Buy Or Sell Opportunity • May 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.1% to UK£1.43. The fair value is estimated to be UK£1.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 5.1% per annum over the same time period. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to UK£1.46, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Specialty Retail industry in the United Kingdom. Total returns to shareholders of 169% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£1.70 per share. Buy Or Sell Opportunity • Apr 20
Now 21% undervalued Over the last 90 days, the stock has risen 3.6% to UK£1.30. The fair value is estimated to be UK£1.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Announcement • Mar 26
Currys plc Announces Alex Baldock to Step Down as Group Chief Executive The Board of Currys plc announced that Alex Baldock has informed it of his intention to step down after eight years as Group Chief Executive, to take a new external position. The Board will commence a formal and thorough recruitment process for Alex's successor, considering both internal and external candidates, and will provide an update in due course. During this time, Alex will remain in role, continuing to drive business performance and ensuring a smooth and orderly transition, supported by his leadership team. Announcement • Feb 25
Currys plc to Report First Half, 2029 Results on Dec 14, 2028 Currys plc announced that they will report first half, 2029 results on Dec 14, 2028 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to UK£1.48, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Specialty Retail industry in the United Kingdom. Total returns to shareholders of 133% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£1.61 per share. Reported Earnings • Dec 19
First half 2026 earnings released: EPS: UK£0.015 (vs UK£0.007 loss in 1H 2025) First half 2026 results: EPS: UK£0.015 (up from UK£0.007 loss in 1H 2025). Revenue: UK£4.23b (up 8.0% from 1H 2025). Net income: UK£16.0m (up UK£24.0m from 1H 2025). Profit margin: 0.4% (up from net loss in 1H 2025). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Dec 01
Now 21% undervalued Over the last 90 days, the stock has risen 22% to UK£1.30. The fair value is estimated to be UK£1.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Earnings per share has grown by 76%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 6.4% per annum over the same time period. Announcement • Sep 20
Currys plc Announces Board Committee Changes Currys plc announced changes to the responsibilities of Board members under UK Listing Rule 6.4.6. due to the closure of the Company's Environmental, Social and Governance ('ESG') Committee. The ESG Committee was established as a committee of the Board in 2023 and has since played a critical role in driving the establishment of the Company's ESG strategy and goals and the oversight of the embedding and delivery of this strategy across the Company's businesses. The Board has considered the progress made on the ESG strategy, and the upcoming reporting requirements for sustainability and has agreed that it is the right time to evolve the governance structure for ESG. An existing Group Sustainability Leadership Team ("GSLT") comprised of functional leaders within executive teams will manage the day-to-day oversight and delivery of ESG goals and the management of ESG risks and opportunities. The other responsibilities that have been held by the ESG Committee will now be shared between the Board and the Audit Committee as appropriate. The ESG Committee had been comprised of non-executive directors, Eileen Burbidge (Committee Chair), Magdalena Gerger and Octavia Morley. Eileen Burbidge stepped down from the Board at the conclusion of the Company's Annual General Meeting on 4 September 2025. Magdalena Gerger will now attend GSLT meetings to ensure continued independent oversight of ESG and to support the reporting of the GSLT activities to the Board. Octavia Morley will continue in her role as Senior Independent Director and Remuneration Committee Chair. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£1.29, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Specialty Retail industry in the United Kingdom. Total returns to shareholders of 96% over the past three years. Major Estimate Revision • Sep 04
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from UK£0.115 to UK£0.10 per share. Revenue forecast steady at UK£8.85b. Net income forecast to grow 4.6% next year vs 53% growth forecast for Specialty Retail industry in the United Kingdom. Consensus price target broadly unchanged at UK£1.53. Share price rose 11% to UK£1.26 over the past week. Upcoming Dividend • Aug 21
Upcoming dividend of UK£0.015 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 26 September 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (5.4%). Lower than average of industry peers (3.5%). Reported Earnings • Aug 03
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: UK£0.10 (up from UK£0.024 in FY 2024). Revenue: UK£8.71b (up 2.7% from FY 2024). Net income: UK£108.0m (up 300% from FY 2024). Profit margin: 1.2% (up from 0.3% in FY 2024). The increase in margin was driven by higher revenue. Like-for-like sales growth: 2.0% vs FY 2024 Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 21%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Jul 30
