Consolidation is sweeping through European consumer electronics retail, and Currys may be the one major player left on the sidelines.Analysts at RBC Capital Markets think there is room for more deal-making in the sector. They’ve kept their “outperform” rating on Currys with a 195p price target, roughly 32% above its 148p share price on 22 October.
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Currys Profit to Remain Flat
Currys is scheduled to report results for fiscal 2024 on Thursday. Here is what you need to know.
SALES FORECAST: For the year ended April 29, revenue is expected to fall to 8.62 billion pounds ($10.93 billion) from GBP9.51 billion a year ago, according to a company-compiled consensus. On a like-for-like basis, sales are expected to drop 2%, according to consensus taken from FactSet based on five analysts’ estimates Shares over the past 12 months are up 44%, and up 50% since the start of the year, mainly boosted by a bidding war between JD.com and Elliott Advisors. However, both parties walked away without making an offer.
Frasers ups it’s stake in Currys
UK-based sportswear and fashion retailer Frasers Group has increased its stake in electricals retailer Currys.
Frasers raised its stake in the company from 10.4% to 11.1%. Financial terms of the transaction have not been disclosed.reported last week that Currys was exploring “a number of avenues” for possible partnership with Frasers.
Frasers acquires stake in Currys
Frasers Group, the retail empire founded by billionaire entrepreneur Mike Ashley, has snapped up an 8.9% stake in Currys, with the news coming a little over a week after the group acquired a substantial portion of online electricals retailer, AO World.
Frasers’ shareholding in Currys is worth around £53.5m given the firm’s market capitalisation of £601.9m.
