Dark Forces

Today's FT reports on a recent circular by Redburn Partners' analyst Robert Miller. Miller says that: "We have long felt that two dark forces of the electricals industry - deflation and online attrition - made the off-line electricals leaders in the UK and France [DSGi and Kesa's Darty] uninvestable... there are fledgling signs that both of these dark forces may be neutralising". If Miller is correct, then this is very good news for European electricals specialists.