Greggs (LSE: GRG)

Last close As at 16/07/2024

GBP28.70

−12.00 (−0.42%)

Market capitalisation

GBP2,935m

With 2,473 shops and 12 manufacturing and distribution centres, Greggs is the leading UK ‘food-on-the-go’ retailer. It uses vertical integration to offer differentiated products at competitive prices. Its ambition is to grow revenue to £2.4bn by FY26.

Greggs’ ambition to double revenue by FY26 has four key growth drivers: growing and developing the estate; leveraging digital channels; extending trading hours to the evening; and broadening customer appeal and driving loyalty. All will be enabled by higher investment in the supply chain and systems.

Latest Insights

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Consumer | Update

Greggs — Encouraging start to FY24

Consumer | Outlook

Greggs — Showing us how it’s done

Consumer | edison tv

Greggs – executive interview

Consumer | Update

Greggs — A strong finish to FY23

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Milo Bussell

Analyst, Consumer and TMT

Key Management

  • Richard Hutton

    FD

  • Roisin Currie

    CEO

Balance Sheet

Forecast net cash (£m)

73

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.1 4.8 8.4
Relative 1.1 (0.4) (1.9)
52 week high/low 2940.0p/2282.0p

Financials

Greggs’ trading update for the first 19 weeks of the year showed the company is driving superior revenue growth (c 19% y-o-y) from its key initiatives of growing space, delivery and evening sales and leveraging the app along with its continuous menu enhancements, despite what has continued to be a challenging backdrop for consumers. The strong revenue growth on top of a tough comparative from the prior year includes both volume and price growth, which compares very well versus many other consumer-facing companies.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 1512.8 269.9 148.3 117.5 24.4 10.7
2023A 1809.6 299.2 167.7 123.8 23.2 8.7
2024E 2013.6 344.5 182.8 131.1 21.9 8.1
2025E 2230.9 385.0 201.4 144.4 19.9 7.3

Update

Consumer

Greggs — Profit outlook maintained for FY22

Outlook

Consumer

Greggs plc — Not peak Greggs yet

Flash note

Consumer

Greggs — Medium-term growth ambition quantified

Update

Consumer

Greggs — Let’s talk about growth…

Update

Consumer

Greggs — Rate of recovery continues to surprise

Update

Consumer

Greggs — Recovering better than expected

Update

Consumer

Greggs — Looking forward

Update

Consumer

Greggs plc — New national lockdown tempers outlook

Update

Consumer

Greggs — Learning to manage

Update

Consumer

Greggs plc — Gradual recovery expected

Flash note

Consumer

Greggs plc — Protecting employees and customers

Update

Consumer

Greggs — Very tasty

Update

Consumer

Greggs — Accelerating sales growth

Outlook

Consumer

Greggs — Brand transformation rolls out cash

Update

Consumer

Greggs plc — Raising earnings expectations

Update

Consumer

Greggs plc — Greggs passes the scorch test

edison tv

Consumer

Executive interview – Greggs

Update

Consumer

Greggs plc — Transformation taking shape

Outlook

Consumer

Greggs plc — Value discovery

Update

Consumer

Greggs — In balance

research

Consumer

Greggs — Successful strategy offers further potential

Flash note

Consumer

Greggs plc — Update 17 January 2017

Update

Consumer

Greggs — Update 12 October 2016

Update

Consumer

Greggs — Update 3 August 2016

Update

Consumer

Greggs — Update 11 May 2016

Initiation

Consumer

Greggs — Update 25 April 2016