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Greggs (LSE: GRG)

Last close As at 30/04/2024

GBP27.24

▲ −38.00 (−1.38%)

Market capitalisation

GBP2,786m

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

View More

Consumer | Outlook

Greggs — Showing us how it’s done

Consumer | edison tv

Greggs – executive interview

Consumer | Update

Greggs — A strong finish to FY23

Consumer | Update

Greggs — FY23 profit expectations reiterated
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • Richard Hutton

    FD

  • Roisin Currie

    CEO

Balance Sheet

Forecast net cash (£m)

195.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.2) 2.0 (3.3)
Relative (7.2) (4.0) (6.5)
52 week high/low 2904.0p/2282.0p

Financials

Greggs (GRG) enjoyed a stronger-than-expected end to FY23 with sales ahead of our estimates and consensus forecasts, enabling GRG to meet its profit expectations for the year. GRG’s strong revenue growth and an improved profit performance in FY23 means it has fared better than many other consumer-facing names during the year. With lower inflationary pressures, the company entered FY24 in a better place with respect to its selling price versus cost inflation than at the start of FY23, when it was still playing catch-up to the prior and ongoing rapid increases in input costs.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 1229.7 259.0 145.6 114.3 23.8 8.9
2022A 1512.8 269.9 148.3 117.5 23.2 10.2
2023E 1809.6 299.2 167.7 123.9 22.0 8.3
2024E 2013.6 344.5 182.8 131.1 20.8 7.7

Research

edison tv

Consumer

Greggs – executive interview

Update

Consumer

Greggs — A strong finish to FY23

Consumer

Outlook

Greggs — Showing us how it’s done

Update

Consumer

Greggs — FY23 profit expectations reiterated

Update

Consumer

Greggs — Improving outlook for costs in FY23

Update

Consumer

Greggs — Continuation of strong trading in FY23

edison tv

Consumer

Greggs – executive interview

Outlook

Consumer

Greggs — Profits on the go

Update

Consumer

Greggs plc — Eye-catching revenue growth

Update

Consumer

Greggs plc — A ‘relative winner’

Update

Consumer

Greggs plc — Strong H122 trading and progress on strategy
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Further insights

insight

Consumer

The UK restaurant market

Analyst of the week

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

rpointon@edisongroup.com 020 3077 5700
Read latest

Thematics

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

Consumer

ConsumerWatch – Falling into the fall

thematic

Consumer

ConsumerWatch – Making the most of the summer
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