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  • Access the latest forecasts, broker valuations, multiples, and video content from the city about DIXONS CARPHONE PLC
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Latest Content

Strong results once again

  • 26 Sep 16

Dixons Carphone released Q1 FY16/17 results ahead of our estimates as well as market consensus. The lfl revenue increased by 4% (vs Q4: +5%, Q3: +5%; our estimate: +2.9%) on the back of strong performance across all geographies. The UK & Ireland retail business was up 4% (vs Q4: +4%, Q3: +5%, our estimate: +3%; the adverse impact due to store refurbishment was offset by sales transferred from store closure program), largely driven by robust demand of white goods (majorly built-in appliances), TVs (mega-site and 4K TVs) and mobile phones. The strong demand of air-conditioners in Greece propelled the lfl revenue growth to +13% in Southern Europe (vs Q4: 0%, Q3: 9%; our estimate: +2%). In Nordics, the lfl revenue was up +2% (vs Q4: 9%, Q3: 3%; our estimate: +3%) on the back of positive momentum in the kitchen business (extended product ranges). The FX tailwinds (+5%; largely due to depreciation of GBP vs Euro and Norwegian Krone) pushed up the total revenue growth to +9% (vs Q4: +5%, Q3: +5%; our estimate: +1.1%). The CWS business continued strong momentum (+42% at CER vs FY 15/16: +26%, FY14/15: +67%). The roll-out of sprint stores has progressed well (currently 31 stores; 130 planned by Christmas), complemented with the ‘honeyBee’ software implementation undergoing across the stores. Also, the management signed an additional distribution agreement with TalkTalk to manage direct channels (indirect channels only previously). The company also updated about the launch of a new e-commerce platform for Carphone Warehouse and the 3-in-1 property program across the UK (completed 278 stores out of total planned 323 SWAS stores by end of FY16/17) Lastly, management has shrugged off any detectable impact of the Brexit vote on consumer behavior in the UK and is optimistic about the future performance.

Breakfast Today

  • 09 Sep 16

"Overnight markets ended mostly weaker in relatively quiet trading. The principal drivers were yesterday's decision by the ECB to leave its €1.7 trillion stimulus package unchanged and a continuing sell off of technology stocks, following Apple's launch of its rather less than inspiring iPhone 7 and Hewlett Packard Enterprise's plan to spin off and merge most of its software operations with the UK's Micro Focus international (MCRO.L). As a result, the NASDAQ took the biggest hit amongst the main US equity indices, while elsewhere energy stocks took confidence from the largest one-day gain in the benchmark Nymex contract for almost six months after the US Energy Information Administration data revealed the steepest fall in crude stockpiles since 1999. Interesting also, the Fed Funds futures appear to finally be forming a consensus regarding rate expectations, with bets now indicating the chance of a September rise has fallen to just 24%, while expectation of one in December is now put at 60%. The Hang Seng was the only winner amongst Asia's major equity markets, celebrating news that the Chinese regulator had finally confirmed it will allow domestic insurers to invest in Hong Kong-quoted shares through a trading link with Shanghai. This further opening follows last month's go-ahead for the Shenzhen-Hong Kong Stock Connect, which is due to open by the end of this year and create a second portal for foreign investors looking to access China's US$6.5tn equity market. This news was tempered on the Composite index, however, as CPI data released for August showed prices slowing for the fourth month in a row and remaining firmly below Government target. The UK this morning is expected to provide Trade Construction figures, while EU finance ministers will meet in Bratislava to discuss, amongst other things, the ECB's continuing policy inaction. The Fed's Eric Rosengren is scheduled to make a speech this afternoon which could further help traders firm expectations regarding the FOMC meeting now due in less than two weeks. Corporates due to release earning figures this morning include Comptoir Group (COM.L), Richoux Group (RIC.L) and JD Weatherspoon (JDW.L). Investors will also remain sensitive to further disclosures regarding North Korea's reported fifth nuclear test this morning and the planned meeting between Saudi, Algerian oil ministers and OPEC's general secretary. The FTSE-100 is seen modestly weaker, losing perhaps 10 points in opening trade." - Barry Gibb, Research Analyst

