Brian Brosnan of Crystal Amber Advisers presented his in-depth investment thesis on Ocado (London: OCDO) at Best Ideas 2018.

Ocado is an online grocery pioneer in. Despite many challenges since it was founded in 2000, Ocado has established a successful UK business. The company subsequently broadened its focus to offer international food retailers access to its market-leading capabilities. With Amazon’s purchase of Whole Foods, Ocado appears to be in prime position. “Amazon just declared war on every supermarket and corner store in America,” proclaimed the CEO of Instacart following the Whole Foods deal. He captured the feelings of boards across the world. Grocery is a huge market and is moving online. The company’s high investment spend is depressing profitability, but if it can capture a small share of the global market, it can generate high operating leverage from its platform, with pre-tax ROI in excess of 50%.

About the instructor:

Brian Brosnan spent several years in strategy consulting where he worked with a diverse set of global clients. Since switching into investing he has worked in event-driven, long-short and cross-asset. He joined UK small-cap activist investor Crystal Amber in 2016.

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