"The real problem for the Ocado investment thesis to us is one of visibility," Black said. "For some time this lack of clarity hindered the group's stock progress. "However, since the Kroger deal announcement, the market has decided that no visibility around the sequencing of revenues, EBITDA or capital expenditure, never mind returns, is fine and the group's eventual financial delivery is something that one can take on trust...That lack of visibility, we should add, is why we have given up attempting to forecast Ocado and today's outlook statement and guidance underscores our view; watch out for further house broker adjustments."