBS confirms its neutral opinion on the share and its price target of E26 after the Investor Day (CMD).

We consider Rexel's new medium-term financial targets to be positive. Clarification of the margin target of >7% will be decisive', says UBS.

The Group now expects sales growth potential of between 5 and 8%, including 2 to 3% from targeted acquisitions, an adjusted EBITA margin of over 7% and EPS growth of between 7% and 9% ('high-single digits').

These objectives will be supported by its capital allocation priorities, including an annual dividend payout representing at least 40% of recurring net income, and a share buyback program of between €50 and €150 million per year.

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