£150m CCFF facility Greggs has secured a £150m facility from the Bank of England’s CCFF scheme. Management believes it can meet the Group’s liquidity needs for a prolonged period of closure where shops are unable to trade for the rest of the year. Cash burn outlook Following clarification on the details of the Government's Job Retention Scheme and further examination of its cost base, management now believes that, after meeting existing liabilities relating to recent trading and the capital investment programme over the near term, net cash outflow will be c.£3.5m per week until the end of June. From July onwards, the cost is anticipated to be c.£4.5m per week (including property rents). Previously, management had anticipated weekly cash outflows of approximately £6m (including property rents) when it last addressed the market on 23rd March. Forecast sensitivity The cash position is now £47m having been £60m as at 23rd March; we suspect the decline can be explained by working capital unwinding – Greggs had trade payables of £142m at its prelims. Last year, Greggs made c. £19m of EBITDA per month. Assuming stores are closed from March to the end of June and that EBITDA per month remains in line with FY19 levels in the months that stores are open, EBITDA for this year would be approximately £129m. This would imply that Greggs is currently trading on 13.8x EV/EBITDA, but based on FY21E EBITDA, which arguably has better earnings visibility, the valuation is just 6.9x.