Key Executive exercised options and sold UK£773k worth of stock On the 25th of July, Alex Baldock exercised options to acquire 671k shares at no cost and sold these for an average price of UK£1.15 per share. This trade did not impact their existing holding. For the year to April 2019, Alex's total compensation was 39% salary and 61% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Alex's direct individual holding has increased from 3.27m shares to 4.02m. Company insiders have collectively sold UK£1.5m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jul 03
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: UK£0.10 (up from UK£0.024 in FY 2024). Revenue: UK£8.71b (up 2.7% from FY 2024). Net income: UK£108.0m (up 300% from FY 2024). Profit margin: 1.2% (up from 0.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 21%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jul 03
Currys plc Proposes Final Dividend for the Year Ended 3 May 2025, Payable on 26 September 2025 Currys plc's Board has proposed a final dividend of 1.5 pence per ordinary share for the year ended 3 May 2025. The final dividend is subject to shareholder approval at the company's Annual General Meeting in September 2025. The ex-dividend date is 28 August 2025, with a record date of 29 August 2025 and an intended final dividend payment date of 26 September 2025. Major Estimate Revision • May 27
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from UK£0.09 to UK£0.077 per share. Revenue forecast steady at UK£8.65b. Net income forecast to grow 81% next year vs 56% growth forecast for Specialty Retail industry in the United Kingdom. Consensus price target up from UK£1.42 to UK£1.46. Share price was steady at UK£1.26 over the past week. Major Estimate Revision • Apr 08
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from UK£0.075 to UK£0.084. Revenue forecast steady at UK£8.60b. Net income forecast to grow 89% next year vs 56% growth forecast for Specialty Retail industry in the United Kingdom. Consensus price target up from UK£1.20 to UK£1.31. Share price rose 11% to UK£0.97 over the past week. Price Target Changed • Apr 04
Price target increased by 8.7% to UK£1.30 Up from UK£1.20, the current price target is an average from 8 analysts. New target price is 30% above last closing price of UK£1.00. Stock is up 61% over the past year. The company is forecast to post earnings per share of UK£0.083 for next year compared to UK£0.024 last year. New Risk • Mar 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Mar 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to UK£0.89. The fair value is estimated to be UK£0.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Major Estimate Revision • Jan 21
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from UK£0.067 to UK£0.077. Revenue forecast steady at UK£8.58b. Net income forecast to grow 85% next year vs 25% growth forecast for Specialty Retail industry in the United Kingdom. Consensus price target broadly unchanged at UK£1.19. Share price rose 11% to UK£0.91 over the past week. Announcement • Jan 15
Currys plc Intends to Declare Final Dividend Currys plc announced that reflecting strong cash flow performance and continued business momentum, the Board intends to declare a final dividend of around 1.3 pence per share alongside full year results in July. Buy Or Sell Opportunity • Jan 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.3% to UK£0.91. The fair value is estimated to be UK£0.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Major Estimate Revision • Dec 19
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from UK£0.072 to UK£0.053 per share. Revenue forecast steady at UK£8.56b. Net income forecast to grow 13% next year vs 17% growth forecast for Specialty Retail industry in the United Kingdom. Consensus price target up from UK£1.01 to UK£1.12. Share price was steady at UK£0.93 over the past week. Price Target Changed • Dec 17
Price target increased by 9.8% to UK£1.11 Up from UK£1.01, the current price target is an average from 7 analysts. New target price is 20% above last closing price of UK£0.93. Stock is up 88% over the past year. The company is forecast to post earnings per share of UK£0.053 for next year compared to UK£0.024 last year. Reported Earnings • Dec 13
First half 2025 earnings released: UK£0.007 loss per share (vs UK£0.035 loss in 1H 2024) First half 2025 results: UK£0.007 loss per share (improved from UK£0.035 loss in 1H 2024). Revenue: UK£3.92b (down 5.8% from 1H 2024). Net loss: UK£8.00m (loss narrowed 80% from 1H 2024). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Oct 24
Currys plc to Report Q4, 2026 Results on Jul 02, 2026 Currys plc announced that they will report Q4, 2026 results on Jul 02, 2026 Announcement • Oct 23
Currys plc to Report Q2, 2026 Results on Dec 18, 2025 Currys plc announced that they will report Q2, 2026 results on Dec 18, 2025 Major Estimate Revision • Sep 10
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from UK£0.056 to UK£0.065. Revenue forecast steady at UK£8.47b. Net income forecast to grow 130% next year vs 16% growth forecast for Specialty Retail industry in the United Kingdom. Consensus price target broadly unchanged at UK£0.97. Share price fell 2.2% to UK£0.77 over the past week. Announcement • Sep 05
