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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>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.</p>

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.

Greggs PLC

Greggs - A ‘relative winner’