reports
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 14-March-2024 / 13:23 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), set...
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 11-March-2024 / 15:07 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), set...
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 08-March-2024 / 15:33 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), set...
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 06-March-2024 / 14:50 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), set...
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 04-March-2024 / 14:50 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), set...
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 26-Feb-2024 / 13:46 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settl...
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 22-Feb-2024 / 14:06 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settl...
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 21-Feb-2024 / 14:51 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settl...
Form 8.3 - The Vanguard Group, Inc.: Currys plc
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Currys plc 20-Feb-2024 / 13:58 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settl...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Wayne Brown
LIBERUM: Currys* - FY23E PBT upgraded; balance sheet risk removed
The FY23E (y/e April) update is better than expected, with: (i) PBT guidance raised c.10% to £110m-120m; (ii) y/e net debt (excl. leases) of c.£100m vs. £100m-150m previous guidance; and (iii) news that the FCC covenant on the RCF has been renegotiated from 1.75x to 1.5x until Oct 2024, giving a total c.£120m of EBIT headroom. These positive surprises reassure that there is good downside protection to forecasts and that balance sheet risk has been removed. With the share price c.10% below early ...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Wayne Brown
LIBERUM: Currys* - Risk / reward asymmetry now even more attractive
The shares sit c.10% below March 2020 levels, when COVID first hit, despite Currys’ stronger financial position (debt has fallen >65%). The 12m fwd PER of c.7x (a 35% discount to the 10-yr average) gives no credit for any earnings upside from here. We expect FY23E to prove a profit trough and see good downside protection, noting the UK&I’s two profit upgrades since December and the limited Nordics recovery reflected in consensus. Greece and iD Mobile give optionality. We estimate their combined ...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Wayne Brown
LIBERUM: Currys* - Accelerating Nordics actions; updated guidance in l...
In continued tough markets, Currys has appointed Fredrik Tønnesen as new Nordics CEO – stepping up from COO – to accelerate the actions being implemented to help restore profit and cash generation. In the UK, strategic progress continues to deliver encouraging results. New guidance is for FY23E adj. group PBT in line with consensus of £104m. This is towards the lower end of previous guidance (£100m-£125m), but management was clear the outcome would depend on how quickly the Nordics recovers. Yea...
- Liberum Research Team
- Liberum Research Team
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