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Dixons carphone Fundamentals

Good results and the share drops!!!

Liberum Capital Buy 345.15 470.00 470.00 Reiterates

Dixons Carphone cheap but 'uninspiring'

Christmas 2016/17 Trading Update

Liberum Capital Buy 329.70 470.00 470.00 Reiterates

Investec Buy 326.80 405.00 405.00 Reiterates

Director Deals - Dixons Carphone (DC.)

BFN

Sebastian James, Chief Executive Officer, sold 302,000 shares in the company on the 2nd February 2017 at a price of 315.00p. The Director now holds 606,835 shares.

3 officials sold best part of £1.7 million between them, not what you want to see if you are a holder.
2517

Wow sub 3 quid again.

Might want to visit post brexit lows again.

The CEO lost confidence in its own share.

Preliminary results for the 12 months to 29 April 2017

Dixons Carphone plc

Good results with headline profit before tax up 10%

Preliminary results for the 12 months to 29 April 2017*

• Group like-for-like revenue(3) up 4%. Statutory revenue up 9%
• Strong profit performance:
- Headline PBT(1) of £501 million (2015/16: £457 million), up 10%.

- Headline basic EPS(1) 33.8p (2015/16: 30.2p), statutory basic EPS 25.6p (2015/16: 14.0p)‌‌

- Total statutory profit before tax of £386 million (2015/16: £263 million) after non-headline(1) charges of £115 million (2015/16: £194 million).

• Free cash flows(8) of £160 million (2015/16: £202 million) and net debt(9) broadly flat year-on-year at £271 million
• Final dividend of 7.75p (2015/16: 6.50p) proposed, taking total dividends for the year to 11.25p (2015/16: 9.75p), up 15% year-on-year


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Liberum Capital Buy 299.90 430.00 430.00 Reiterates

Barclays Capital Overweight 286.65 370.00 400.00 Reiterates

Beaufort Securities Buy 286.65 - - Reiterates

HSBC Buy 286.65 410.00 410.00 Retains

More Director selling today.

Dixons Carphone plc

Trading Update
(13 weeks ended 29 July 2017)



· Continued good performance in electricals in the UK & Ireland, Nordics and Greece
· Challenging conditions in the UK mobile phone market
· Receivables revaluation, largely EU roaming legislation related, expected to be negative this year
· Recent honeybee business model changes expected to lead to lower earnings this year
· As a consequence of these combined factors management now expect to deliver Group Headline PBT for 2017/18 in the range of £360m to £440m with core trading profitability in line with last year


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From the most recent DC. Trading Update.

"Whilst this investment will cause a shortfall in profits for our phone business we do however expect overall profit in our core retail operations to be in line with last year supported by good progress in our UK & Ireland, Nordic and Greek electrical businesses."

".........management now expect to deliver Group Headline PBT for 2017/18 in the range of £360m to £440m with core trading profitability in line with last year."

The fall in the price of DC. shares looks considerably overdone. [I often wonder if the 'city' people actually read the Company reports].

Dixons Carphone Q4 2017/18 and 2018/19 Outlook

Trading Update and 2018/19 Outlook

(16 weeks ended 28 April 2018)

· Full year Group revenue up 3% year-on-year, like-for-like up 4%, maintained market leading share

o UK & Ireland full year like-for-like revenue up 2% (4Q up 1%)

o Strong growth in International; Nordics like-for-like full year revenue up 9% (4Q up 8%), Greece up 11% (4Q up 10%)

· Expect to deliver Group headline PBT for 2017/18 of approximately £382m1

o Gross margins: Challenges in UK mobile continued given market and current contractual constraints, UK electricals margin impacted in second half largely by category and channel mix

o Includes c£25m credit from acceleration of trade balances reconciliation ahead of new system launch

o Mobile debtor revaluation expected to be -£20m

o Disposal of honeybee in the period (non-headline item)

o Board intends to maintain a full year dividend at 11.25p

· Stronger cash conversion with net debt expected to improve to c£250m at 2017/18 year end

· 2018/19 Group headline PBT expected to be around £300m

o Credit of c£25m from trade balances reconciliation in 17/18 not expected to repeat

o Non-cash accounting adjustment from the first time adoption of IFRS 15 expected to be c-£8m

o Early, necessary action to correct recent underinvestment in our colleagues and customer proposition

o UK Electricals: Further contraction in our markets, some cost increases to be partially offset by margin initiatives, while maintaining our market leading price position

o UK Mobile: Market and contractual pressures partially offset by cost improvements, expected lower levels of inflation in mobile customer bills resulting in c£15m lower RPI income growth

o Continued growth in revenue and profits expected across International businesses

o Anticipate a similar level of free cashflow conversion versus the prior year


Alex Baldock, Group Chief Executive

"Eight weeks in the business have cemented my optimism about Dixons Carphone's long-term prospects. I've found exceptional strengths, and though there's plenty to fix, it's all fixable.

