FY18/19 results were in line with our estimates (headline PBT at £298m) but management has issued yet another profit warning. This is attributable to the weaker than expected performance in the UK&I mobile business. DC anticipates this segment to break even in two years. While we will revise our estimates and target price downwards, we reiterate our positive stance on the stock – the valuation is still attractive on both a fundamental and relative basis.
24 Jun 2019
Another profit warning; mobile business remains a problem child
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Another profit warning; mobile business remains a problem child
Currys PLC (CURY:LON) | 61.8 -0.6 (-1.6%) | Mkt Cap: 700.5m
- Published:
24 Jun 2019 -
Author:
Nishant Choudhary -
Pages:
5
FY18/19 results were in line with our estimates (headline PBT at £298m) but management has issued yet another profit warning. This is attributable to the weaker than expected performance in the UK&I mobile business. DC anticipates this segment to break even in two years. While we will revise our estimates and target price downwards, we reiterate our positive stance on the stock – the valuation is still attractive on both a fundamental and relative basis.