Currys – the shares of this leading retail group, now 131.70p, are on the rise again, brokers average TP is 165p

Mark Watson-Mitchell - 11.12.2025

Next Thursday morning, 18th December, Currys (LON:CURY) will be declaring its Interims results for the trading period to Saturday, 30th August.

They should show an advance across its markets, despite tricky trading conditions generally.

At the end of October, the group’s shares touched 147.20p, before easing back to 121.80p on pre-Budget fears.

They are now 131.70p and looking capable of scaling back above this year’s High, perhaps next week’s Interims will help that recovery in price.

The Business

Currys is a leading omnichannel retailer of technology products and services, operating online and through 708 stores in 6 countries.

In the UK & Ireland, it trades as Currys and in the UK it operates its own mobile virtual network, iD Mobile.

In the Nordics it trades under the Elkjøp brand.

The group is the market leader in all markets, able to serve all households and employing more than 24,000 people.

The group's operations include one of Europe's largest technology repair facilities, a sourcing office in Hong Kong, together with an extensive distribution network, centred on Newark in the UK and at Jönköping in Sweden, enabling fast and efficient delivery to stores and homes.

Latest Trading Update

On Thursday, 4th September, the group announced a new Share BuyBack programme together with a Trading Update for the 17 weeks to 30th August.

It reported a strong start to the year.

The group’s UK & Ireland like-for-like revenue increased by 3%, while the Nordics like-for-like revenue grew by 2%.

It noted that credit adoption had increased by 1.9% to 23.3%.

The iD Mobile side reached over 2.3m subscribers, which was a 22% year-over-year increase.

The actuarial pension deficit reduced to £134m by end-March this year.

Confidently, the group announced the start of a new £50m share buyback programme, which alongside the previously announced cash dividend of approximately £25m, total some £75m of cash returns to shareholders this year.

Furthermore, the company declared that it expects that its year-end net cash will total at least £100m post pension contributions and capital returns.

Management Comment

At the time of the Trading Update CEO Alex Baldock stated that:

"It's been a good start to the year, with encouraging performance across the Group.

In the UK&I we're pleased with the trajectory in our growth areas of new categories, B2B and the Services that are so valuable to customers and to Currys.

Credit was notably strong, and iD Mobile is on track to beat the 2.5m subscriber target we set for this year.

Our Nordics recovery continues to pick up pace.

We continue to grow, improve margins and control costs well. We're confident that profit margins will step forward again this year.

We're working to deliver an ever-improving experience for colleagues, for customers and for shareholders, as reintroducing the dividend and now starting share buybacks shows.

We're on a good track at Currys, with growing momentum.

We're determined to keep it up, and believe we can."

The Equity

There are some 1,133m shares in issue.

The larger holders include RWC Asset Management (13.23%), Wishbone Management (5.13%), Artemis Investment Management (5.07%), Schroder Investment Management (4.73%), Ruffer (4.71%), Cobas Asset Management (4.54%), Liontrust Portfolio Management (3.99%), The Vanguard Group (3.89%), Goldman Sachs Private Banking (3.67%) and UBS Asset Management (2.99%).

Broker’s Views

There are eight firms following this group, the consensus average Target Price is 165p, with the Lowest being 145p, and the Highest at 200p a share.

Analysts Ben Hunt, Wayne Brown and Anubhav Malhotra, at Panmure Liberum, rate the group’s shares as a Buy, with a 180p Target Price.

Their estimates for the current year to end-April 2026 show £8,812m (£8,706m) in sales, while pre-tax profits could see an advance to £164.5m (£162.0m), taking earnings up to 11.9p (11.3p) and paying an increased dividend of 2.3p (1.5p) per share.

For 2027 they see £9,022m revenues, £181.3m profits, with 13.4p earnings and a 2.6p dividend.

Into the 2028 trading period, the analysts foresee the group reporting £9,203m of turnover, £191.8m profits, 14.5p earnings and paying a 2.8p per share dividend.

The analysts noted that the group’s Management has delivered a compelling presentation, highlighting the benefits of offering credit to customers, which helps attract more valuable, higher-margin shoppers.

Plans to grow credit-related sales to £1.5bn and increase credit adoption will underpin its ambition to expand the share of recurring revenues.

“In the meantime, FY26 has started well, with strong LfL sales, improving gross margins, and a new £50m share buyback announced.

We see further upgrade potential in the near term driven by recovery in the Nordics.”

In My View

There is a building up of positive trading catalysts together with a change in emphasis towards growth, showing, in my view, that the current valuation is undemanding.

The shares at 131.70p are sure to head higher as we progress into 2026.

I now set a new Target Price of 160p.

(Profile 10.07.23 @ 49p set a Target Price of 61p*)

(Profile 18.12.23 @ 50.05p set a Target Price range of 61p - 65p*)

(Profile 11.12.25 @ 131.70p set a TargetPrice at 160p)