Great coverage about Greggs. Nice cash generative, relatively defensive business. The issue as you correctly flagged is saturation of units. At some point they either try to expand in other regions or distribute the FCF. Assuming sales growth will be tracking UK inflation looks fairly valued on layer 1 metrics. Recently I researched Cake Box and they have an experiment unit opening in Paris.
Great coverage about Greggs. Nice cash generative, relatively defensive business. The issue as you correctly flagged is saturation of units. At some point they either try to expand in other regions or distribute the FCF. Assuming sales growth will be tracking UK inflation looks fairly valued on layer 1 metrics. Recently I researched Cake Box and they have an experiment unit opening in Paris.
Thanks for your kind words!
GRG's short interest has dropped from ~15% last month to 10% today. The short sellers seem to agree.
Interesting take on NEC. I’ve overlooked it previously for similar reasons you mentioned… might actually go back and take a look
Thanks for your kind words! Glad you found this useful
Cool you covered Greggs!
Thanks! This is only a first take. If you like me to dig deeper, use the poll to vote for Greggs!
I'm excited by both ideas, so no point for me voting. HAHAHA
I hold a small position in Greggs myself, so I just wanted to say I appreciate the kind of companies you cover!
Correction: I own shares in GRG LN