Greggs (LSE:GRG) EBIT : £199 Mil (TTM As of Dec. 2023)

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What is Greggs EBIT?

Greggs's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2023 was £117 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2023 was £199 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Greggs's annualized ROC % for the quarter that ended in Dec. 2023 was 22.15%. Greggs's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 30.55%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Greggs's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 6.96%.

Greggs EBIT Historical Data

The historical data trend for Greggs's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Greggs EBIT Chart

Greggs Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

EBIT

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115.10

-6.40

153.10

155.80

198.60

Greggs Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
EBIT	Get a 7-Day Free Trial															93.70	59.00	96.80	81.70	116.90

Competitive Comparison of Greggs's EBIT

For the Grocery Stores subindustry, Greggs's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Greggs's EV-to-EBIT Distribution in the Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Greggs's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Greggs's EV-to-EBIT falls into.

Greggs EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was £199 Mil.

Greggs (LSE:GRG) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Greggs's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	253.8 * ( 1 - 24.1% )	/	( (798.9	+	940.3)	/ 2 )
=	192.6342	/	869.6
=	22.15 %

where

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	999.7	-	180.9	-	( 138.6	-	max(0, 235.8	-	255.7	+	138.6	))
=	798.9

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1129.7	-	164	-	( 195.3	-	max(0, 272.5	-	297.9	+	195.3	))
=	940.3

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Greggs's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	233.8	/	( ( (723.7 + max(-66.8, 0))	+	(806.9 + max(-126.9, 0)) )	/	2 )
=	233.8	/	( ( 723.7	+	806.9 )	/	2 )
=	233.8	/	765.3
=	30.55 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(64.4	+	44.6	+	8.1)	-	(180.9	+	0	+	3)
=	-66.8

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(33.3	+	48.8	+	11)	-	(164	+	0	+	56)
=	-126.9

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Greggs's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2023 )
	=	198.6	/	2852.086
	=	6.96 %

Greggs EBIT Related Terms

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Greggs (LSE:GRG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Retail - Defensive » Greggs PLC (LSE:GRG) » Definitions » EBIT

Comparable Companies

Traded in Other Exchanges

GGGSY:USA GRGl:UK 41G1:Germany

Address

Greggs House, Quorum Business Park, Newcastle upon Tyne, GBR, NE12 8BU

Website

https://www.greggs.co.uk

Greggs PLC is a U.K.-based company that is principally engaged in manufacturing, distributing, and retailing bakery goods, sandwiches, and drinks under the Greggs brand. The company focuses on the food-on-the-go market. It has a vertically integrated supply network, with its bakeries & delivery network. Greggs operates in two segments: Company-managed retail activities and B2B channels. Its shops are located in retail & industrial parks, motorway service stations, and travel hubs, to meet the demands of busy customers. The company generates all its revenue from the United Kingdom.

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