Currys plc Announces Sales Guidance for 2024 Currys plc announced Sales guidance for 2024. For the year, the company expects Group Like-for-like Sales of +2%. Recent Insider Transactions Derivative • Aug 04
Key Executive exercised options and sold UK£209k worth of stock On the 31st of July, Alex Baldock exercised options to acquire 259k shares at no cost and sold these for an average price of UK£0.81 per share. This trade did not impact their existing holding. For the year to April 2018, Alex's total compensation was 39% salary and 61% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, Alex has owned 2.98m shares directly. Company insiders have collectively sold UK£453k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jul 28
Full year 2024 earnings released: EPS: UK£0.024 (vs UK£0.45 loss in FY 2023) Full year 2024 results: EPS: UK£0.024 (up from UK£0.45 loss in FY 2023). Revenue: UK£8.48b (down 4.5% from FY 2023). Net income: UK£27.0m (up UK£519.0m from FY 2023). Profit margin: 0.3% (up from net loss in FY 2023). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Jun 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: UK£0.024 (vs UK£0.44 loss in FY 2023) Full year 2024 results: EPS: UK£0.024 (up from UK£0.44 loss in FY 2023). Revenue: UK£8.48b (down 11% from FY 2023). Net income: UK£27.0m (up UK£508.0m from FY 2023). Profit margin: 0.3% (up from net loss in FY 2023). Like-for-like sales growth: Down 2.0% vs FY 2023 Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 19% per year. Announcement • Jun 02
Currys plc Announces Board and Committee Changes Currys plc announced the appointment of Steve Johnson as a Non-Executive Director and a member of the Company's Audit Committee with effect 1 June 2024. Steve Johnson has been CEO of N Brown Group Plc ('N Brown') since February 2019 and Interim Executive Chair since May 2024. He joined N Brown in February 2016, was appointed as CEO of the Finance Services Operating Board in November 2017 and then as Interim CEO in September 2018. Steve joined N Brown from Shop Direct Group Limited where he was Financial Services Marketing and Product Director. Prior to that, he held various senior executive roles at Sainsbury's and Halifax. The Company also announced that, as part of an orderly succession plan, Fiona McBain, Non-Executive Director and Audit Committee Chair, will step down as a director at the Company's Annual General Meeting on 5 September 2024. Adam Walker, Non-Executive Director and a member of the Audit Committee, will succeed Fiona as the Chair of the Audit Committee on 5 September 2024. Price Target Changed • May 21
Price target increased by 8.3% to UK£0.87 Up from UK£0.80, the current price target is an average from 9 analysts. New target price is 22% above last closing price of UK£0.71. Stock is up 29% over the past year. The company is forecast to post earnings per share of UK£0.038 next year compared to a net loss per share of UK£0.44 last year. Board Change • May 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Senior Independent Director Octavia Morley was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 26
Currys plc to Report Fiscal Year 2024 Results on Jun 26, 2025 Currys plc announced that they will report fiscal year 2024 results on Jun 26, 2025 Announcement • Apr 11
Public Power Corporation S.A. (ATSE:PPC) completed the acquisition of DSGi South-East Europe A.E.V.E. from Currys plc (LSE:CURY). Public Power Corporation S.A. (ATSE:PPC) signed an agreement to acquire DSGi South-East Europe A.E.V.E. from Currys plc (LSE:CURY) for an enterprise value of €200 million on November 2, 2023. The consideration corresponds the value on a debt free, cash free basis and excluding IFRS 16 lease liabilities. Under the terms of consideration, the enterprise value of €200 million (£175 million), adjusted to include lease liabilities of €97 million (£85 million) as at 29 April 2023, implies a multiple of 6x adjusted EBITDA1 of €49 million (£43 million) and 14x adjusted EBIT[1]of €21 million (£18 million). Net cash proceeds of the disposal are expected to be approximately £156 million (€179 million) at completion, after taking into account transaction and separation costs, intercompany balances and cash in the business. The Consideration is payable in full and in cash on the date of Completion. Following the agreed terms, the Currys board of directors ("Board") believes the proposed Disposal has strong strategic rationale and represents an attractive outcome for the Company's shareholders ("Shareholders"). Following Completion, the Continuing Group intends to pursue its strategy of delivering value for all stakeholders centred around its four strategic priorities: (i) Capable & Committed Colleagues; (ii) Easy to Shop; (iii) Customers for Life; and (iv) Grow Profits. Management's objective remains to achieve at least a 3% adjusted EBIT margin with a solid balance sheet that enables healthy returns to shareholders. Following Completion, the Continuing Group will consist of the Company's UK and Ireland and Nordics business segments. Kotsovoloas has It has 95 stores, in Greece and Cyprus, of which 27 are megastores. PPC intends to finance the acquisition through own funds.
