Dominic Fisher presented his in-depth investment thesis on Dixons Carphone (London: DC) at European Investing Summit 2017.
Dixons Carphone is a retailer with sales of 10 billion pounds, deriving revenue from UK electricals, UK mobile, Nordics, Southern Europe, and services markets. Brands include CurrysPCWorld and Carphone Warehouse. Management has deep industry expertise and has in the past generated value from capital allocation. The latter has weakened following the merger of Dixons and Carphone Warehouse in 2014, as working capital has increased and the company has invested in the remodeling of stores. The founder of Carphone Warehouse, Dunstone, owns 12% of the company, giving him an incentive to maximize shareholder value, either through a combination of organic growth and return of capital to shareholders or through an outright sale of the company. The shares appear attractively valued at a forecast P/E of 7x.
About the instructor:
Dominic Fisher started Thistledown Investment Management to invest in undervalued assets with sound finances that pay a reasonable income. He has more than 25 years of investment experience, having started his career at Hambros Bank before joining Mercury Asset Management in 1992. As head of the team investing for charities he resisted the dotcom mania and the pressure to invest in a “new era”. He joined Singer and Friedlander in 2001 but left in 2002 to run his own business for three years. He then worked at OLIM, a subsidiary of Close Brothers before establishing Thistledown in 2009. Dominic is Chairman of the Officers’ Association, a charity that cares for ex-officers and head of the investment sub-committee of the Armed Forces Common Investment Fund. He is a director of Aberforth Geared Income Trust Plc. and a founder member of the Value Investors Special Interest Group of the Chartered Financial Analysts’ Institute (UK).
Members, log in below to access the full session.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
About The Author: MOI Global Editorial Team
The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people.
Who is MOI Global? In recent years, The Manual of Ideas has expanded to become more than simply “the very best investing newsletter on the planet” (Mohnish Pabrai). We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more.
Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek.
More posts by MOI Global Editorial Team