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"Ocado receive a rumoured ongoing 4-5% of every items value that passes through the CFC"
I find that stat highly improbable, Krogers sales are approx. $120 billion pa , there is no way they will intend to pay 4/5% of that to OCDO, ie $6 bill pa. They are far more likely to use their revenue to buy OCDO than to pay such a levy,and maybe that is the best reason to hold this stock!

Value , I'm a serious investor, and of course, I have watched the Ocado reimagined video and was impressed by the tech, BUT I invest on hard analysis of the company's financial prospects (at least as well as I can !).
I find it very hard to believe that OCDO get a 4/5% cut from Kroger, and I would welcome a source. I suppose that Kroger might be saving let's say 10% of their distribution costs by using OCDO tech. and would split that with OCDO, but Kroger's distribution costs will be a fraction of their total cost of sales and that is reflected in the £66 mill revenue for IS (less than half that divisions costs)

Value
" For each order Ocado facilitates Ocado receives a fraction of the total value, thought to be 4/5%"
I assume that figure (whether accurate or not)relates to the JV with M&S, which seems plausible from the last AR which showed revenue from UK solutions and logistics as £710 mill. However, realistically that sum is constrained by the amount of stuff that can be sold by the JV partners and even accepting, let's say ,10% pa growth for the next five years, gets OCDO to a revenue stream from UK, of maybe £1bill with a potential to have 10 % drop down to the bottom line, ie £100 mill.
That's still nowhere near justifying the current MC and I hope you'll agree that it isn't the USP of OCDO.Current figures relating to International solutions imply that each CFC earns maybe £10 mill per site?
I have no knowledge of whether OCDO get a one-off payment per CFC implementation or charge an annual fee, do you know? And, whatever the payment mechanisms are, I still hold to my view that OCDO's market cap. is way ahead of its revenue stream. I am happy to treat OCDO as a Tech. company, but unlike my holdings in that area, eg AAPL, AMZN, ACN, WDAY.....they sell a small number of large items not millions of smaller ones and so progress is going to be very constrained.

Upfront declaration I do not currently hold but am an interested observer. In that capacity, I have read today's RNS and offer I hope, an unbiased view!
We all know that retail is not the reason OCDO is a £9 bill. company, that said the notable feature from today's news is that there is still no reference to profit from retail, I have no problem with the fall in basket size nor the growth of CFC's but until OCDO get to the point at which they can demonstrate profitability from what is essentially their working prototype, some in the market will have doubts.
Nevertheless, the real value here is in international solutions, revenue from which, as you will all have noted, has trebled , BUT, is still only £66mill, I would welcome some of those much better versed in the detail of OCDO's charging and rollout offering an explanation of that revenue stream and a view as to when it will have grown enough to justify the market cap .To do that the numbers for International solutions need to be in the several hundreds of millions. I may be wrong but I get from the figs that there are 13 live sites and the growth rate is about 10 per annum, to get to the 100+ IS sites which create a mega profit stream, seems at the mo. to be almost a decade away ?
Please if you can, explain to me where I am wrong, and if I have missed concrete evidence of a rapidly escalating ramp-up I am willing to learn! And equally willing to invest.

2 in 25 is 8%, no wonder your investments don't make money!!!

hardup that isn't true, the Australian migration museum estimates that 2 million current Aussies are descended from convicts out of a population of 25 million, so do the maths, amongst those not descended from convicts are my son, his wife and two grandkids!

Ahha this reply, although you will find it uncomfortable (I expect)is intended to demonstrate the simple fact that none of us knows what the future holds, though if you are as you say a fifty-year investor you should by now have recognised what I, a mere 25-year stripling have learnt which is that the only near-guaranteed form of successful investing is to buy and hold. Trying to time the market just doesn't work. if you want proof may I refer you to a post of yours on 31 march 2020 when the FTSE stood at about 5500, in which you said
" But I still feel safer in cash right now and I am sleeping much better at nights. The plain truth is that apart from this artificial market pump, there are no reasons whatever for buying shares right now! In the coming months we will hear news, all of it bad, of falling profits , mass unemployment, rising personal debt and bankruptcies. All these greedy people making tons of money out of derivatives, buying and selling securities they did not really own, will be exposed! The party is over!!"
The FTSE is even after recent falls now at 7100.I held a substantial portfolio through that period .

