Ocado still overvalued, says analyst October 14, 2010 OCADO’S stock fell another 3.5p yesterday to 123.5p, despite its announcement this week that it has begun work on its new warehouse in Warwickshire. It is now trading 46 per cent below the mid-point of its initial IPO price range. But yesterday another analyst released a note warning the stock could still have a long [...]
Ocado to build new £210m warehouse October 12, 2010 OCADO yesterday announced it will build its second warehouse in North Warwickshire at a total cost of £210m. The firm says the new distribution hub for its online grocery delivery business will be operational by 2012. Ocado says the facility, which will create up to 2,000 jobs in the area, will allow it to expand [...]
Ocado October 12, 2010 OCADO will hope the start of work on its new warehouse (or Customer Fulfilment Centre to use its irritating official title) will begin a new chapter after a torrid few months for its share price. Since its climbdown on the massively optimistic flotation price range of 200-275p (it eventually achieved just 180p), its stock has [...]
Betfair investors agree IPO range of up to £14 per share October 6, 2010 BETFAIR will announce its plan to float on the Stock Exchange today after a meeting of the company’s 700 shareholders voted in favour of an initial public offering (IPO) at a meeting last night. City A.M. understands the price range will be between £11 and £14 per share, valuing the company at between £1.16bn and [...]
Betfair founders hit jackpot with float September 21, 2010 BETFAIR yesterday announced a stock market listing that is expected to value it at up to £1.5bn, braving an IPO market that sorely bruised Ocado earlier this summer. If successful, the internet betting firm, which has seen a meteoric rise since it was launched a decade ago, would have a higher valuation than gambling stalwarts [...]
John Lewis in recovery as its profit rises September 16, 2010 JOHN Lewis warned yesterday that trading conditions were likely to get tougher as tax hikes and public spending cuts hit shoppers, even as it reported a 28 per cent rise in first-half profit. The group, owned by its 70,000 staff, said its strong first-half performance gave it confidence that both its department stores and grocery [...]
Phoenix rises from ashes to the FTSE 250 September 8, 2010 SERIAL entrepreneur Hugh?Osmond has seen his Phoenix Group life insurance consolidation vehicle promoted to the FTSE 250. Phoenix said its £1.2bn market value would make it one of the larger players in the index. In a quarterly rejig, Home Retail Group, Segro and Cable & Wireless Worldwide will drop out of Britain’s FTSE 100 later [...]
BEST OF THE BROKERS September 8, 2010 STHREE Seymour Pierce upgraded the recruiter to a “buy” from “outperform” ahead of tomorrow’s trading update, with a target price of 330p. The broker notes SThree’s peers have indicated the jobs market is improving. OCADO Shore Capital maintains a “sell” rating on the grocer, with a target selling price of 157p. The broker says Ocado’s [...]
Ocado sales surge but investors wary September 7, 2010 ONLINE retailer Ocado yesterday said its sales had surged by almost 30 per cent – but investors remained unconvinced and the announcement was greeted with a dip in its share price. The company, which recently completed a controversial flotation, hasn’t made an annual operating profit since it launched ten years ago, but hopes to go [...]
Ocado September 7, 2010 OCADO chiefs were yesterday upbeat about the company’s prospects and had seemingly justifiable reasons for optimism with an almost 30 per cent sales hike. But the figures cannot be looked at in isolation and come on the back of a torrid flotation which saw chief executive Tim Steiner and crew pitched against some analysts who [...]