Dixons Carphone’s FY20/21 results were in line with our expectations. The adjusted PBT came in at £156m, led by a strong show in the UK&I electrical business. The turnaround of the mobile business remains on track. The current trading has been positive in both UK&I and international segments. We believe DC will be able to achieve the guidance of 4% EBIT margin in the forecast years. No change in the stock recommendation.
