Ocado Group PLC: Ocado: Groundhog day

Research evidence excerpt

Ocado Group PLC: Ocado: Groundhog day

17 July 2026

Estimate Change

William Woods

+44 20 7676 6806

European Food Retail william.woods@bernsteinsg.com

Richard TrainorOcado Group PLC

+44 20 7762 1050

Rating richard.trainor@bernsteinsg.com

Underperform Alice Buckley

+44 20 7676 6739

Price Target alice.buckley@bernsteinsg.com

OCDO.LN 100.00 GBp Rhea Gudiwala

+44 20 7676 7293

rhea.gudiwala@bernsteinsg.com

Specialist Sales

Alix Turner

+44 20 7762 4044Ocado: Groundhog day alix.turner@bernsteinsg.com

Yesterday felt like Groundhog Day. Further delays to the CFC pipeline, further pushout Close Date 16 Jul 2026

of EPS breakeven in our model, limited progress on the development of the store-based

OCDO.LN Close Price (GBp) 159.20

automation solution (SBA), and more jam tomorrow with SBA pilots in 2027/28 and roll-

Price Target (GBp) 100.00

out into the 2030s. If you read our last results wrap, our perspective remains the same and

Upside/(Downside) (37)%

I could have almost written exactly the same front page. In fact, so much so, here it is…

52-Week Range 397.70/140.30

“Ocado faces a tricky juncture. The core CFC business is going in reverse with closures,

EDME 1,598.24

weakening partnerships and a curtailed runway for growth. There's limited traction in new

FYE Nov

deals either in grocery or non-grocery, and store-based automation solutions remain a few

Div Yield NA

years away from prime time. Whilst management are bullish on a multi-modal approach,

Market Cap (GBP) (M) 1,343

which makes sense in theory, the actual implementation & development of store based

EV (GBP) (M) 2,312

automation is challenging. Technology has improved (become lighter, cheaper, more efficient)

but there are significant operational complexities that have yet to be worked through (e.g.