Yep, FT Alphaville’s daily whiz around the markets is back from its summer break and raring to go.
So, join a fully recharged Neil Hume and Bryce Elder at around 11.00am (BST) for an hour of lively markets chat. Topics under discussion in Monday’s show will include BHP’s bid for PotashCorp, HSBC’s move for Nedbank, possibly some RAW market info, an update on the performance of Muppet Fund Alpha and inevitably, Ocado.
And if you can’t wait until then, here’s something we dug up on our favourite internet retailer this morning via Merrrill Lynch:
Chart of the week:
Ocado’s customers Last week we initiated on Ocado with an Underperform recommendation. Though we see Ocado earning a richer margin in time, the path there isn’t fully visible. We can for instance see the group growing the top line quite strongly but, to date, customers have been disproportionately rich. For instance, 23% of Ocado’s customers have a household income of more than >£100k yet that accounts for only 2% of the population. In contrast, 24% have household income <£40k but that represents 80% of the population. Pushing the service to the masses could lower basket size and gross margins we believe.
See you at 11.00am!