We're number one in each of our markets, with people and capability no competitor can match. Our opportunity lies in making the most of those strengths, which we are nowhere near doing. And we must: nobody is happy with our performance today.

We're getting on with it, through a new leadership team and structure that's promoted top talent, cleared away unnecessary layers and silos, and started to speed up decision-making. We're already giving new impetus to areas crucial to our transformation such as data and analytics, marketing, digital, services and technology.

And we're working at pace to bring clear long-term direction to the business. We will give our customers what they value while making the most of our many strengths. We will address underinvestment in important areas of the colleague and customer experience. We will sharpen our focus on the core business and on fewer, bigger initiatives. We will bring this business closer together, the better to give customers the full benefit of everything we have to offer them, and to deliver that through a truly integrated business - it is not today. We will also bring greater conviction and discipline to our execution.

Right now, with our international business in good shape, we're focusing early action on the UK. In electricals, we're focused on gross margin recovery. In mobile, we're stabilising our performance through improvements to our proposition and network agreements. In both, we'll work hard to improve our cost efficiency. We won't tolerate our current performance in mobile, or as a Group. We know we can do a lot better.

I've been struck since my first day by the commitment and know-how of so many of my colleagues, by the breadth and depth of our multichannel capability, by the sheer energy we can release here. Equally I've been struck by the strength of our market position, of our appeal to customers. There's so much more to come from Dixons Carphone, though plenty of hard work lies ahead.

I look forward to giving you more of my initial thoughts at our full year results in June, and a fuller update on our plans and progress in December."

Business Review

The International businesses had a strong end to the financial year with 4Q like-for-like revenue growth up 8% across the Nordics and 10% across Greece. Both achieved record levels of market share, extending their market leadership with an increase in operating margins.

In the UK & Ireland, 4Q like-for-like growth of 1% across electricals was delivered against a more subdued market backdrop while maintaining our market leading share. With a softer computing market, our category mix during the year shifted towards consumer electronics and white goods, and online sales saw another year of double digit growth, ahead of the market. The combination of channel and category mix effects were more pronounced in the second half of the year driving a greater adverse gross margin due partly to the costs of providing home delivery and installation services.

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Credit Suisse Neutral 184.00 280.00 190.00 Downgrades

RBC Capital Markets today reaffirms its outperform investment rating on Dixons Carphone (LON:DC.) and cut its price target to 200p (from 250p).

Activist Elliott exploring taking stake in Dixons Carphone - Sky News

Dixons Carphone plc Xmas 2018/19 Trading Statement

Good Peak performance in line with expectations

· Group like-for-like revenue up 1%

o UK & Ireland electricals like-for-like up 2%

Operational highlights:

UK electricals

· Record Peak sales across all categories driven by Gaming, Smart Tech, Small Domestic Appliances and Vision

· Stand out performance from Gaming, up 60% year-on-year

· Overall product availability up on last year

· Market share up 30bps with growth across all categories and channels

· Good Peak on credit with customer base reaching 802,000 versus 711,000 at the half year

· Online growth of 8% over the period and YTD 28% of total sales, +2ppt year-on-year



UK mobile

· Mobile like-for-like down 7% as expected, impacted by lower volumes of 24 month postpay. Two-year like-for-like was flat in Q3 and like-for-like was down 3% YTD

· Market share in traditional 24 month postpay held against market declines of 8%. Growth in the new longer than 24 month postpay segment continued, an area we do not currently serve

· iD Mobile continued its growth with the customer base surpassing 975,000 customers



International

· In the Nordics, particularly strong growth in Sweden and Denmark with good growth in Norway also achieved, more than offsetting a softer market backdrop in Finland

· Record Black Friday and Peak period with particular strong performances in Gaming, Mobile, Consumer Electronics and Major Domestic Appliances

· Nordics market share up 20bps with growth across all categories and channels

· Greece: excellent performance across all categories with particularly strong growth in Mobile, Major Domestic Appliances and Large-Screen TVs

· International online growth of 22%



Investor and analyst call

There will be a conference call for investors and analysts at 7:45am GMT (8:45am CET) this morning

Dial-in details - UK/International: +44(0) 20 3936 2999; passcode: 31 21 93

Seven-day replay - UK/International: +44(0) 20 3936 3001; passcode: 12 95 63

§ Share gains across all categories online and instore, offsetting market decline

o UK & Ireland mobile like-for-like down 7%

§ Continued decline in 24 month postpay market, down 8% in the period

§ Two-year like-for-like flat

o International like-for-like up 5%; Nordics up 3%; Greece up 19%

§ Gaining or holding share in all territories

· Stable gross margins across the Group

· 2018/19 Group headline PBT guidance of around £300m unchanged

· Good early progress on strategy implementation


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