Greggs - Strong H122 trading and progress on strategy
Greggs’ (GRG) strong H122 results and trading to July demonstrate the resilience of its value-based product offering to customers in more challenging macroeconomic conditions and it is making good progress in generating incremental revenue from its new growth initiatives. Management’s reiteration of profit expectations for FY22 is welcome in the face of increasing input cost pressures. The near-term P/E multiple of 18.3x is only in line with its long-run average multiple despite the aspiration to grow revenue at a higher rate than it has delivered historically.Greggs is a bakery food on-the-go retailer. Co. provides a range of fresh bakery goods, sandwiches and drinks in its shops. Co. also provides frozen bakery products to its wholesale customers. As of Dec 31 2016, Co. had 1,764 shops in operation Co. had 157 franchised shops operating in travel and other convenience locations, with a particular focus on motorway services and petrol forecourts. Co.'s Balanced Choice products provide choices from a selection of freshly prepared sandwiches, wraps, salads, yoghurts, hot soups, porridge pots and freshly baked savouries.
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