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).
