Dixons (LSE:DC.). The Brexit has allowed us to purchase Dixons, a leader in electronic distribution in the United Kingdom, the northern countries, and Greece, at 5 years minimums (PE 7x), while Best Buy, which is operating in exactly the same business but in the United States, is trading at close to its historical maximums (PER 13x). At a time when the shadow of disruption threatens the distribution sector, Dixons has not only shown that it can compete effective-ly with Amazon but has consistently increased its market share over the last 5 years.
From Francisco Garcia Parames' Cobas Asset Management third-quarter 2018 shareholder letter.
