Greggs (GRG)

Sector:

Food Pharmacy Retail

Index:

FTSE 250

2,700.00p
   
  • Change Today:
      12.00p
  • 52 Week High: 2,904.00p
  • 52 Week Low: 2,282.00p
  • Currency: UK Pounds
  • Shares Issued: 102.26m
  • Volume: 189,237
  • Market Cap: £2,760.90m
  • RiskGrade: 191

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-22 01-Jan-22 02-Jan-21 28-Dec-19 29-Dec-18
Annualisation Factor 1.0 1.0 n/a 1.0 0.3
Dividend Yield 2.5% 1.7% 0.0% 0.5% 2.8%
           
Continuing Operations          
PE Ratio - Adjusted 19.8 28.8 n/a 26.6 17.8
PE Ratio - Diluted 20.0
20.0		 29.2
29.2		 n/a
n/a		 27.0
27.0		 19.6
17.5
PEG - Adjusted 9.9 n/a n/a 1.3 0.3
PEG - Diluted 6.7
6.7		 n/a
n/a		 n/a
n/a		 0.8
1.5		 0.3
0.3
Return on Capital Employed 20.24%
20.24%		 21.57%
21.57%		 n/a
n/a		 19.01%
19.01%		 6.62%
7.35%
Operating Margin 10.21%
10.21%		 12.46%
12.46%		 (0.86%)
(0.76%)		 9.83%
9.83%		 8.02%
8.72%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 19.8 28.8 n/a 26.6 70.9
PE Ratio - Diluted 20.0
20.0		 29.2
29.2		 n/a
n/a		 27.0
27.0		 78.1
70.1
PEG - Adjusted 9.9 n/a n/a 0.1 n/a
PEG - Diluted 6.7
6.7		 n/a
n/a		 n/a
n/a		 0.1
0.1		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-22 01-Jan-22 02-Jan-21 28-Dec-19 29-Dec-18
Net Gearing 24.60% 19.71% 79.26% 54.06% n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-22 01-Jan-22 02-Jan-21 28-Dec-19 29-Dec-18
Price/Book Value 5.5 8.2 5.9 7.1 4.1
Price/Tangible Book Value 5.5 8.2 5.9 7.1 4.1
Price/ Cash Flow 9.5 11.9 41.5 10.6 9.3
Price/Revenue 1.57 2.75 220.66 1.98 4.93
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 426.17p 408.22p 303.07p 321.68p 310.05p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-22 01-Jan-22 02-Jan-21 28-Dec-19 29-Dec-18
Continuing Operations          
Revenue 1,512.80 1,229.70 8.19 1,167.90 258.03
EBITDA 269.90
269.90		 260.60
260.60		 1.07
1.08		 114.80
114.80		 34.72
36.53
Depreciation (115.50)
(115.50)		 (107.40)
(107.40)		 (1.14)
(1.14)		 n/a
n/a		 (14.01)
(14.01)
Net Interest (6.10)
(6.10)		 (7.60)
(7.60)		 (0.07)
(0.07)		 (6.50)
(6.50)		 n/a
n/a
Profit Before Tax 148.30
148.30		 145.60
145.60		 (0.14)
(0.13)		 108.30
108.30		 20.71
22.99
           
Revenue per Share 1,490.65p 1,211.66p 8.11p 1,158.48p 256.26p
Pre-Tax Profit per Share 146.13p
146.13p		 143.46p
143.46p		 (0.14p)
(0.13p)		 107.43p
107.43p		 20.56p
22.83p
Market Capitalisation £ (Millions) 2,395.56 3,400.30 1,815.53 2,322.54 1,277.60
Enterprise Value (EV) £ (Millions) 2,696.26 3,681.50 2,107.23 2,598.24 1,277.60
EBITDA/EV 10.01%
10.01%		 7.08%
7.08%		 0.05%
0.05%		 4.42%
4.42%		 2.72%
2.86%
Operating Margin 10.21%
10.21%		 12.46%
12.46%		 (0.86%)
(0.76%)		 9.83%
9.83%		 8.02%
8.72%
Capital Employed £ (Millions) 762.80 710.30 603.00 604.00 312.90
Return on Capital Employed 20.24%
20.24%		 21.57%
21.57%		 n/a
n/a		 19.01%
19.01%		 6.62%
7.35%
Invested Equity Capital £ (Millions) 475.00 442.00 326.90 345.10 329.80
           
