Currys PLC (LSE:CURY) has been quietly building a valuable asset in iD Mobile, which could deliver significant growth in the coming years.
Deutsche Bank highlights that the company invested around £50 million in working capital over the last two years to grow the mobile business.
Its analysis suggests that iD Mobile will soon start showing real benefits, potentially becoming the main driver behind Currys’ forecasted like-for-like sales growth of around 2% per year in the UK and Ireland between 2026 and 2028.
This is notable because it implies Currys does not need particularly strong market conditions to meet its revenue targets, thanks largely to iD Mobile.
The investment bank expects the new business to generate between 30% and 45% of Currys’ UK and Ireland earnings before interest and tax from 2026 to 2028, a significant rise from about 20% in 2025.
Deutsche values iD on its own at roughly £600 million, which is nearly half of Currys’ current total market value.
On top of this growth story, Currys plans to return cash to shareholders through buybacks, with £50 million, £20 million, and £35 million forecast over the next three years.
Deutsche expects these buybacks to boost earnings per share by 1% in 2026, rising to 7% by 2028, alongside a dividend yield of around 2% to 3%.
Following this outlook, Deutsche has raised its target price for Currys shares to 150p from 121p and maintains a “buy” recommendation, signalling further potential upside despite the stock’s strong performance this year.
In afternoon trading, the shares were flat at 119.5p.