Greggs has managed to navigate a challenging Q4 for the UK high street to report an in line outcome for FY15. We feel this is a positive closing to a hugely successful year which is projected to deliver 27% y-o-y EPS growth, following a 42% uplift in FY14. We make no changes to forecasts except for an upgrade in cash. Going forward, we have high conviction that the positive consumer backdrop and a much improved retail/product proposition will allow Greggs to be a winner in the growing food-onthe-go sector. In the short-term the shares on a cal’16 P/E of 21x look up with events.
