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Dixons carphone Fundamentals

There is talk of Vodafone ditching Phones4U in Feb 2015 (O2 having already done so) and that is boosting the other package sellers of mobile phones.

Harry - Dixons Carphone Confirms Long Term Deal With Vodafone

Investec Buy 367.95 368.40 395.00 395.00 Reiterates

Confirmation of Promotion to the FTSE100

Q1 2014-15 Trading Statement

Group

· Merger of Dixons Retail and Carphone Warehouse completed on 7 August 2014
· Integration progressing well with stores-in-store performing ahead of plan
· Dixons Carphone plc to join the FTSE 100 on 22 September

Dixons Retail

· Strong performance in the UK and Ireland with like-for-like sales up 4%
· The Nordics delivered a solid performance, against tougher comparatives, with like-for-like sales up 1%
· Encouraging performance from Greece with like-for-like sales up 6%

Carphone Warehouse

· CPW like-for-like sales down, as anticipated, by 6% due to a particularly strong performance in the prior year (+13% like-for-like) and difficult market conditions in Spain
· Further postpay market share gains in the UK, improved postpay mix and higher ARPU
· Completion of sale of Virgin Mobile France expected prior to interim results

Exane BNP Paribas Outperform 362.50 369.00 375.00 450.00 Retains

Deutsche comment on P4U going into administration:
"This has played-out more quickly than we had expected, given that P4U had supply contracts running until February 15 with Vodafone and September 15 with EE. We believe Dixons Carphone will continue to be an important distribution channel for the mobile network operators, and it is well placed to capture Phones 4 U’s market share. This could boost outer-year profits by 10% or more.
EE has previously indicated it wants fewer, deeper relationships with third party distributors. We do not expect any change to EE and Dixons Carphone’s relationship. They already have a supply contract agreement in place, and we believe that Dixons Carphone’s c1100 points of sale (once Store Within a Store has been rolled out) represents a valuable channel to the MNOs. Earlier this year DC signed a new long term distribution agreement with Vodafone.
At this stage it is unclear whether an administrator would attempt to operate Phone 4 U's 720 stores through the profitable Christmas period. This is likely to hinge on whether it can maintain supply in the short term from the MNOs. P4U generated LTM gross profit of £330m (including 1.578m contract connections), and Carphone's market share is around 20%, so taking its natural market share could add c£65m gross profit. Even with some higher operating costs, this could add 10-15% to Mar-16 group profits. Given the close overlap in retail proposition of Carphone and P4U, it could take an over-proportional share of the business. P4U operates concessions within 160 Dixons (Curry's/PCWorld) stores, which generates around £8m/2% of Dixons Carphone's profits. Today’s news could lead to more rapid Store Within a Store conversions. It could also enable DC to deepen its relationship with Samsung, which had franchise agreements with both companies.
Our 400p TP is based on DCF (WACC 9.1%, RFR 4.5%, ERP 4.5%,TG 1.5%), while a bull case with higher synergies achieved is 440p. This bull case, as we set out in our initiation report (An electric combination, 19 August), allows for some profit growth at Carphone Warehouse UK due to higher 4G profitability, but does not include anything for changing competitive landscape. The stock trades on CY15 (ie largely pre-synergies) P/E of 15.2x versus the UK Retail Sector on 14.0x."

Dixons Carphone set to save 800 Phones 4U jobs

Dixons Carphone Strategy Update

The Company will host a strategy update for analysts and investors in Oxford, commencing at 10.00 am (UK time) today. Management will present the strategy for the Group, followed by a store tour including a new Carphone Warehouse store-within-a-store. A live webcast and a copy of the presentation will be available on the Company's corporate website, www.dixonscarphonegroup.com. No update on current trading will be provided during the presentation.


Next announcement

The Company will publish its Q2 trading and interim results on 17 December 2014.

Canaccord Genuity Buy 421.05 419.80 - 500.00 Initiates/Starts

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