Ahha I'll show you my tell tale signs if you'll show me yours!
here are mine:
Rio's revenues have risen for the last five years from $40 bill to $ 63 bill
Earnings have risen from $8.7 bill to $21 bill in the same period.
They mine bauxite (for aluminium), copper and iron ore (for steel).
Here are some projections for future prices and consumption levels for those materials
https://www.kitco.com/commentaries/2022-01-17/Copper-boom-likely-to-last-for-decades-prompting-a-global-hunt-for-new-supply.html
https://www.statista.com/statistics/675857/average-prices-iron-ore-worldwide/
https://www.expertmarketresearch.com/reports/bauxite-market

As you can see demand is strong , tho' iron ore prices are predicted to fall they remain high versus the recent past.
You should be aware that RIO have just spent (or are about to spend ) almost $5bill to take control of their Mongolian copper project so are clearly confident in the future, as am I .
On one thing though we do agree, the dividend (at least in percentage terms) will undoubtedly fall from 10% as the SP continues to rise!

Amman - you should keep off the anaesthetic!

Falky for once I am sure you are right, IMV the attitude of the west to Russian oil and gas has changed and by the time it changes back(if ever) the world will be beyond oil. The practical problem is that Falklands oil is still in the ground, will take some years to flow in quantity and will always be much more expensive than Saudi oil, or even solar and wind, the costs of which will continue to fall sharply. Other alternative energy sources are being pushed as part of the "green revolution " and I can't see extensive development of Falklands oil being seen as the solution to the world s energy needs.
Just as well all your investments are imaginary!

Chilting - it's not "the Autostore board"pursuing the patent cases it's the owners who IIRC include Lee and partners and Softbank, who have enormously deep pockets and can afford to pursue the case, in the hope of a positive outcome in what they, and you, and others recognise is a potential mega-industry. The several millions they have expended on the case to date is chicken feed compared to the benefits of a positive outcome for them .
The good news is that a wholly positive outcome for them is looking increasingly unlikely and the best they can hope for is rapidly shrinking. The war is not over but they have lost a series of battles and will, IMV concede if the legal tide doesn't turn soon.
I invested here before and I regard it as one of my mistakes, even though I made a substantial profit, I had not sufficiently factored in either this legal action ,nor the fact that the OCDO price is(was?) far ahead of the potential for profit.
The latter of those two concerns still exists and I am holding off, for now, as my remaining concern, the slow speed at which OCDO are able to roll out their solution, still deters me. I may miss some, or even much, of the upside but then I've been wrong before !

To clarify, the reason why LLOY have to employ MS (or any other intermediary ) to buy the shares in a buyback is to eliminate concerns about insider trading, as well as avoiding heavy fees. In theory( !!)MS will not be aware of any RNS which might affect the SP. In practical terms, LLOY will have agreed on a fee for the exercise, which as I said recently will be, in the grand scheme of things, relatively small.MS will have for their own purposes an active trading desk, the costs of actioning LLOY's buyback will be almost invisible, being merely a bit more work for them, but not requiring additional staff, tech, etc I haven't checked but any review of the morning RNS's shows dozens of firms running buybacks, I would guess that MS are handling quite a few of them and don't break out the costs separately and certainly don't charge a fee per transaction, LLOY's business already earns them a packet!

Briall it's seven years since LLOY were at 75p and then only for a very few weeks, it's thirteen years since they held above that figure for any length of time. You must be singularly unlucky, or perhaps just not a very good investor. Maybe you should just cut your losses and put the cash into a long term multi-asset fund.
This isn't meant to insult or demean you but just maybe managing your own investments isn't a good idea.

We all have different ways of calculating our profit and loss, but when you tell yourself your current average cost is X you are misleading yourself and others.
The only rational way to treat investment is to measure your current portfolio against what it cost you to assemble, previous profits are irrelevant to the current situation. I could claim that I hold some shares at a negative cost if I calculated all the buys and sells over nearly three decades, but that would be foolish (despite it being oft-repeated here), on the basis of currently accepted accounting practise and in my case on the basis that most of it has been spent!!
Your CURRENT portfolio is worth what it's currently valued at less what it cost, no more no less.
The real value of past trades is not monetary, it is hopefully in experience gained, lessons learned.......

Investment bank fees vary from 5 % of the sums involved for complex mega- merger stuff demanding their best guys, to 2% for lower level activities related to take over bids , negotiating loans, rights issues etc etc , BUT buybacks are a very straightforward exercise conducted by relatively junior staff in the broking arm and/or a bot and will cost much less than 0.1% of the total sum involved, so maybe a million or two , no more.

Sorry, I am obviously not making myself entirely clear, Russia's financial meltdown is more likely to end the war in Ukraine in the near future than a military victory for Ukraine and/or the west. That meltdown is imminent (ie weeks at the most ), once it is clear that Russia cannot prolong the war until it occupies all of Ukraine, Western markets will recover broadly, the companies which will benefit most are those with high Beta (see some of my previous posts )including banks, builders,insurance, tech stocks...
I am not recommending, but I hold LGEN,PSN,SMDS,IAG,RR CPI... among my folio all with beta values of 1.5 +.

Two more snippets in additional research for those who want to understand the economic war going on alongside the shooting war. First see
https://www.atlanticcouncil.org/blogs/econographics/global-sanctions-dashboard-special-russia-edition/
for a view on what's happening and note this sentence
They( the Russian central bank) have responded by forcing the conversion of 80% of export revenue into rubles,(sic, it's American!) introducing soft capital controls and even missing interest payments on some debt.
The Russian central bank is trying to support the rouble, but see this chart
https://www.xe.com/currencycharts/?from=USD&to=RUB

for evidence that it isn't working!!

For those of you puzzled as to why I think all of this is important, it's 'cos as an investor I am now sitting with a significant amount of cash and am currently deploying it to companies that will recover sharply as the implications of Russia's financial meltdown become apparent.

March 16th.

Why? I hope you are all wondering, well that's the date on which Russia's next payment on its $ denominated debt is due and although the Russian government has adequate funds to pay , they are not accessible due to sanctions, so a technical default may well be called. That has immediate consequences , in the unlikely event that any entity within the "Western world " offers loans the rates will be markedly higher, furthermore it is currently unclear how much $ denominated debt is held by Russian businesses and it's likely to be a very big number, so we may well see a slow- motion car crash in the Russian economy. Russia can afford to fund the war as presumably its war costs are almost all in roubles and they can print them and even if devalued all Russians whether soldiers or civilians must accept them as payment.What will happen though is that ALL goods in Russia which have western origins, will rocket in price and rapidly shoot out of reach of all Russians(except of course the coterie around Vlad the bad). Additionally all Russian companies(maybe excepting oil and gas cos) which rely on revenue from the west will see sharp reductions and will soon not be able to pay their way, or will rely on Russian state bank rouble denominated loans to survive.
No matter how the Russian media spin it, the extreme negative consequences of the Ukraine invasion will become apparent to ALL Russians within weeks at the most, if not already clear.
If , as I expect, Ukraine succeeds in holding on for a while economics not bullets will bring the invasion to an end within weeks.
All IMV of course

On the face of it very positive (but in the present climate it's hard to know whether the market will respond positively! though futures are strongly up).One intersting line for divi devotees is this:
"Going forward, and as announced at HY21, the Board intends to adopt a formulaic approach to the dividend whereby the interim dividend grows by the same percentage as the total dividend for the prior year."
That means we know that next years interim will be 6.18 X 1.05 = 6.489 (6.49?) and by implication the final will be 13.27 X 1.05 = 13.9335 (13.9?)
If my maths is correct ,LGEN are committing to a next year divi of ~ 8.3% of the current SP

Wolf... you might want to take a look at CMOD, it's a bit of an oddity , and needs some search before investing to see if it's right for you, has been flying lately, but IMV is a good place to be at the mo.