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Prices & Quotes - UK Markets - Greggs (GRG)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 2,554.00p
Change Today:
9.00p
Market Cap:
2,594.29m
Sector:
Food & Drug Retailers

Shore Capital downgrades Greggs; points to 'post-lockdown strains'

By Michele Maatouk

Date: Friday 01 May 2020

LONDON (ShareCast) - (Sharecast News) - Shore Capital downgraded its stance on shares of bakery chain Greggs to 'sell' from 'hold' on Friday as it pointed to "post-lockdown strains to come" and the potential for earnings per share and valuation pressure.
"The coronavirus crisis is a disaster for Greggs," ShoreCap said, noting that 2020 will see an earnings and dividend wipeout.

"We would expect rebuilding in the years thereafter but with a somewhat depleted balance sheet," it added.

The broker said it will take "some years" to rebuild to FY2019 earnings per share as new norms impact Greggs' earnings from a sales and cost perspective.

"Indeed, social distancing and behavioural change, less commuting and a decline in employment, could represent a perfect storm for Greggs," said analysts Clive Black and Darren Shirley.

"Whilst an adaptable and very well-operated business, strong management and a leading value proposition are all virtues, we feel that 19.6x peak earnings (FY2019) represents an unfavourable risk-reward equation given that medium-term earnings could be materially lower than pre-coronavirus levels.

"As such, Greggs could be structurally de-rated on a lower earnings base."

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Greggs Market Data

Currency UK Pounds
Price 2,554.00p
Change Today 9.00p
52 Week High 2,618.00p
52 Week Low 1,119.00p
Volume 52,651
Shares Issued 101.58m
Market Cap 2,594.29m

Performance Indicators

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What The Brokers Say

Strong Buy 6
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 8
strong_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 15-Jun-2021

Time Volume / Share Price
10:52 32 @ 2,553.16p
10:51 54 @ 2,554.00p
10:48 107 @ 2,553.00p
10:45 100 @ 2,551.40p
10:45 36 @ 2,553.00p

Greggs Key Personnel

Finance Director Richard Hutton
CEO Roger Whiteside
Chair Ian Durant