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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Greggs’ H124 results demonstrate the ongoing benefits of its multiple levers to drive revenue growth as well as a pleasant surprise on operating margin. With a relatively normal environment for input cost inflation, management is optimistic about the outlook for the year. We have marginally increased our profit estimates, which has also fed through to an increase in our valuation.</p>

Greggs’ H124 results demonstrate the ongoing benefits of its multiple levers to drive revenue growth as well as a pleasant surprise on operating margin. With a relatively normal environment for input cost inflation, management is optimistic about the outlook for the year. We have marginally increased our profit estimates, which has also fed through to an increase in our valuation.

Greggs PLC

Greggs - Confident about FY24 outlook