The closing of the transaction is subject to certain conditions precedent, customary for these kinds of transactions, including the approval of shareholders at the General Meeting of Currys plc and obtaining a merger clearance approval from the European Commission or the Hellenic Competition Commission, obtaining a Foreign Subsidies Regulation clearance following a filing from the Purchaser before the European Commission or an ex officio investigation by the European Commission, obtaining third party consents to the Disposal from counterparties to certain contracts to which Kotsovolos is a party. The Disposal was unanimously agreed by the Board to be in the best interests of Shareholders. The transaction is expected to take place in the first quarter of 2024. The Board expects to update Shareholders on this strategic progress when it announces the Company's interim results in December 2023. In the short term, the Board intends to use the proceeds to reduce net debt and then at the appropriate time, following peak trading, enter discussions with pension trustees regarding the potential to reduce the pension fund's accounting net deficit and required future contributions. Reducing indebtedness may also provide, at the appropriate time, the Group with greater flexibility to invest to grow the business, after which Currys will also explore the potential to return any surplus capital to Shareholders. This will initially involve using proceeds to reduce net debt, and then at the appropriate time entering into discussions with the pension trustees regarding the funding for the pension scheme. As on March 5, 2024, Hellenic Competition Commission approved the deal. As on March 8, 2024, the transaction is expected to complete in first half of April.
PricewaterhouseCoopers Business Solutions S.A. (PwC) is acting as financial advisor and Vizas - Katrinakis and Associates Law Firm as legal advisor to PPC in connection with the acquisition. Andrew Seaton and Robert Farrington of Citigroup Global Markets Limited ("Citi") is acting as sponsor and sole financial advisor to Currys on the Disposal. Natasha Good and Tom Godwin of Freshfields advised Currys.
Public Power Corporation S.A. (ATSE:PPC) completed the acquisition of DSGi South-East Europe A.E.V.E. from Currys plc (LSE:CURY) for an enterprise value of €200 million on April 10, 2024. The cash proceeds received by Currys were €179 million (£156 million) after taking into account transaction and separation costs, intercompany balances and cash in the business. On completion, it is the Board's intention to use the net cash proceeds to reduce net debt and the Group expects to finish the year in a net cash position. Announcement • Mar 13
Elliott Advisors (UK) Limited's Statement of Intention Not to Make an Offer for Currys plc Elliott Advisors (UK) Limited, acting on behalf of the funds it advises ("Elliott") confirmed that, following multiple attempts to engage with Currys plc (LSE:CURY)'s Board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it. Elliott therefore confirms it does not intend to make an offer for Currys. Announcement • Mar 07
Currys plc Announces Directorate Change Currys plc announced the appointment of Octavia Morley as a Non-Executive Director and a member of the Company's Remuneration, ESG and Nominations Committees with effect 1 April 2024. The Company also announced that Tony DeNunzio, Senior Independent Director will step down as a director on 25 April 2024 after more than eight years on the Board. Octavia will succeed Tony as the Senior Independent Director and Chair of the Remuneration Committee on 25 April 2024. Octavia is an experienced executive and non-executive board director. She has held various senior operational and strategic roles across all areas of retail at companies including Asda Stores Limited, Laura Ashley Holdings plc and Woolworths plc. Octavia was Chief Executive Officer, and then Chair, at LighterLife UK Limited. She was also Managing Director of Crew Clothing Co Limited and Chief Executive at OKA Direct Limited. Octavia is currently Chair of Banner Group Limited, a privately owned company. She is also Senior Independent Director and Remuneration Committee Chair of Crest Nicholson Holdings plc and of Marston's PLC and a Non-Executive Director at Ascensos Limited. She formerly held non-executive director roles at Card Factory plc and John Menzies PLC. Price Target Changed • Feb 20
Price target decreased by 12% to UK£0.66 Down from UK£0.75, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of UK£0.64. Stock is down 19% over the past year. The company is forecast to post earnings per share of UK£0.025 next year compared to a net loss per share of UK£0.44 last year. Announcement • Feb 19
