Greggs: Shares Still Cheap On Macro And CapEx Headwinds (Upgrade)

2025-10-22 17:26:37 ET

British bakery chain Greggs ( OTCPK:GGGSF ) ( OTCPK:GGGSY ) is not facing a shortage of headwinds right now, with soft consumer sentiment, cost inflation, and a CapEx-related cash squeeze all weighing on investor sentiment. As a result, Greggs' ADSs have been a weak performer since my opening piece on the firm, declining by around 9%. That takes their year-to-date fall to around 20% - a performance that is even worse than it looks given how the U.S. dollar has fared against the British pound in that time....

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