Greggs (GRG)

Sector:

Food Pharmacy Retail

Index:

FTSE 250

2,004.00p
   
  • Change Today:
    -10.00p
  • 52 Week High: 2,476.00
  • 52 Week Low: 1,006.00
  • Currency: UK Pounds
  • Shares Issued: 100.35m
  • Volume: 598,584
  • Market Cap: £2,011.03m
  • RiskGrade: 128
  • Beta: 0.00

Canaccord Genuity reiterates 'hold' rating on Greggs following interims

By Iain Gilbert

Date: Friday 23 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity reiterated their 'hold' rating on British bakery chain Greggs on Friday following the group's recent interim report.
Canaccord said most of the changes to its estimates for the group were related to its introduction of IFRS 16 but also changed its cash flow forecasts in order to reflect Greggs's higher planned capital expenditures after it brought forward plans to reinvest in its manufacturing site at Balliol Park, Newcastle.

The Canadian broker said Greggs's move to IFRS 16 will see pre-tax profits reduce by £4.2m for 2019, something it said it had already factored into its profit and loss forecasts.

While Canaccord kept its 2019 full-year pre-tax profit estimate for Greggs unchanged at £105.5m, it lowered its 2020 estimate to £113.3m from £113.6m and raised its 2021 estimate to £125.1m from £122.6m.

As far as the project at the Newcastle site was concerned, Canaccord said the efforts to increase both the production and frozen storage capability for its savoury pasties would require a total of around £90.0m to £100.0m for 2019 and it assumed the work would require similar levels for 2020 and 2021. 2018 CAPEX was £73.0m, but while Canaccord said it was "a step-up in investment", the analysts acknowledged that it had been prompted by "strong trading".

"Looking forward, the quarterly prior-year trading get[s] progressively tougher which will make the prospect of further trading surprises less likely," said Canaccord, which also reiterated its 2,050p price target.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Greggs Market Data

Currency UK Pounds
Share Price 2,004.00p
Change Today -10.00p
% Change -0.50 %
52 Week High 2,476.00
52 Week Low 1,006.00
Volume 598,584
Shares Issued 100.35m
Market Cap £2,011.03m
Beta 0.00
RiskGrade 128

Greggs Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
92.53% below the market average92.53% below the market average92.53% below the market average92.53% below the market average92.53% below the market average
84.62% below the sector average84.62% below the sector average84.62% below the sector average84.62% below the sector average84.62% below the sector average
Price Trend
88.40% above the market average88.40% above the market average88.40% above the market average88.40% above the market average88.40% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
74.56% below the market average74.56% below the market average74.56% below the market average74.56% below the market average74.56% below the market average
83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average
Growth
23.65% below the market average23.65% below the market average23.65% below the market average23.65% below the market average23.65% below the market average
7.69% below the sector average7.69% below the sector average7.69% below the sector average7.69% below the sector average7.69% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 2
Sell 1
Strong Sell 0
Total 5
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Greggs Dividends

  Latest Previous
  Special Interim
Ex-Div 05-Sep-19 05-Sep-19
Paid 03-Oct-19 03-Oct-19
Amount 35.00p 11.90p

Trades for 20-Sep-2019

Time Volume / Share Price
16:48 1 @ 2,004.00p
16:36 11,800 @ 2,004.00p
16:35 364,701 @ 2,004.00p
16:29 5 @ 2,016.00p
16:29 8 @ 2,016.00p

Greggs Key Personnel

Finance Director Richard Hutton
CEO Roger Whiteside
Chair Ian Durant

Top of Page