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Dixons carphone Fundamentals

26 Nov 2014 Dixons Carphone DC. Canaccord Genuity Buy 421.05 419.80 - 500.00 Initiates/Starts

GF - see post 16! :-)

27 Nov 2014 Dixons Carphone DC. Citigroup Buy 0.00 418.50 480.00 480.00 Reiterates

28 Nov 2014 Dixons Carphone DC. Deutsche Bank Buy 423.00 423.00 400.00 465.00 Reiterates

SP Target 465p

Zac Mir says this morning that Tiger Global my still be short of these

or may not be of course :-)

I can't see them short now , not with wheeling & dealing that's in the sector now, and they say Dixon's could have very good sale's over Christmas

Interim results 2014-15 (31 weeks to 1 Nov 2014)

A strong half year for our new company with pro forma Headline profit before tax up 30%


Highlights

• Group H1 like-for-like revenue up 5%; Q2 like-for-like up 9%, with stable gross margins in H1
• Market share gains across electrical and mobile businesses in the UK & Ireland, Nordics and Greece
• Netherlands and Germany remain challenging but action underway to review and restructure
• Group pro forma Headline PBT of £78m (2013: £60m), up 30%
• Group pro forma Headline EBIT of £100m (2013: £85m)
• Headline basic EPS from continuing operations 7.1p (2013: 3.2p)
• Statutory loss before tax from continuing operations £20m (2013: loss of £27m) after non-Headline charges of £100m, statutory basic EPS from continuing operations loss of 4.7p (2013: loss of 5.4p)
• Interim dividend of 2.5p, payable in January 2015
• Integration progressing well and now expected to deliver a minimum £80m of synergies by 2016-17, one year ahead of plan
• Disposal of Virgin Mobile France completed on 4 December 2014 with net cash proceeds of £104m

on the back of those numbers, DC should be chirpy this morning, but therefore guaranteed to dump :-)

Investec hikes Dixons Carphone price target after interims

Maiden interim results from recently merged Dixons Carphone (DC) prompted Investec analyst Alistair Davies to raise his share price target from 395p to 465p.

Davies reiterated his ‘buy’ recommendation for the electrical and phone retailer after half-year earnings before interest and tax came in at £100 million and profits before tax hit £78 million. Both were well ahead of consensus forecasts of £79 million and £58 million.

Dixons Carphone shares gained 14.5p or 3.4% to 441p.

‘[There is] no change to full-year 2015 estimates but estimates look underpinned and we upgrade full-year 2016/17 profits before tax by 2.5%/4% respectively, reflecting earlier realisation of synergy benefits,’ he said.

‘Dividend yield is c.2% but free cash-flow increases in full year 2016 estimates potentially offer scope for further shareholder returns.’

http://citywire.co.uk/money/the-expert-view-dixons-carphone-bhp-billiton-and-xaar/a790134?ref=citywire-money-latest-news-list#i=2

Put these 3 retailers in your Christmas stocking
By Harriet Mann | Thu, 18th December 2014 - 11:38
Put these 3 retailers in your Christmas stocking General retailers rely on consumers having a little bit of extra cash in their pocket, especially as the lights and the tinsel go up before Christmas. This is make-or-break time for the high street, and after a slow autumn due to warmer weather, they have a lot of catching up to do.
UBS now expects faster growth in UK households' disposable income next year, fuelled by a 50% slump in the price of oil. Although bad news for oil producers, consumers benefit from lower petrol prices and utility bills. Food is also getting cheaper and fixed rate mortgages have also fallen to record lows. That's why UBS pencils in household cash flow growth of 4.5% in 2015, versus this year's 3.6%. That must spell good news for the high street.

Of course, political risks are looming. As General Election fever takes hold, more focus will be drawn to proposals to tackle the deficit and its impact on consumer confidence. And sterling hasn't been as healthy lately, hit by delays to possible interest rate hikes. "Total reliance on lower oil prices could also be risky," says the broker. "We believe it could easily reverse."

Still, over Christmas, UBS prefers the hard-line retailers, especially given the impact of warmer weather and higher operational gearing. Their top picks include Home Retail (HOME), Dixons Carphone (DC.) and Debenhams (DEB).

Both Home Retail and DC also have robust self-help strategies to supplement the macro tailwinds. In the clothing space we think Debenhams offers a degree of resilience to the increased promotions seen elsewhere, albeit off a very low base.
However, the slow start to the period is expected weigh on both Marks and Spencer and Next (NXT), with other clothing retailers likely to struggle, too. Non-food sales at M&S (MKS) are set to fall by 4% in its third quarter and UBS has shrunk its full-year pre-tax profit forecast by £10 million, although the medium-term gross margin upside looks intact.

