PHILIP DORGAN | PANMURE GORDON
As growth rates slow and returns remain low, it is not appropriate to value Ocado as ‘another Amazon’. Increasingly, we believe that it will be valued relative to its multichannel competitors. This appears sensible, but it is not supportive of the current share price.
JONATHAN PRITCHARD | ORIEL SECURITIES
The negative forecast momentum continues. Our profit numbers are now so tiny that any attempt to value the shares by traditional means looks daft. A sales- based valuation is all that's left to us, but with such volatility and disappointments surrounding this number too. Sell.
CLIVE BLACK | SHORE CAPITAL
We worry about Ocado’s current performance and development plans.
Until Hatfield is a demonstrably high-performance unit from a financial perspective, we believe Ocado should abandon its customer fulfilment centre plans for Warwickshire.