Dominic Fisher of Thistledown Investment Management presented his in-depth thesis on Dixons Carphone (UK: DC) at European Investing Summit 2019.

Thesis summary:

Dixons Carphone is the largest electrical retailer in the UK, Scandinavia and Greece with sales of £10bn and a market capitalisation of £1.4bn. The business has market shares above 20% in all markets and has a significant online presence. Fundamental changes to the market in mobile phones in the United Kingdom, turnover of £2bn, have destroyed returns and consumed working capital. The company, under new management, has moved to deal with the issues and the first signs of success are visible in a working capital inflow. Success in this strategy, although expensive; the company has written off nearly £500m and expects a loss of £100m in the current year, should lead to cash generation from working capital and a company valued at over £2.7bn assuming nothing more than a return to average margins and a below-market rating.

Access Dominic’s session on Dixons Carphone at European Investing Summit 2017.

The full session is available exclusively to members of MOI Global.

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 instructor:

Dominic Fisher has been investing since 1988 working at a number of London based firms. He founded Thistledown Investment Management in 2009. He is the largest investor in the VT Thistledown Income Fund which follows a value discipline. He heads the investment committee of the Royal Hospital Chelsea, a director of Aberforth Split Level Investment Trust and Trustee of the Clinical Human Factors Group.