Interesting question. The easy answer is, they are buying capacity for 3,500 sites, which is a c. 40% uplift from here. If you assume no cannibalisation of existing stores, that's the upside. You'll get inflation from there but not else.
However, good businesses with good managers do find new ways of exploiting their investments to find growth. Ways, which we haven't thought of yet. I wouldn't bet on it, and I'm not invested presently, but I wouldn't discount the possibility of some innovation yet to be thought of
Interesting question. The easy answer is, they are buying capacity for 3,500 sites, which is a c. 40% uplift from here. If you assume no cannibalisation of existing stores, that's the upside. You'll get inflation from there but not else.
However, good businesses with good managers do find new ways of exploiting their investments to find growth. Ways, which we haven't thought of yet. I wouldn't bet on it, and I'm not invested presently, but I wouldn't discount the possibility of some innovation yet to be thought of
Best
WS
Great article! Greggs is a stock I really like. One question I like to ask—how do you see Greggs expanding in the future?