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Dixons carphone Fundamentals

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.

Final Results

An excellent year with pro forma Headline profit before tax up 21%

Highlights: 13 months to 2 May 2015
• Group like-for-like revenue(3) up 6% (UK & Ireland up 8% and Nordics up 4%)
• Strong profit performance:
- Group pro forma Headline PBT(1) of £381 million (2013/14: £316 million), up 21%
- Group pro forma Headline basic EPS(1) (2) 25.5p (2013/14: 20.5p)
- Total statutory profit of £97 million (2013/14: £48 million) after Non-Headline(1) charges of £188 million (2013/14: £55 million) which include a loss from discontinued operations of £114 million (2013/14: £10 million)
• Strong balance sheet with year end pro forma net debt of £260 million(8)
• Final dividend of 6.0p (2013/14: 4.0p) proposed, taking total dividends for the year to 8.5p (2013/14: 6.0p), up 42% year-on-year
• Integration progressing well, expecting to deliver at least £80 million of synergies by 2016/17, one year ahead of plan
• Disposals of non-core operations in France, Germany, the Netherlands and Portugal


more....

Q1 2015/16 Trading statement

Highlights (Q1 2015/16, 13 weeks ended 1 August 2015)

• Group like-for-like revenues up 8%
• Continued momentum in the UK and Ireland, with like-for-like revenues up 10%
• Good performance in the Nordics with like-for-like revenues up 4%
• Flat like-for-like revenues in Southern Europe with improving trading in Spain and growth in Greece despite challenging markets
• CWS announces an agreement with Sprint Corporation to open and manage stores in the US
• Integration on track

StockMarketWire.com
Dixons Carphone saw continued strong momentum in the year to the end of April with headline profit before tax up over 17% andgroup like-for-like revenue up 5%.

Group Headline revenue was up 3% on a local currency basis but broadly flat in Sterling terms at £9,738 million (2014/15: £9,750 million). Like-for-like revenue growth was 5% reflecting strong growth in our UK & Ireland, Nordic and Greek businesses. The difference between the total revenue growth on a local currency basis and like-for-like is predominantly due to a reduction in stores in the UK during the year and a decision to reduce low-margin wholesale activity. The Group has continued to grow market share, despite operating in a highly competitive market place.

Headline EBIT was up 13% to £468 million (2014/15: £413 million) driven by the strong operating performance in the UK & Ireland and the delivery of synergy benefits related to the merger.

Headline profit before tax was £447 million (2014/15: £381 million) reflecting 17% growth from the improved EBIT and a lower interest charge year-on-year following the redemption of the bonds previously held by Dixons Retail in August 2014.

Integration of the two businesses is now largely complete with a single head office in each of the countries where Carphone and Dixons overlapped, one logistics and repair centre in the UK and 276 Carphone Warehouse SWAS now open.

A final dividend of 6.50p (2014/15: 6.00p) is proposed, taking total dividends for the year to 9.75p (2014/15: 8.50p), up 15% year-on-year.

Group chief executive Seb James said: "I am very pleased to be announcing another year of significant earnings growth, with profits before tax up more than 17%. In this momentous year we have largely completed our merger activities, driven customer satisfaction and market share to all time highs in virtually all of our markets, made our shops more interactive and exciting while becoming ever more competitive with pure-play retailers, launched a new joint venture in the US, launched a new UK mobile network, and embarked on an ambitious property plan in the UK and Ireland. We also had our biggest ever trading day on Black Friday last year.

"We are far from done, though. We have very ambitious plans this year which include making every one of the former Dixons stores one of the new 3-in-1 shops, introducing a lively and interactive new e-Commerce platform to Carphone Warehouse, opening Europe's most modern distribution centre in Sweden, introducing same-day delivery, rolling out c.150 new stores in the US with Sprint, delivering our honeyBee platform to major global clients, launching our new home services division with a mandate to become a true emergency service for customers across the UK, and continuing to drive market share, price competitiveness and customer satisfaction everywhere. It is likely to be busy.

"I am truly grateful to all of my colleagues - right across the world - for their hard work and dedication. I am also very proud to be able to say that I work alongside such a creative and dedicated group of men and women. "Finally, the nation has spoken and there has been a vote to exit the EU in due course. As you can imagine, we have been giving some thought to this. Our view is that, as the strongest player in our market and despite the volatility that is the inevitable consequence of such change, we expect to find opportunities for additional growth and further consolidate our position as the leader in the UK market."

A strong half year with Headline profit before tax up 19%*


Highlights: Interim results for the 26 weeks ended 29 October 2016*

• Group H1 like-for-like revenue(3) up 4%; Q2 like-for-like up 4%; statutory revenue for H1 up 11%
• Market share gains across all markets
• Group Headline PBT(1) of £144 million (2015/16: £121 million), up 19%
• Group Headline EBIT(1) of £153 million (2015/16: £135 million)
• Group Headline basic EPS(1) from continuing operations 10.9p (2015/16: 7.5p)
• Statutory profit before tax of £104 million (2015/16: £78 million) after non-Headline charges of £40 million (2015/16: £43 million), statutory basic EPS of 8.1p (2015/16: 4.8p)
• Interim dividend of 3.5p, payable in January 2017, an increase of 8%
• Free cash flow(8) of £65 million (2015/16: £64 million) and net debt of £285 million (2015/16: £378 million)
• CWS: Announcement of connected home partnership with SSE