A new Chair is not the top priority for Ocado, but a former tech executive who also has experience chairing a PE-owned business would be

Whilst Ocado will find Tesco a formidable competitor, it is a lot further down the road in signing customers and delivering a product. Ocado opened its

Strong results and increased guidance from Ocado Retail are a mild boost for Ocado Group, and the relationship with M&S has

Please find our analysis updated for the latest results here.

The recent Convertible and SUN issuance has dealt with the refinance risk for Ocado in 2025. Our forecasts currently have Ocado fully funded to

Ocado’s tender for the 2026 SUNs at 93p/£ looks more attractive than 93p/£ for the 0.875% converts. This makes sense as Ocado will want to

It’s encouraging that Ocado secured the SUNs at the tight end of guidance (10.5%, priced at par) and upsized from £350m to £450m. As we mentioned

The new debt/convertible will cost around £38m more in interest, but it fills the maturity gap for the company and is positive for creditors. We are

Ocado’s successful placing of £600m in debt removes the immediate maturities and is a positive for creditors. The cost of debt

We do not see much incentive for the 2025 holders to tender much beneath par as Ocado is likely to call any stub rather than allow it to become

With the M&S JV performing better, it is unsurprising that Ocado says it is in no hurry to sell. We still expect disposal to be the end

Please find our slightly updated analysis here.

Operationally, Ocado is improving. The Retail JV is seeing growth again. The operational leverage of the Technology business is bigger than

Results were ahead of our expectations, and despite the slowdown in the CFC rollout, they are encouraging. Revenue at the M&S JV was higher than

Plans for a new customer fulfilment centre CFC) for Aeon is positive news for Ocado and somewhat offsets the decision by Sobeys not to

The recent spats between Ocado and M&S over the retail JV are predominantly about the valuation. M&S has been unhappy with the

Sobeys' decision to pause construction of its fourth Customer Fulfilment Centre (CFC) is a negative for Ocado. We still believe in the trend towards

Ocado is about to exit the FTSE100, which will prompt some selling, but it is also suffering from short selling. The ongoing valuation row with M&S over

Please find our updated model here.

Ocado is emerging from its Retail beginning to become a technological company focused on Retail Logistics; the business is still some way from being free