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Edison issues outlook on Greggs (GRG): Showing us how it’s done
Edison Investment Research Limited Edison issues outlook on Greggs (GRG): Showing us how it’s done 02-Apr-2024 / 10:39 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 2 April 2024 Edison issues outlook on Greggs (GRG): Showing us how it’s done The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading t...
- Kate Heseltine
Greggs - Showing us how it's done
The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading to good market share gains. The consumer is responding well to new initiatives to grow revenue in new dayparts and digital channels. Profitability was well-managed with better recovery of input cost inflation t...
Greggs: 2 directors
Two Directors at Greggs bought 8,600 shares at 2,769p. The significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Cl...
- Kate Heseltine
Greggs - A strong finish to FY23
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 enters FY24 in a better place with respect to its selling price versus cost inflation than at the start of FY23, when it was ...
- MarketLine Department
West Cornwall Pasty Co Ltd - Company Profile and SWOT Analysis
Summary West Cornwall Pasty Co Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights West Cornwall Pasty Co Ltd (West Cornwall), a subsidiary of Samworth Brothers Ltd, is a fast-food bakery chain. The company offers a wide range of pasties, hot drinks, cold drinks, bakery and...
Greggs: FY23 profit expectations reiterated
Edison Investment Research Limited Greggs: FY23 profit expectations reiterated 04-Oct-2023 / 14:01 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 4 October 2023 Greggs: FY23 profit expectations reiterated Greggs continues to generate premium sales growth through a combination of volume, including market share gains as distribution increases, and price growth. The strength of underlying trading in Q323 is highlighted by management’s confirmation of consensus FY23 PBT expectations despite the addition of new costs for expanding th...
- Kate Heseltine
Greggs - FY23 profit expectations reiterated
Greggs continues to generate premium sales growth through a combination of volume, including market share gains as distribution increases, and price growth. The strength of underlying trading in Q323 is highlighted by management’s confirmation of consensus FY23 PBT expectations despite the addition of new costs for expanding the company’s delivery offer to a second platform and a slight delay in some store openings from the end of the year into FY24.
- Kate Heseltine
Greggs - Improving outlook for costs in FY23
Greggs’ H123 results showed continued strong revenue growth, indicating good progress across the majority of its multi-year initiatives to drive revenue growth. Profitability continued to be hampered by input cost inflation as well as investment in the cost base to drive the expected revenue growth. A more favourable outlook for underlying cost inflation in FY23 than previously should be welcomed. We have slightly increased our estimates to reflect the strong growth in H123 and higher interest r...
- Liberum Research Team
- Kate Heseltine
Greggs - Continuation of strong trading in FY23
Greggs’ strong sales performance in the first 19 weeks of the year is in line with management’s expectations and therefore its profit expectations for the year are unchanged, as are our forecasts. Greggs continues to benefit from underlying volume growth despite the squeeze on household budgets and high industry-wide selling price inflation, which is testament to its ongoing product innovation and initiatives to drive growth. Our discounted cash flow (DCF)-based valuation of £30.50/share is unch...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: Greggs - Strong start to the year for the business and the sh...
Greggs has traded strongly the first 19 weeks of the year with LFL sales up 17%. This in part reflects the COVID impacted comparative and price rises to help offset inflation. LFL’s should start to normalise as we move thorugh the year. We are encouraged that the menu expansion continues to drive sales in evening dayparts and this remains a huge opportunity. However the shares have been strong rising c.30% the past six months. This is wholly deserved but means Greggs is now trading on an interna...
- Kate Heseltine
Greggs - Profits on the go
Greggs has entered the second full financial year of its five-year growth plan having exceeded our initial FY22 revenue estimates, helped by elevated external inflationary pressures, and with profit in line with management’s expectations. Despite the more challenging external environment, Greggs made good progress with the majority of its revenue growth initiatives in FY22. Following the expected normalisation of the cost base, which hampered profit growth in FY22, we forecast more consistent pr...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: Greggs - Initiation - Eating everyone's lunch. And dinner
Greggs has come out of the pandemic in a strong position benefiting from repurposing its supply chain to a food-to-go model. On top of this, the competition is weaker, the group is finding more availability of space and, by broadening the menu and dayparts and flexing its digital strategy, it is attracting more customers by giving more reasons to visit. The group’s strategy is a threat to other QSR players suggesting market share opportunities are large. With an aim to double sales over 5 years,...
- Kate Heseltine
Greggs - A ‘relative winner’
Greggs’ impressive sales performance in Q322 enabled it to maintain its FY22 PBT guidance, despite the increasing pressures on consumer discretionary income and (maintained) input cost inflation. Growth is driven by momentum in its own initiatives, eg menu innovation and trading in new channels and dayparts, which is helping Greggs to gain market share. Our DCF-based valuation of £29.70/share is unchanged.
- Kate Heseltine
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 t...
- Kate Heseltine
Greggs - Profit outlook maintained for FY22
Greggs’ (GRG) AGM trading update (first 19 weeks of FY22) indicates it continues to trade well in what has undoubtedly become a more challenging environment due to deteriorating consumer confidence. Management’s profit expectations for FY22 of no material profit progression are unchanged as it believes further selective price increases will be required to offset higher cost inflation than originally anticipated, which is likely to be the same for its competitors. The prospective P/E multiples ha...
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