Brokers note - Carphone Warehouse
Credit Suisse re-iterated its Outperform recommendation on Carphone Warehouse following its interim results.
The broker says the results were strong with pre-tax profits of £75 million coming in 17% ahead of consensus. This reflects a stronger performance at both its TalkTalk and Best Buy Europe divisions.
The results indicate an improving profitability profile, according to Credit Suisse, which shows that management’s focus on cash generation is starting to come through. The demerger is also on track that will see TalkTalk and Carphone Warehouse Group being separately listed. The broker keeps its price target of 207p unchanged.
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