Next has remained aloof again with its focus on full price sales and service levels, and we think full-year 2015 should be stable. However, there could be more cautious comments and the first half full-year 2016 outlook on 30 December given tough comps, and we rein back our expectation of profit growth here by around 4%.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Dixons Carphone plc (DC.) Ordinary 0.1p

HL COMMENT (17 DECEMBER 2014)

Half year results: Targeted cost savings at the newly merged company are expected to materialise a year ahead of schedule. Management's target of a minimum £80 million of synergies by 2017-18 has now been brought forward by one year to 2016-17. The fall of Phones 4U appeared to play its part in boosting revenues (group H1 like-for-like revenue up 5%), while free warranties on products such as high-end TVs also further contributed. Economic recovery for its core UK and Irish markets also appeared to aid performance, whilst its newly separated business services division (Connected World Services) reported a doubling in pro forma revenues.
Less favourably, stores in the Netherlands and Germany are being closed, while market pressures in Spain were reported. Management noted that "Life has been tougher for our smaller European phone businesses who are strategically less able to be robust in the face of market changes and we are in the midst of restructuring and reviewing these operations."
In all, merger cost savings are being squeezed, the repositioning of its overseas operations remains ongoing, while management initiatives to improve customer satisfaction appear to be generating success. For now, with high street competition further reduced and the company remaining a potential beneficiary of the expected growth in the so called 'internet of things', analyst consensus opinion points towards a strong buy.

Read more share research from Hargreaves Lansdown

Highlights:
Group first half like-for-like revenue up 5%. Second quarter like-for-like up 9%.
Group pro forma headline or adjusted profit before tax of £78 million (2013: £60 million), up 30%. Statutory loss before tax from continuing operations £20 million (2013: loss of £27 million) after non-headline charges of £100 million.
Management now expects to deliver a minimum £80 million of cost savings by 2016-17, one year ahead of plan.
Interim dividend of 2.5 pence per share, payable in January 2015.

Negative Points:
Stores in the Netherlands and Germany are being closed. Management noted that "In the Netherlands the market proved to be much more challenging than anticipated." Pro forma headline revenue in Northern Europe in the first half was down 8%.
The group noted that "our Spanish business was negatively impacted by market pressure." Pro forma headline revenue in Southern Europe in the first half was down 15%.
Competition from the likes of Amazon will prove no less intense.
For Carphone Warehouse, concerns regarding the outlook for mobile phone sales have previously been expressed. Many consumers now possess a smartphone.

Positive Points:
Targeted cost savings at the newly merged company are expected to materialise a year ahead of schedule. Management's target of a minimum £80 million of synergies by 2017-18 has now been brought forward by one year to 2016-17.
Overall group for first half like-for-like revenues rose by 5%. Second quarter like-for-like revenues grew by 9%.
Pro forma revenue in the first half in the UK & Ireland increased by 8%. Management noted that "the business benefited from the closure of Phones 4U." The group pointed to a particularly good performance in high-end TVs, aided by a number of initiatives including free warranties.
In Spain, the company has recently started a relationship with Telefonica to distribute the products and services of Movistar in its stores for the first time.
Connected World Services (CWS), its business services division, reported separately for the first time. The business looks to leverage the company's core expertise and systems to provide solutions for other companies. Pro forma revenue of £79 million were reported (2013: £41 million) with the increase predominantly reflecting the revenue from its Samsung Experience Stores which launched in the second half of last year.
The group is disposing of non-core operations. The disposal of Virgin Mobile France completed on 4 December 2014 with net cash proceeds of £104 million.
Dixons Carphone intends to adopt a dividend policy in line with Carphone's previous dividend policy. An interim dividend of 2.5 pence per share was declared

420 looking vulnerable.

Trading statement for the 9 weeks ended 3 January 2015

Highlights

• Group pro forma Headline PBT range of £355m to £375m expected for the full year, ahead of market consensus
• Group like-for-like up 7% for the Christmas trading period
• Further market share gains across electricals and mobile in the UK & Ireland, Nordics and Greece
• Group gross margin stable

30 Jan 2015 Dixons Carphone DC. Exane BNP Paribas Outperform 428.60 424.20 510.00 520.00 Retains

this one's had a bad few days following their results, and i would have thought it was now worth a further look
lower petrol prices have certainly given immediate financial benefit to most families, and certainly those who might shop at DC

the nagging caveat of market volatility remains due to the upcoming GE and the likely hung and weak parliament thereafter

Have a look at earnings forecasts.

I took a wee gamble on it and jumped out too early.

But at least I could buy a cup of tea.

(Reducing risk.)

Disposal of The Phone House Deutschland

Q4 trading statement 2014-15

Q4 2014-15 trading statement for the 17 weeks ended 2 May 2015

PBT expected above top end of guidance; UK & Ireland Q4 like-for-like up 13%


• Group pro forma Headline PBT expected to be slightly above the top end of previously guided range of £355m to £375m

• Group Q4 like-for-like revenue up 9%, full year up 6%

• Further market share gains across electricals and mobile in the UK & Ireland, Nordics and Greece

• Group gross margins were stable in the full year

• Strong balance sheet with year-end net debt expected to be ahead of guidance of £300m

• Disposal of non-core operations in Germany and The Netherlands

Dixons Carphone signs agreement with Sprint

Dixons Carphone plc, announces that its Connected World Services (CWS) division has entered into an agreement with Sprint Corporation to open and manage a significant number of Sprint-branded stores in the US. Sprint is a leading US mobile network operator with nearly 60 million customers.

In the initial phase, Dixons Carphone will supply mobile phone retail expertise and proprietary knowledge to Sprint who will open approximately 20 retail stores. If these stores prove to be successful, the parties will progress to a second phase which will involve CWS investing equally with Sprint in a joint venture to support rollout plans of up to 500 stores.

During the second phase, Dixons Carphone will invest up to $32 million to obtain a 50% interest in the new venture, and this cash will be used by the business to fund the roll-out and operation of the stores. Dixons Carphone will also provide support across the whole of the Sprint estate as part of a wider know-how sharing arrangement.