Greggs PLC (LSE: GRG) is an FTSE 250 index listed British food-on-the-go retailer that employs nearly 25,000 people and operates over 2,200 shops.

Key Investment Rationale – Buy at GBX 1,534.00

• Resilient Like-for-Like Sales Growth Amidst Market Headwinds: Despite a tough consumer climate, Greggs achieved 1.5% Q3 like-for-like sales growth and 2.2% year-to-date. This indicates resilient brand health and the ability of existing shops to grow customer traffic and transaction values against challenging comparatives.
• Strategic Expansion Driving Total Sales and Market Penetration: Greggs has upgraded its net opening guidance to 120 shops, with 57 opened year-to-date. This expansion into supermarket concessions and better-located sites is a primary driver of its 6.7% total sales growth, enhancing brand access and fueling top-line performance.
• Product Innovation and Menu Evolution Enhancing Day-Part Appeal: Greggs is effectively managing its product lifecycle to boost customer frequency. The national roll-out of its £5 "Big Deal" meal and new items like high-protein pots and upgraded toasties demonstrate its ability to tap into consumer trends and expand beyond traditional breakfast occasions.
• Successful Diversification Through Capital-Light Channels: The expansion of Greggs' "Bake at Home" range into Tesco and Iceland represents a capital-light growth channel. This leverages its brand and manufacturing to create a scalable consumer packaged goods revenue stream, diversifying income without the operational costs of additional shops.

GRG Daily Chart & Valuation

 One Year Technical Price Chart (as of November 14, 2025). Source: REFINITIV, Analysis: Kalkine Group

For conducting the valuation, the following peers have been considered: Greencore Group PLC (LSE: GNC), Currys PLC (LSE: CURY), etc.

As per the above-mentioned price action and technical indicators analysis, a ‘Buy’ rating has been given on Greggs PLC (LSE: GRG) at the Current Market Price of GBX 1,534.00, as of November 14, 2025, at 09:23 AM GMT.

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 14 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.