Member Info for Sangijuelas1

Apparently Revolut are allowing early investors to cash out at the 45bn valuation. Whether this would include MV not sure. They first invested in 2018.

https://thepaypers.com/fintech/news/revolut-reportedly-to-repurchase-10-of-shares-from-investors

It's included on index funds so is affected by swings in the FTSE 250 which is down 2%

From July

https://news.sky.com/story/abu-dhabi-sovereign-fund-in-talks-to-buy-100m-revolut-stake-13393926

I have previously explained some pretty relevant info that has been effectively ignored in the past. I don't know if this is because people don't understand it or what.

MV sold some of their Revolut holding at the last employee share sale. This was because they had bought a fund from SeedCamp who were one of the earliest investors and permission was granted to these earliest investors to sell, while others like MV who invested later were not allowed.

MV are very keen to sell and there are buyers with very deep pockets that like D1 and Mubadala that are desperate to buy.

MV were recently blocked from selling to Mubadala as Revolut have to give permission.

So whether this will change before IPO is for me still very much on the table.

And if this happens I would expect a significant special dividend.

Not sure why when I have raised this before it has not become a talking point as it seems pretty critical.

Nice article

Is that the same BlackRock that wouldn't invest because Ocado was not sufficiently woke e.g. no women on the board?

Fundamentals don't matter when pump and dumps are followed by poop and scoops.

See July/August 23 and 24 for how this story ends

With all due respect this article is garbage. Based primarily on the view of Clive Black, Shore Capitals supermarket analyst.

It's a strong sell and overvalued despite the statement at the bottom that it's low valuation might attract a buyer.

Can't believe people pay good money for such in depth insight.

Also Alcampo next projected CFC in Barcelona after the one in Madrid. Be interesting to see if they want to bring that forward now Bon Prey are opening one there.

Wonder if there would be scope for them both to operate from the same one?

Auchan Poland is already a customer. Hopefully exclusivity with Casino Groupe will end and they can work together in France

Ending exclusivity with Sobey's enabled them to do the deal with McKeesons. On the recent Kroger call the analyst concerns were tending towards pushing Kroger to invest in more CFCs given digital the fastest growing segment of their business. They were also worried that Ocado had drawn down the 150m credit note as they thought it signalled Ocado being annoyed with them. The CEO had to keep emphasising it was just a contractual formality previously agreed.

No doubt Ocado were willing to agree anything back in the day to win big clients. It would be no surprise if these were time limited and they can now benefit.

It's not just past arrangements that this will refer to. They are obviously in a stronger position now and can limit exclusivity to 12 months going forward.

You can see how demand from competitors in the same market is possible as they now have 2 grocery clients in Spain with CFCs.

Also interesting that the Ocado Retail part of the business is valued at £750m so with total market cap of £2.2bn the Solutions sales of £500m plus are valued very low by the market

Current analysts are specialists in grocery sales and e-commerce. Ocado business now reporting solely on their technology sales to other retailers.

A grocer will be valued at maybe 2 times sales, whereas a technology/automation company will be valued at 8-10x sales. Looks like we need the tech analysts on the case.

What will be funny is seeing Ocado analysts who are retail (supermarket) specialists attempt to understand the business now that they are no longer reporting Ocado Retail numbers and the business reporting is stripped down to selling the technology.

This could get ugly

PrimaryBid likely to go for 10% of previous valuations as business destroyed by the end of IPOs

This reference to M &S is beyond dumb on 2 points.

Ocado will be reporting on their numbers from the Solutions business selling the technology into the likes of Kroger, Coles, Sobey's and the like. Reporting on Ocado Retail has been passed over to MKS.

Even if they were reporting on Ocado Retail, MKS problems related to their own website sales of clothes and homeware. Their food products were always available through Ocado.

Selling again. Not a reliable long term partner.

I see Baillie Gifford were buying the other day and will hopefully continue