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'Not Peak Greggs Yet'

Greggs has demonstrated a strong trading recovery through FY21, which gave management confidence to accelerate its Next Generation Greggs growth strategy with the aiming of doubling revenue by FY26. The growth will be supported by further menu development, where Greggs has a strong track record of innovation, and a greater focus on increasing customer loyalty. The share price is trading at a discount of c36% to Edison Group's DCF-based valuation of £31.60, which assumes management achieves its ambitious revenue target of £2.4bn by FY26. With 2,181 shops and 12 manufacturing and distribution centres, Greggs is the leading UK ‘foodon-the-go’ retailer.



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