Ocado - comment

Today’s announcement doesn’t change our thesis on Ocado, and is a small positive as it widens the potential customer base. The existing fleet of CFCs covers the debt, excluding the value of 50% of the Retail business with M&S. The end of exclusivity will allow Ocado to sell its logistics solutions to more than one retailer in each country, as trailed by the company in its H1 results. The rollout of CFCs in the industry has slowed, and we expect some clients may continue to review the size of individual CFCs, but this will entail break payments to Ocado.

https://www.ocadogroup.com/newsroom/news/exclusivity-with-international-partners