Elliott Response to Press Speculation Elliott Advisors (UK) Limited, acting on behalf of the funds it advises ("Elliott"), notes the recent press speculation regarding its intentions in relation to Currys plc (LSE:CURY) ("Currys"). Elliott confirms that it is considering a possible cash offer for Currys. There can be no certainty that an offer will be made for Currys nor as to the terms on which any offer might be made. A further announcement will be made as and when appropriate. In accordance with Rule 2.6(a) of the Code, Elliott must, by not later than 5.00 p.m. on 16 March 2024, being 28 days following the date of this announcement, either announce a firm intention to make an offer for Currys in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Currys, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. Price Target Changed • Dec 19
Price target increased by 8.2% to UK£0.77 Up from UK£0.71, the current price target is an average from 8 analysts. New target price is 57% above last closing price of UK£0.49. Stock is down 11% over the past year. The company is forecast to post earnings per share of UK£0.04 next year compared to a net loss per share of UK£0.44 last year. Reported Earnings • Dec 16
First half 2024 earnings released: UK£0.035 loss per share (vs UK£0.51 loss in 1H 2023) First half 2024 results: UK£0.035 loss per share (improved from UK£0.51 loss in 1H 2023). Revenue: UK£4.16b (down 7.0% from 1H 2023). Net loss: UK£39.0m (loss narrowed 93% from 1H 2023). Revenue is forecast to stay flat during the next 3 years compared to a 5.5% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Nov 05
Public Power Corporation S.A. (ATSE:PPC) signed an agreement to acquire DSGi South-East Europe A.E.V.E. for an enterprise value of €200 million. Public Power Corporation S.A. (ATSE:PPC) signed an agreement to acquire DSGi South-East Europe A.E.V.E. for an enterprise value of €200 million on November 3, 2023. The consideration corresponds the value on a debt free, cash free basis and excluding IFRS 16 lease liabilities. Under the terms of consideration, the enterprise value of €200 million (£175 million), adjusted to include lease liabilities of €97 million (£85 million) as at 29 April 2023, implies a multiple of 6x adjusted EBITDA1 of €49 million (£43 million) and 14x adjusted EBIT[1]of €21 million (£18 million). Net cash proceeds of the disposal are expected to be approximately £156 million (€179 million) at completion, after taking into account transaction and separation costs, intercompany balances and cash in the business. The Consideration is payable in full and in cash on the date of Completion. Following the agreed terms, the Currys board of directors ("Board") believes the proposed Disposal has strong strategic rationale and represents an attractive outcome for the Company's shareholders ("Shareholders"). Following Completion, the Continuing Group intends to pursue its strategy of delivering value for all stakeholders centred around its four strategic priorities: (i) Capable & Committed Colleagues; (ii) Easy to Shop; (iii) Customers for Life; and (iv) Grow Profits. Management's objective remains to achieve at least a 3% adjusted EBIT margin with a solid balance sheet that enables healthy returns to shareholders. Following Completion, the Continuing Group will consist of the Company's UK and Ireland and Nordics business segments. Kotsovoloas has It has 95 stores, in Greece and Cyprus, of which 27 are megastores. PPC intends to finance the acquisition through own funds. The closing of the transaction is subject to certain conditions precedent, customary for these kinds of transactions, including the approval of shareholders at the General Meeting of Currys plc and obtaining a merger clearance approval from the European Commission or the Hellenic Competition Commission, obtaining a Foreign Subsidies Regulation clearance following a filing from the Purchaser before the European Commission or an ex officio investigation by the European Commission, obtaining third party consents to the Disposal from counterparties to certain contracts to which Kotsovolos is a party. The Disposal was unanimously agreed by the Board to be in the best interests of Shareholders. The transaction is expected to take place in the first quarter of 2024. The Board expects to update Shareholders on this strategic progress when it announces the Company's interim results in December 2023. In the short term, the Board intends to use the proceeds to reduce net debt and then at the appropriate time, following peak trading, enter discussions with pension trustees regarding the potential to reduce the pension fund's accounting net deficit and required future contributions. Reducing indebtedness may also provide, at the appropriate time, the Group with greater flexibility to invest to grow the business, after which Currys will also explore the potential to return any surplus capital to Shareholders. This will initially involve using proceeds to reduce net debt, and then at the appropriate time entering into discussions with the pension trustees regarding the funding for the pension scheme.PricewaterhouseCoopers Business Solutions S.A. (PwC) is acting as financial advisor and Vizas - Katrinakis and Associates Law Firm as legal advisor to PPC in connection with the acquisition. Andrew Seaton and Robert Farrington of Citigroup Global Markets Limited ("Citi") is acting as sponsor and sole financial advisor to Currys on the Disposal. Recent Insider Transactions • Sep 22
