06 Oct 2015

Another solid update supports upgrades

Greggs plc (GRG:LON) | 1,681 -353 (-1.2%) | Mkt Cap: 1,719m

- Sahill Shan
- 5 pages

Another positive update from Greggs today with Q3 LFL growth comfortably above our assumption. There is also good commentary around various strategic initiatives to help support ongoing EPS momentum. The strength of today’s IMS should help reverse recent share price underperformance on Q3 LFL concerns and profit taking. We push through 3%-4% 3 year EPS upgrades and see fair value >1400p (25x FY16 EPS).

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Another solid update supports upgrades

Greggs plc (GRG:LON) | 1,681 -353 (-1.2%) | Mkt Cap: 1,719m

Published: 06 Oct 2015
Author: Sahill Shan
Pages: 5

Another positive update from Greggs today with Q3 LFL growth comfortably above our assumption. There is also good commentary around various strategic initiatives to help support ongoing EPS momentum. The strength of today’s IMS should help reverse recent share price underperformance on Q3 LFL concerns and profit taking. We push through 3%-4% 3 year EPS upgrades and see fair value >1400p (25x FY16 EPS).