Ocado Group PLC

OCDO: XLON (GBR)
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Ocado Retail: Accelerated Revenue Growth Sparks Confidence

We maintain our GBX 920 per share fair value estimate for no-moat Ocado Retail after the firm's trading statement for the 13 weeks to Dec. 1, 2024 was in line with our expectations. Even with shares up following the announcement, the stock continues to trade in 5-star territory. We continue to hold our view that Ocado Retail is well-positioned to capture share as online grocery penetration increases.

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