Greggs (GRG)

Company name:	Greggs Plc
Company Description:	UK's leading retailer specialising in sandwiches, savouries and other bakery-related products, with a particular focus on takeaway food and catering
EPIC:	GRG	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00B63QSB39
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.greggs.co.uk/VV	Description:	ORD 2P
Industry Sector:	FOOD & DRUG RETAILERS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
2,232.00	-50.0 [-2.19]	2,230.00	2,232.00	2,272.00	2,284.00	2,230.00	27,122
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
2,257.80	101.16	0.39	56.60	32.30	39.43	1.45	2,292.00 - 939.00

Greggs Key Figures

(at previous day's close)
Market Cap.	2,257.80	m
Shares In Issue	101.16	m
Prev. Close	2,282.00
PE Ratio	39.43
Dividend Yield	1.45	%
EPS - basic	56.60	p
Dividend PS	32.30	p
Dividend Cover	1.75
Cash Flow PS	115.53	p
Return On Equity (ROE)	19.01	%
Operating Margin	7.49	%
PEG Factor	-18.99
EPS Growth Rate	-2.08	%
Dividends PS Growth Rate	4.19	%
Net Debt	87.40	m
Gross Gearing	32.16	%
Quick Assets	88.65	m
Net Working Capital	-20.59	m
Intangibles / Fixed Assets	4.41	%
Turnover PS	949.04	p
Pre-Tax Profit PS	71.12	p
Retained Profit PS	24.44	p
Cash PS	53.88	p
Net Cash PS	-72.59	p
Net Tangible Asset Value PS *	281.37	p
Net Asset Value PS	295.94	p
Spread	2.00 (0.09%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Greggs Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	2,292.00	2,192.00
4 weeks	2,292.00	2,068.00
12 weeks	2,292.00	1,755.00
1 year	2,292.00	939.00

Share Price Chart (5 years)

Greggs Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	2,216.00	16.00	0.72	2,192.00	0.32		2,249.15
4 weeks	2,190.00	42.00	1.92	2,068.00	0.36		2,181.38
12 weeks	1,826.00	406.00	22.23	1,755.00	0.30		2,013.23
26 weeks	1,262.00	970.00	76.86	1,250.00	0.42		1,738.15
1 year	1,027.00	1,205.00	117.33	939.00	0.36		1,471.00
3 years	1,043.00	1,189.00	114.00	869.00	0.31		1,247.68
5 years	524.00	1,708.00	325.95	497.50	0.29		1,150.70
† periods calculated are whole weeks rather than calendar months

Greggs Key Management Ratios

Greggs Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	6.72
PE Ratio	39.43
Tobin's Q Ratio	5.27
Tobin's Q Ratio (excl. intangibles)	5.45
Dividend Yield	1.45	%
Market-to-Book Ratio	7.54
Price-to-Pre-Tax Profit PS	31.38
Price-to-Retained Profit PS	91.34
Price-to-Cash Flow PS	19.32
Price-to-Sales PS	2.35
Price-to-Net Tangible Asset Value PS	7.93
Price-to-Cash PS	41.43
Net Working Capital PS	-20.36
Price Pct to Working Capital PS	-109.64	%
Earnings Yield	2.54	%
Average PE	20.42
Years in average	5
PE to PE average	193.12	%

Greggs Financial Ratios

(Leverage Ratios)
Debt Ratio	4.46	%
Debt-to-Equity Ratio	0.05
Debt-to-Equity Ratio (excl. Intgbl)	0.05
Debt-to-Equity Market Value	0.01
Net Gearing	19.81	%
Net Gearing (excl. Intangibles)	20.49	%
Gross Gearing	32.16	%
Gross Gearing (excl. Intangibles)	33.27	%
Gearing Under 1 Year	28.99	%
Gearing Under 1 Year (excl. Intgbl)	29.99	%
Assets/Equity	1.47
Cash/Equity	18.21
(Liquidity Ratios)
Net Working Capital to Total Assets	-4.67	%
Current Ratio	0.84
Quick Ratio (Acid Test)	0.69
Liquidity Ratio	0.43
Cash & Equiv/Current Assets	50.78	%
(Solvency Ratios)
Enterprise Value	2,217.27	m
CFO/Sales	0.12
CFO/Attributable Profit	2.05
CFO/Assets	0.26
CFO/Debt	0.82
Total Debt/Equity Market Value	0.06
Total Debt/Sales	0.15
Total Debt/Pre-Tax Profit	1.97
Total Debt	141.91	m
Total Debt/Net Current Assets	-6.89	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	18.62	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	5

Beta (60-Mnth)	Beta (36-Mnth)
0.3932	0.2055

Greggs Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	22.96	%
Return On Assets (ROA)	13.28	%
Net Profit Margin	5.93	%
Assets Turnover	2.24
Return On Equity (ROE)	19.01	%
Return On Investment (ROI)	18.72	%
Dividend Payout Ratio	57.07	%
Plowback Ratio	42.93	%
Growth from Plowback Ratio	8.66	%
Net Income Of Revenues	2.57	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	3.40
Fixed Assets Turnover	2.93
Current Assets Turnover	9.52
Net Working Capital Turnover
Inventory Turnover	55.46
(Other Operating Ratios)
Total Assets-to-Sales	0.45
Debtors-to-Sales	3.47	%
Debt Collection Period	12.66	Days