Strong performance in Q4; Brexit mires the near-term

  • 03 Aug 16

Dixons Carphone (DC) released Q4 and FY15 results (ending 30 April 2016) broadly in-line with our estimates. In Q4, lfl revenue increased by 5% (vs Q3 16: +5%, Q2 16: +3%), largely driven by strong growth in the UK (Q4 16: +4% vs Q3 16: +5%, Q2 16: +4%) and a sequential improvement in the Nordic region (Q4 16: 9% vs Q3 16: 3%, Q2 16: 0%; led by white goods, mobile and laptops). South Europe clocked flat growth due to a strong comparable (Q4 15: +8%) and the phase-out of the laptop promotion scheme by the Greek government in the current year. For the full year, a strong performance in the retail business and market share gains across all geographies underpinned the organic revenue growth of 5% (vs FY14: +6%; our estimate: +5.3%). In the UK, strong demand for white goods and mobile phones drove lfl revenue up by 6% (vs FY14: +8%; our estimate: +6.5%). Similarly, the Nordics clocked organic growth of 4% (vs FY14/15: +4%; our estimate: +3%) despite intensifying price competition and macro-economic challenges. In Southern Europe (FY 15/16: +4%, FY14/15: -5%; our estimate: +4%), the weak demand for TV and laptops was offset by strong purchases of white goods and tablets (especially in Greece). Furthermore, connected world services (CWS) continued the robust growth momentum (FY 15/16: +26%, FY14/15: +67%) on the back of new/renewed contracts in the support services business (EE, RBS, TalkTalk). However, fx headwinds (3% yoy; devaluation of the Euro and Norwegian Krone vs. GBP) and a negative scope effect (2% yoy) resulted in flat total headline revenue. The headline EBIT margin was in-line with our estimate of 4.8% (+60bp yoy), largely driven by operational efficiency in the UK (+90bp yoy) and merger synergies (single head office, one logistics and repair centre in the UK and the roll-out of 276 Carphone Warehouse SWAS stores). DC plans to roll-out c.150 new sprint stores across the US in FY16 (500 stores by FY18) and expects the JV to contribute $40m-$50m of annual EBIT by FY19. Additionally, the management plans to introduce a new e-Commerce platform for Carphone Warehouse, open a distribution centre in Sweden, and launch a new home services division across the UK. The management declared a final dividend of 6.50p, raising the full year total to 9.75p (+15% yoy).

Latest trading numbers and store/offering integration impressive so far

  • 02 Feb 16

Dixons Carphone released their trading update for 10 weeks ended 09 January 2016, reporting lfl growth of 5% (vs 3% in Q2 and 8% in Q1), driven by record Black Friday sales and market share gain across geographies. UK lfl revenue grew by 5% (vs 4% in Q2 and 10% in Q1) on the back of strong performance of mobile segment and Southern Europe was up 9% (vs 7% in Q2 and 0% in Q1) supported by good growth in Greece. Despite significant headwinds in Norway, the Nordics segment witnessed 3% growth (vs. 0% in Q2 and 4% in Q1). The company increased its annual PBT guidance to £440m-£450m (vs. our estimate of £395m), ahead of consensus expectations (c. £430m). Management also announced that the 3-in-1 format across the UK & Ireland will result in the closure of 134 stores (selling space of 12-13% of total) and the refitting of 93. The incremental capex towards refitting is expected to be £50m, while another c.£70m will be provisioned for property losses and asset write-offs; at net level is the closure is likely to contribute £20m to profits from FY17/18 onwards. Apart from the healthy results of the Retail business, there were a few positive developments on the CWS pipeline front. Post the successful completion of trial, the company officially announced a JV with Sprint in the US, which involves opening and managing 500 stores along with delivery of consulting services. In addition, technology platform ‘Honeybee’ will be rolled out for Apple, Sprint and T-Mobile in the US. CWS also entered into a distribution agreement with Talk Talk to support the sales and distribution of mobile, TV and broadband connectivity.


Research, Charts & Company Announcements

Research Tree offers DIXONS CARPHONE PLC research coverage from 2 professional analysts, and we have 9 reports on our platform.

Our simple but effective charting function allows for a quick scan of DIXONS CARPHONE PLC's performance over multiple time horizons.

Date Source Announcement
11/10/2016 10:28:16 London Stock Exchange Director/PDMR Shareholding
03/10/2016 14:24:51 London Stock Exchange Director/PDMR Shareholding
27/09/2016 12:30:01 London Stock Exchange Additional Listing
22/09/2016 12:22:03 London Stock Exchange Dixons Carphone - Investor and analyst visit
09/09/2016 16:00:01 London Stock Exchange Director/PDMR Shareholding
08/09/2016 14:58:25 London Stock Exchange AGM Statement
08/09/2016 07:00:07 London Stock Exchange Dixons Carphone Q1 2016/17 Trading Statement
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