Earnings per Share - Basic 118.50p
118.54p		 115.70p
115.78p		 (12.90p)
(12.08p)		 86.20p
86.30p		 65.20p
72.99p
Earnings per Share - Diluted 117.50p
117.56p		 114.30p
114.36p		 (12.90p)
(12.08p)		 85.00p
85.03p		 64.50p
72.16p
Earnings per Share - Adjusted 118.50p 115.70p (12.90)p 86.20p 71.10p
Earnings per Share Growth - Basic 2%
2%		 n/a
n/a		 n/a
n/a		 32%
18%		 74%
53%
Earnings per Share Growth - Diluted 3%
3%		 n/a
n/a		 n/a
n/a		 32%
18%		 75%
54%
Earnings per Share Growth - Adjusted 2% n/a n/a 21% 62%
PE Ratio - Diluted 20.0
20.0		 29.2
29.2		 n/a
n/a		 27.0
27.0		 19.6
17.5
PEG - Diluted 6.7
6.7		 n/a
n/a		 n/a
n/a		 0.8
1.5		 0.3
0.3
Tax Rate 18.88% 19.30% 5.11% 19.67% 20.46%
Dividend Cover 2.01
2.01		 2.03
2.03		 n/a
n/a		 7.24
7.25		 1.99
2.04
Interest Cover 25.31
25.31		 20.16
20.16		 (1.04)
(0.93)		 17.66
17.66		 414.00
459.50
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 118.50p
118.54p		 115.70p
115.78p		 (0.13p)
(0.12p)		 86.20p
86.30p		 16.34p
18.22p
Earnings per Share - Diluted 117.50p
117.56p		 114.30p
114.36p		 (0.13p)
(0.12p)		 85.00p
85.03p		 16.17p
18.02p
Earnings per Share - Adjusted 118.50p 115.70p (0.13p) 86.20p 17.82p
Earnings per Share Growth - Basic 2%
2%		 n/a
n/a		 n/a
n/a		 427%
374%		 -56%
-62%
Earnings per Share Growth - Diluted 3%
3%		 n/a
n/a		 n/a
n/a		 426%
372%		 -56%
-62%
Earnings per Share Growth - Adjusted 2% n/a n/a 384% -60%
PE Ratio - Diluted 20.0
20.0		 29.2
29.2		 n/a
n/a		 27.0
27.0		 78.1
70.1
PEG - Diluted 6.7
6.7		 n/a
n/a		 n/a
n/a		 0.1
0.1		 n/a
n/a
Dividend Cover 2.01
2.01		 2.03
2.03		 n/a
n/a		 7.24
7.25		 0.50
0.51
Return on Equity (ROE) 25.33%
25.33%		 26.58%
26.58%		 (0.04%)
(0.04%)		 25.21%
25.21%		 4.99%
5.56%
Operating Cash Flow per Share 247.82p 281.31p 43.18p 217.33p 135.16p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (6.90p) 159.43p (0.55p) 3.08p 8.39p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 59.00p 57.00p n/a 11.90p 35.70p
Dividend per Share Growth 3.51% n/a n/a (66.67%) 62.27%
Dividend Yield 2.5% 1.7% 0.0% 0.5% 2.8%
Shareholders Funds 446.00 429.20 321.60 341.10 329.10
Net Borrowings £ (Millions) 109.70 84.60 254.90 184.40 (88.20)
Net Asset Value per Share (inc. Intangibles) 426.17p 408.22p 303.07p 321.68p 310.05p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-22 01-Jan-22 02-Jan-21 28-Dec-19 29-Dec-18
Shareholders' Funds inc Intangibles 446.00 429.20 321.60 341.10 329.10
Net Borrowings £ (Millions) 109.70 84.60 254.90 184.40 (88.20)
Net Gearing 24.60% 19.71% 79.26% 54.06% n/a
Cash & Near Cash 191.60 198.60 36.80 91.30 88.20
Cash 42.96% 46.27% 11.44% 26.77% 26.80%
Gross Borrowings 301.30 283.20 291.70 275.70 n/a
Gross Gearing 67.56% 65.98% 90.70% 80.83% n/a
Borrowings Under 5 years 301.30 283.20 291.70 275.70 n/a
Under 5 years 67.56% 65.98% 90.70% 80.83% n/a
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-22 01-Jan-22 02-Jan-21 28-Dec-19 29-Dec-18
Shareholders' Funds exc Intangibles 432.50 414.30 306.00 324.30 312.20
Net Borrowings £ (Millions) 109.70 84.60 254.90 184.40 (88.20)
Net Gearing 25.36% 20.42% 83.30% 56.86% n/a
Cash & Near Cash 191.60 198.60 36.80 91.30 88.20
Cash 44.30% 47.94% 12.03% 28.15% 28.25%
Gross Borrowings 301.30 283.20 291.70 275.70 n/a
Gross Gearing 69.66% 68.36% 95.33% 85.01% n/a
Borrowings Under 5 years 301.30 283.20 291.70 275.70 n/a
Under 5 years 69.66% 68.36% 95.33% 85.01% n/a
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-22 01-Jan-22 02-Jan-21 28-Dec-19 29-Dec-18
Quick Ratio 0.99 1.15 0.53 0.57 0.83
Current Ratio 1.16 1.29 0.68 0.68 0.97

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

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.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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