Electricals group Dixons showed off its Nordic business, Elkjøp, last week, when it hosted an analysts’ visit in Sweden.

Although brokers generally stuck to their existing recommendations, they were impressed by the strength of Dixons’ Scandinavian operation.

Panmure analyst Philip Dorgan, a buyer of Dixons’ stock, said: “The trip helped to underpin group earnings forecasts and cash generation, as the Nordic business generates over 70% of group profits.”

Arden analyst Nick Bubb is reviewing his neutral position and 12p price target for Dixons following the trip, although he remained circumspect. He said: “There are no major problems on the horizon and Scandinavia remains the jewel in Dixons’ crown.

“But Dixons has not been able to make as much of its UK market leadership…and the group has big debt and pension deficit issues.”

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