May 2, 2018

Ocado: on guard

Like the older gents who guard some office lobbies, Ocado looks out of shape. For years Ocado has talked up its prospects of becoming a third-party supplier of systems to other grocers who want to outsource online ordering, warehousing and delivery. As the threat from Amazon rises - the US behemoth now offers same-day deliveries in the UK, for example - nervous fruit and veg merchants are signing up with Ocado. Ocado is saying little about the profitability of this latest deal. Then add in a taxed and capitalised value for all the cash flows to be generated from the tech solutions unit, assuming a doubling of contracts ahead. It is all possible, but assumes Ocado has the ripped body few security guards possess.

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