Ocado, the online supermarket exclusively delivering Waitrose groceries, is proposing to float on 26 July 2010. The loss making business has yet to deliver a maiden profit. So we ask the question, how can a business delivering pre-tax losses of £25.5m on revenues on £427m for the year ended November 2009, be valued between £800m - £1.2bn, equivalent to 200-275p per share?
To be honest, we are struggling to come up with an answer...
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