Currys – up over 35% in under two months, shares now 144.5p and heading higher, TP increased to 200p

Mark Watson-Mitchell - 23.10.2025

It has been interesting to note the recent strength in the share price of the £1.54bn-capitalised Currys (LON:CURY) group.

After having fallen away to 106p at the beginning of last month, the subsequent rise in price really is noteworthy – they are now up over 35% at 144.5p.

Obviously there have been repeated ‘takeover’ hints whirling around the marketplace since the group received two separate bid approaches in March last year – from Elliott Advisers and JD.com, at that stage they were trading in the 50p to 65p range.

Both bidders backed away from furthering such intentions – now they could well be regretting their lack of conviction.

It was at that time that the retail group de-geared massively following its disposal of its Greek retail side, Kotsovolos, putting some £156m cash back into its coffers.

The vigorous and sturdy defence of its independence by the group’s Directors has subsequently rewarded the group’s shareholders.

Latest Trading Update

At the beginning of September, Currys reported a strong start to the year with a trading update for the 17 weeks to end-August.

The UK and Ireland like-for-like revenue increased by 3%, while the Nordics like-for-like revenue grew by 2%.

Credit adoption increased by 190bps to 23.3%, and iD Mobile reached over 2.3m subscribers, a 22% year-over-year increase.

A new £50m share buyback programme was launched, and alongside the previously announced cash dividend of approximately £25m, cash returns to shareholders will total approximately £75m this year.

The company expects year-end net cash to total at least £100m post pension contributions and capital returns.

Management Comment

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."

Broker’s View

Analyst Adam Tomlinson, at Berenberg, while stating that the group’s Outlook is the best in a decade, retained his Buy rating on the group’s shares and increased his Target Price to 200p (175p).

Tomlinson said there are five reasons to be optimistic on Currys, the first being that ‘growth is firmly back on the agenda’ as it continues to deliver sustained revenue growth in the UK and Ireland, and the Nordics for the first time in four years.

The confidence in the Nordic recovery also continues, and services remain ‘an exciting opportunity’.

He added that the free cashflow ramp-up is ‘now a reality’.

Tomlinson said the sum-of-the-parts valuation “suggests significant upside” and further stated that:

“At the current share price, investors are getting the entire UK electricals division for free.

The combination of the above factors set the most positive outlook for the group that we have seen over the past decade.”

On Thursday, 4^th September, analysts at Panmure Liberum, rated the shares, then 109p, as a Buy, with a 180p Target Price.

In My View

On that same day, I noted about the shares that:

“Now at 107p I feel that they are ready for a gradual appreciation to trade the 120p to 130p price range within months. 

And even then, they would still look underrated! “

My view is that the shares of Currys remain an absolute bargain, especially when you look elsewhere around the market and continue to see so many

overrated valuations on debt-balance sheets.

I still consider that the shares of Currys, now at 144.5p, are an ideal constituent for most portfolios.

(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*)