Key Executive recently bought UK£98k worth of stock On the 19th of September, Antonio DeNunzio bought around 200k shares on-market at roughly UK£0.49 per share. This transaction amounted to 71% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth UK£158k. This was Antonio's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Aug 24
Key Executive exercised options and sold UK£247k worth of stock On the 21st of August, Alex Baldock exercised options to acquire 508k shares at no cost and sold these for an average price of UK£0.49 per share. This trade did not impact their existing holding. For the year to April 2018, Alex's total compensation was 40% salary and 60% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2022, Alex's direct individual holding has increased from 1.74m shares to 2.11m. Company insiders have collectively sold UK£170k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Aug 07
Key Executive recently bought UK£158k worth of stock On the 3rd of August, Alex Baldock bought around 304k shares on-market at roughly UK£0.52 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Alex's only on-market trade for the last 12 months. Announcement • Jul 08
Ian Dyson completed the acquisition of unknown minority stake in Currys plc (LSE:CURY) for GBP 7.1 million. Ian Dyson acquired unknown minority stake in Currys plc (LSE:CURY) for GBP 7.1 million on July 6, 2023.
Ian Dyson completed the acquisition of unknown minority stake in Currys plc (LSE:CURY) for GBP 7.1 million on July 6, 2023. Reported Earnings • Jul 07
Full year 2023 earnings released: UK£0.44 loss per share (vs UK£0.063 profit in FY 2022) Full year 2023 results: UK£0.44 loss per share (down from UK£0.063 profit in FY 2022). Revenue: UK£9.51b (down 6.2% from FY 2022). Net loss: UK£481.0m (down UK£552.0m from profit in FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Specialty Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Jul 06
Currys plc Omits Final Dividend for 2022-2023 Currys plc announced that cognisant of the uncertain economic outlook, the Board has decided not to declare a final dividend for the 2022/2023 financial year. Announcement • Jun 03
Currys plc Announces the Appointment of Adam Walker as an Independent Non-Executive Director and A Member of the Audit and Remuneration Committees with Effect from 8 June 2023 Currys plc announced the appointment of Adam Walker as an Independent Non-Executive Director and a member of the Audit and Remuneration Committees with effect from 8 June 2023. Adam is an experienced finance executive and non-executive board director. He is currently a non-executive director and the Chair of the Audit Committee of Tritium DCFC Limited (listed on Nasdaq). Prior to that, he was a non-executive director and the Chair of the Audit Committee of Kier Group plc. His former executive roles include Executive Vice President and Chief Financial Officer of IHS Holding Limited, Chief Financial Officer of GKN plc, Group Finance Director at Informa, and Finance Director at National Express Group Plc. Recent Insider Transactions Derivative • Apr 08
Key Executive exercised options and sold UK£109k worth of stock On the 4th of April, Alex Baldock exercised options to acquire 186k shares at no cost and sold these for an average price of UK£0.59 per share. This trade did not impact their existing holding. For the year to April 2018, Alex's total compensation was 34% salary and 66% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2022, Alex's direct individual holding has increased from 1.48m shares to 1.74m. Company insiders have collectively sold UK£280k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Jan 20
Consensus forecasts updated The consensus outlook for 2023 has been updated. Expected to report loss instead of -UK£0.33 instead of UK£0.01 per share profit previously forecast. . Revenue forecast unchanged at UK£9.46b Specialty Retail industry in the United Kingdom expected to see average net income decline 22% next year. Consensus price target broadly unchanged at UK£0.72. Share price rose 3.7% to UK£0.67 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of UK£0.01 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 27 January 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 7.6%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (3.1%). 
