Ocado drawing the LC line cannot have surprised the Bank of Nova Scotia, given the cost of external bond debt. High-yield issuance
Read MoreA new competitor for Ocado, with a former Ocado executive as CEO. Veloq launched in 2014 and claims to deliver 1.3m orders a
Read MoreOcado aims to avoid costly equity issuance for now and prefers high-coupon, non-dilutive debt. Today’s transaction will increase the
Read MoreThe 11% coupon on the new £300m SUN is cheaper than raising equity. Also, coming within the price talk (albeit the wide end), the sticker shock for
Read MoreLosing the head of the technology business is a blow, but Tim Steiner will be perfectly capable of stepping in in the short term. However, Steiner will want to
Read MoreAs tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.
The idea here is
Read MoreWe still maintain that the row between Ocado and M&S is a negotiating point regarding the price that M&S will eventually pay to buy
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We are puzzled by the fall in share price after the results and call. We do think that management may fill any funding gap with debt rather than equity, but that will eventually be a
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A Q4 revenue increase of 17.5% is quite an achievement. Naturally, the caveat here being that this is not what’s directly driving the
Read MoreThe issue looks to be inventory-driven rather than an IT failure, which will relieve Ocado management. Christmas is as busy as it gets for online grocery, and
Read MoreMorrisons pivoting towards online order fulfilment via store picking is a negative for Ocado but partly reflects Morrison’s need to utilise its largely
Read MoreA 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
Read MoreWhilst 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
Read MoreWe are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page.
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Strong results and increased guidance from Ocado Retail are a mild boost for Ocado Group, and the relationship with M&S has
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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
Read MoreIt’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
Read MoreThe 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
Read MoreOcado’s successful placing of £600m in debt removes the immediate maturities and is a positive for creditors. The cost of debt
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