Greggs Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
07 Mar 2019	Final	GBX	25.00	31/12/2017	31/12/2018	25/04/2019	26/04/2019	30/05/2019	35.70
31 Jul 2018	Interim	GBX	10.70	30/12/2017	30/06/2018	06/09/2018	07/09/2018	04/10/2018	-
27 Feb 2018	Final	GBX	22.00	30/12/2016	30/12/2017	19/04/2018	20/04/2018	18/05/2018	32.30
01 Aug 2017	Interim	GBX	10.30	01/01/2017	01/07/2017	07/09/2017	08/09/2017	06/10/2017	-
28 Feb 2017	Final	GBX	21.50	31/12/2015	31/12/2016	27/04/2017	28/04/2017	26/05/2017	31.00
02 Aug 2016	Interim	GBX	9.50	02/01/2016	02/07/2016	08/09/2016	09/09/2016	07/10/2016	-
01 Mar 2016	Final	GBX	21.20	02/01/2015	02/01/2016	21/04/2016	22/04/2016	20/05/2016	28.60
29 Jul 2015	Interim	GBX	7.40	04/01/2015	04/07/2015	03/09/2015	04/09/2015	02/10/2015	-
04 Mar 2015	Special	GBX	20.00	04/01/2015	04/07/2015	18/06/2015	19/06/2015	17/07/2015	-
04 Mar 2015	Final	GBX	16.00	03/01/2014	03/01/2015	09/04/2015	10/04/2015	08/05/2015	22.00
30 Jul 2014	Interim	GBX	6.00	28/12/2013	28/06/2014	03/09/2014	05/09/2014	03/10/2014	-
26 Feb 2014	Final	GBX	13.50	28/12/2012	28/12/2013	09/04/2014	11/04/2014	09/05/2014	19.50
06 Aug 2013	Interim	GBX	6.00	29/12/2012	29/06/2013	04/09/2013	06/09/2013	04/10/2013	-
20 Mar 2013	Final	GBX	13.50	29/12/2011	29/12/2012	24/04/2013	26/04/2013	24/05/2013	19.50
07 Aug 2012	Interim	GBX	6.00	30/12/2011	30/06/2012	05/09/2012	07/09/2012	05/10/2012	-
14 Mar 2012	Final	GBX	13.50	31/12/2010	31/12/2011	25/04/2012	27/04/2012	25/05/2012	19.30
09 Aug 2011	Interim	GBX	5.80	02/01/2011	02/07/2011	07/09/2011	09/09/2011	07/10/2011	-
16 Mar 2011	Final	GBX	12.70	01/01/2010	01/01/2011	20/04/2011	26/04/2011	20/05/2011	18.20
10 Aug 2010	Interim	GBX	5.50	03/01/2010	03/07/2010	01/09/2010	03/09/2010	01/04/2010	-
18 Mar 2010	Final	GBX	11.40	31/12/2008	31/12/2009	21/04/2010	23/04/2010	21/05/2010	16.60
11 Aug 2009	Interim	GBX	5.20	30/12/2008	30/06/2009	02/09/2009	04/09/2009	02/10/2009	-
16 Mar 2009	Final	GBX	100.00	27/12/2007	27/12/2008	22/04/2009	24/04/2009	22/05/2009	149.00
31 Jul 2008	Interim	GBX	49.00	30/12/2007	30/06/2008	03/09/2008	05/09/2008	03/10/2008	-
11 Mar 2008	Final	GBX	94.00	29/12/2006	29/12/2007	23/04/2008	25/04/2008	25/05/2008	140.00
31 Jul 2007	Interim	GBX	46.00	30/12/2006	30/06/2007	05/09/2007	07/09/2007	01/10/2007	-
08 Mar 2007	Final	GBX	78.00	30/12/2005	30/12/2006	25/04/2007	27/04/2007	25/05/2007	116.00
02 Aug 2006	Interim	GBX	38.00	17/12/2005	17/06/2006	06/09/2006	08/09/2006	02/10/2006	-
09 Mar 2006	Final	GBX	70.00	31/12/2004	31/12/2005	26/04/2006	28/04/2006	25/05/2006	106.00
05 Aug 2005	Interim	GBX	36.00	18/12/2004	18/06/2005	31/08/2005	02/09/2005	03/10/2005	-
14 Mar 2005	Final	GBX	66.00	01/01/2004	01/01/2005	27/04/2005	29/04/2005	27/05/2005	96.00
06 Aug 2004	Interim	GBX	30.00	12/12/2003	12/06/2004	01/09/2004	03/09/2004	01/10/2004	-
05 Mar 2004	Final	GBX	54.50	27/12/2002	27/12/2003	21/04/2004	23/04/2004	21/05/2004	80.00
07 Aug 2003	Interim	GBX	25.50	14/12/2002	14/06/2003	03/09/2003	05/09/2003	03/10/2003	-
07 Mar 2003	Final	GBX	49.00	28/12/2001	28/12/2002	16/04/2003	18/04/2003	23/05/2003	72.50
11 Jun 2002	Interim	GBX	23.50	16/12/2001	16/06/2002	04/09/2002	06/09/2002	04/10/2002	-
08 Mar 2002	Final	GBX	44.00	29/12/2000	29/12/2001	17/04/2002	19/04/2002	24/05/2002	65.00
03 Aug 2001	Interim	GBX	21.00	16/12/2000	16/06/2001	05/09/2001	07/09/2001	05/10/2001	-
09 Mar 2001	Final	GBX	39.00	30/12/1999	30/12/2000	18/04/2001	20/04/2001	25/05/2001	55.00
04 Aug 2000	Interim	GBX	16.00	17/12/1999	17/06/2000	04/09/2000	08/09/2000	06/10/2000	-
03 Mar 2000	Final	GBX	31.50	01/01/1999	01/01/2000	10/04/2000	14/04/2000	19/05/2000	45.00
06 Aug 1999	Interim	GBX	13.50	19/12/1998	19/06/1999	06/09/1999	10/09/1999	08/10/1999	-
05 Mar 1999	Final	GBX	28.50	02/01/1998	02/01/1999	12/04/1999	16/04/1999	21/05/1999	41.00
31 Jul 1998	Interim	GBX	12.50	13/12/1997	13/06/1998	01/09/1998	07/09/1998	09/10/1998	-
04 Mar 1998	Final	GBX	26.00	31/12/1996	31/12/1997	14/04/1998	20/04/1998	22/05/1998	37.00

