01 Mar 2016
FY15 finals – positive strategic & LFL news
Greggs has reported FY15 finals slightly above expectations, has had a cracking start to FY16 with 4.2% LFL sales and outlined a cost efficient plan to grow the estate significantly beyond 2000 shops. We upgrade FY16-FY17 EPS by 2-3% and believe the risk is on further upside. We see fair value towards c.1200p.