May 6, 2020
Ocado: carrying it off
On Wednesday, Ocado said that retail sales were up by 40 per cent in the second quarter. Its UK market share has risen during the pandemic from 1.5 per cent to just 1.7 per cent. Half of its online grocery business Ocado Retail is owned by Marks and Spencer, which has a market value of £1.7bn. Ocado trades at over seven times that, at £12.3bn, based on its ability to sell its automated warehouse technology around the world to retailers in fear of Amazon and its ilk. Ocado's technology should get a 30 per cent share of that market, says Bernstein. Ocado needs to build more than 30 high-tech warehouses in the next few years.
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