Greggs Fundamentals

	03 Jan 2015 (GBP)		02 Jan 2016 (GBP)		31 Dec 2016 (GBP)		30 Dec 2017 (GBP)
turnover	803.96	100.00%	835.75	100.00%	894.20	100.00%	960.00	100.00%	m
pre tax profit	49.74	6.19%	73.03	8.74%	75.14	8.40%	71.95	7.49%	m
attributable profit	37.56	4.67%	57.60	6.89%	57.99	6.49%	56.91	5.93%	m
retained profit	17.99	2.24%	13.89	1.66%	27.06	3.03%	24.72	2.57%	m
eps - basic (p)	37.40		57.30		57.80		56.60
eps - diluted (p)	36.80		55.80		56.70		55.70
dividends per share	22.00		28.60		31.00		32.30

Greggs Balance Sheet

	03 Jan 2015 (GBP)		02 Jan 2016 (GBP)		31 Dec 2016 (GBP)		30 Dec 2017 (GBP)


	03 Jan 2015 (GBP)		02 Jan 2016 (GBP)		31 Dec 2016 (GBP)		30 Dec 2017 (GBP)
ASSETS
fixed assets	262.72	71.21%	284.16	73.95%	307.36	73.89%	319.20	72.34%	m
intangibles	4.72	1.28%	10.25	2.67%	14.25	3.43%	14.74	3.34%	m
fixed investments	10.00	2.71%	-	-%	-	-%	-	-%	m
current assets - other	6.50	1.76%	-	-%	-	-%	-	-%	m
stocks	15.29	4.14%	15.44	4.02%	15.93	3.83%	18.69	4.24%	m
debtors	26.09	7.07%	31.48	8.19%	32.46	7.80%	34.15	7.74%	m
cash & securities	43.62	11.82%	42.92	11.17%	45.96	11.05%	54.50	12.35%	m

TOTAL	368.94	100%	384.25	100%	415.97	100%	441.27	100%	m

LIABILITIES
creditors - short	102.12	27.68%	106.04	27.60%	121.44	29.19%	127.93	28.99%	m
creditors - long	20.11	5.45%	11.94	3.11%	29.88	7.18%	13.98	3.17%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	122.23	33.13%	117.97	30.70%	151.31	36.38%	141.91	32.16%	m

EQUITY
ord cap, reserves	246.70	66.87%	266.27	69.30%	264.66	63.62%	299.36	67.84%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	246.70	66.87%	266.27	69.30%	264.66	63.62%	299.36	67.84%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Greggs Cash Flow Statement

	03 Jan 2015 (GBP)	02 Jan 2016 (GBP)	31 Dec 2016 (GBP)	30 Dec 2017 (GBP)
Operating CF	97.09	103.72	117.62	116.87	m
Pre-Financing CF	44.23	50.26	42.32	46.72	m
Retained CF	22.04	-0.70	3.05	8.54	m

Greggs Brokers

Name	Activity	Type	Mnemonic	Code
Altium Capital Limited	Market Maker(MME)	Broker/Dealer	ALTI	APCFGB21
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Commerzbank AG	Market Maker(MME)	Broker/Dealer	KLWT	DRESGB2LPST
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC