Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
A steady set of announcements of CFC rollout both in US and elsewhere will help keep the positivity going I think. Maybe more expansion in the Auchan portfolio could be announced. They are active in a large number of countries.
In my estimation D1 and Gladstone have the most headroom. Breakeven prices for them are D1 804p, Gladstone 909p but they won't want to get anywhere near those prices. Especially as they have profits of £20M and £11M at the moment.
Q1 results were OK from what I can see. At this rate Ocado Retail for the year will be £2538M. With International CFCs opening this year adding ~£120M and the reduction of Capital costs both in UK and overseas of ~£300M, I expect EBITDA for the Group to be ~£820M. That would suggest a Market CAP of £12.3B and an S/P ~£15
Not too bad for one year.
I have been tracking shorters for a while now.
This is the top of my list, based on short tracker reports. The total I have is 22.84% which suggests that Euroclear have more information than me. Or maybe they just assume that shorters leave completely after a given number of years.
5.27%
23/3/2023 22.84% Last Change
Lone Pine Capital LLC 0.47% 5/6/2020
AQR Capital 0.49% 7/6/2022
Whale Rock Capital Management 0.60% 8/3/2023
Coatue Management 0.30% 17/3/2020
BlackRock Institutional Trust Company 0.49% 31/1/2020
GMT Capital Corp 0.49% 6/11/2019
World Quant 0.48% 23/7/2019
Marshall Wace LLP 0.49% 8/10/2018
Parvus 0.47% 12/6/2018
Hunt Lane Capital 0% 17/5/2018
Kairos 0% 17/5/2018
UBS 0.42% 17/5/2018
My understanding is that Euroclear may be counting all the companies who have ever shorted ocado. Once they go below 0.5% they essentially get fixed at that value. As we have seen recently a few shorters have popped back above the threshold. Others may well have returned all their shares to those they borrowed them from. Although it is probably not entirely accurate, on the whole I suspect it is quite representative of the level of shorting and comparisons month on month are quite revealing.
Hope that helps Stupmy
I only use the public access
Try this link
https://my.euroclear.com/apps/en/monthly-stock-loan-data.html#month=eq:2&year=eq:2023&limit=0&search=1
and sort the data descending by Percentage. Ocado is towards the bottom of the first page.
According to Euroclear the figure at the end of February was 15.52% and given the number of increases by shorters that we can see so far this month, I would expect that to be higher when we get too see the figure for the end of March. Hopefully when the Q1 figures come out on Tuesday the improvement in sales for Q1 will start the turn around of the S/P.