Currys Share Discussion Threads

[jondev] 29/1/2015 17:31

That's great news about EE. Has been a concern since phones 4u went that EE could pull plug on car phone so feel a lot more confident holding the shares. Will probably by a few more now.

[mikepompeyfan] 29/1/2015 16:55

That's good news HMRC. Some have been wondering about the relationship recently because of the likelihood of EE being taken over.

[hmrc inspector] 29/1/2015 12:43

Dixons Carphone confirms multi-year partnership with EE.

[2000mike] 28/1/2015 01:36

fund manager david urch recommends dixons in mail on line.

[tim 3] 27/1/2015 22:59

Decent bounce to be fair.

Although certainly no bear not sure what's going to drive this higher in the next few months,ftse is near strong resistance and its quiet time for retail.

Could provide some good buying opportunity's though.

[gerdmuller] 27/1/2015 14:56

Haven't MS downgraded this and at the same time raised their target price from 325p to 340p. Maybe they just got well behind the curve on this one and are now trying to justify it.

[gregsc] 27/1/2015 12:58

Just the MM's rattling the cage, to make private investors panic and sell.
It worked too, didn't it.

[anony mous] 27/1/2015 12:21

So we know who's gone short then.Dirty tricks.This will bounce back.

[muscletrade] 27/1/2015 12:19

@mike, Pretty rubbish analysis in my view, but I am biased. He seems to ignore that changes in Europe have been beneficial as well as rationalisation of space in the uk. He ignores possible corporate action to come in Holland/Germany....

Now, if he had said we are worried about kroner/sterling valuation and Greece getting much much worse i might have taken more interest. But even these would not move the needle very much.

[mikepompeyfan] 27/1/2015 12:01

Does this not mean that "basically we are guessing and haven't a clue" !!!

'Whilst we believe that the
current Dixons Carphone investment case does not
merit the current share price, we cannot rule out further
value-creating deals transforming the investment case,
yet again, in the future'.

[muscletrade] 27/1/2015 11:57

Courtesy of FT Alphaville here is more commentary from MS.


"Whilst we anticipate strong EPS growth over the
next couple of years, we do not think Dixons
Carphone merits its current growth multiple
Not a growth business. Dixons is trading from 25%
less selling space than five years ago, Carphone from
18% fewer stores. Carphone continues to retrench in
Continental Europe, and Dixons’ footage reduction in
the UK is ongoing.


Structural pressures have not gone away. We
continue to believe that Carphone Warehouse entered
the merger primarily for defensive reasons, with the
sudden demise of Phones 4U highlighting the
pressures on independent mobile handset retailers.
Dixons, too, remains reliant on supplier support, which
could lessen as synergy benefits come through


A way to play a more challenging H2. Separately, we
have published our annual sector outlook report today.
In it we argue that UK retailers face a very favourable
trading environment in H1, but much more challenging
conditions in H2. As a highly rated, relatively liquid
stock, selling big ticket, discretionary goods, we see
Dixons Carphone as a good way to ‘play’ this theme


The usual caveat applies. Carphone management
has proved very adept at re-inventing its investment
case over the years and created significant shareholder
value through M&A activities. Whilst we believe that the
current Dixons Carphone investment case does not
merit the current share price, we cannot rule out further
value-creating deals transforming the investment case,
yet again, in the future".


Seems to me that MS have gotten this one wrong.But i would say that as I am long. But the comments on space for example is wrong.it should be considered a positive.
There are plenty of caveats in there so MS can never be wrong of course.

[muscletrade] 27/1/2015 09:35

Have not seen any changes to broker recommendations this morning(although seems they exist). Meantime the rest are pretty much all buys with targets average just a tad under 500p. Pain today though.

[tim 3] 27/1/2015 08:57

cheers mike.

They certainly seem out of favour since results.

now down nearly 5%

[mikepompeyfan] 27/1/2015 08:49

Some analyst's report apparently -

.... with analysts also hitting the shares of Royal Mail and Dixons Carphone.




Dixons Carphone Plc fell at least 2.4 percent as brokerages recommended selling the shares.

[tim 3] 27/1/2015 08:36

Any idea why the sell off this morning ?

[tim 3] 23/1/2015 22:43

Yes I know what you mean smicker.

I posted a while back not to be surprised if we see a pullback with the update.

The thing that's easy to forget is how far the shares have come the chart below shows how they have easily outperformed the ftse.

I still see them doing well BUT they are now in a place where good performance is expected so just delivering a good set of figures will probably not excite the market

And don't forget some very quiet retail months ahead.



free stock charts from uk.advfn.com

[smicker] 23/1/2015 19:00

I lightened up considerably before the results but its purely on the basis that the significant run up last year will be hard to repeat. I believe we have now moved from a recovery story to a business progressing well and we will go through a period of those looking higher, riskier growth moving on and being replaced by longer term investors. I'm expecting the share price to lag in the good times but hold up better when the market falls, we'll see.

[hmrc inspector] 23/1/2015 14:53

Nearly an 8% drop since the results on Wednesday.

[muscletrade] 21/1/2015 12:13

courtesy of FT Alphaville.

Barclays comment on todays statement.


"Another strong 3Q performance across all Dixons Carphone’s regions accompanied by a FY PBT guidance increase well above current consensus keep the positive mood going. A particularly strong UK LFL result in 3Q (+8%) comes at a stark contrast to Argos’s flattish LFLs and confirms our expectation that DC has been dominating its home market. The strength comes across a broad range of product categories but it is worth highlighting that the Carphone side of the business has been performing above the Group average. After a successful critical Christmas season we are even more confident on our longer term positive stance on the company. Dixons Carphone has in our view the most solid earnings outlook in our coverage universe. P4U's bankruptcy will likely prove significantly earnings-accretive for Dixons Carphone throughout 2015, while the acceleration of merger synergies keep us positive both in the near and the long term. We reiterate our OW recommendation and price target of 490p. Dixons Carphone is our Top Pick in 2015.

Likely move to consensus expectations? We would expect consensus to move FY PBT up by c£10m at least this morning on the back of the raised FY PBR guidance the midpoint of which is c£11m higher than company compiled consensus. We maintain our FY PBT estimate of £375m which is at the top end of FY15 PBT guidance of £355-375m.


Trends and identifiable sales drivers. Online sales have risen as a proportion in both home delivery and click-and-collect. Prepay phone sales have continued to fall, with these in the main replaced by postpay contracts. The Group has seen a return to growth in laptops but less innovation in tablets saw this category fall sharply. A key driver has been the growth in ultra-high-definition TVs as consumer’s trade into newer technologies. Finally, white goods had a very good peak trading period across the board with particularly rapid growth in online".

[muscletrade] 21/1/2015 10:29

investec have reiterated their BUY and raised target from 465 to 500p. Cantor have their reco under review so would indicate upgrade to come.

I would personally not be too phased by this mornings reaction.(there are bound to be some profit takers out there after such a good run). Make no mistake,these are good results. To increase like for likes at this level and maintain margins is no mean feat.
No great take away from the conference call. It was positive and right on message, without being all gung ho.
Only negative to keep an eye on was the devaluation of the norwegian kroner.

Holland and Germany still difficult but in the middle of being addressed. They expect Greece to be profitable soon.
On line white good "going like a train" and increasing market share.(for those worried about AO).
Not too concerned about the changes to mobile operators that are taking place.On balance network consolidation good for DC.

good luck and as always dyor.