Greencore Group PLC (GB:GNC)
LSE:GNC
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Greencore
(LSE:GNC)
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Rating:70Outperform
Price Target:
288.00 p
â–²(19.50% Upside)
Action:UpgradedDate:12/11/25
Greencore's overall stock score is driven by its strong earnings call performance, indicating robust profitability and strategic growth initiatives. Financial performance is solid, with stable revenue growth and profitability margins. Technical analysis shows moderate bullish momentum, while valuation suggests the stock is fairly priced. The absence of significant corporate events further supports a stable outlook.
Positive Factors
Revenue Growth
Sustained top-line growth to nearly GBP 2bn (+7.7% YoY) reflects durable demand for core convenience categories and successful onboarding of new contracts, reinforcing retailer relationships and scale in ready meals that support multi-quarter organic growth and margin expansion.
Negative Factors
Declining FCF Growth
A 12.34% decline in free cash flow growth is a durable caution: reduced FCF momentum can constrain reinvestment capacity, slow deleveraging or limit buffer for integration costs from acquisitions, making execution and cash conversion critical over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained top-line growth to nearly GBP 2bn (+7.7% YoY) reflects durable demand for core convenience categories and successful onboarding of new contracts, reinforcing retailer relationships and scale in ready meals that support multi-quarter organic growth and margin expansion.
Read all positive factors
Greencore (GNC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.91B
Dividend Yield0.79%
Average Volume (3M)1.51M
Price to Earnings (P/E)17.3
Beta (1Y)0.79
Revenue Growth7.74%
EPS Growth30.09%
CountryUK
Employees13,300
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.09
Shares Outstanding803,422,550
10 Day Avg. Volume1,533,080
30 Day Avg. Volume1,508,070
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)2.02
Price to Sales (P/S)0.51
P/FCF Ratio8.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£297.75Price Target Upside23.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.16
Revenue Forecast (FY)£3.07B
Greencore Business Overview & Revenue Model
Company Description
Greencore Group plc, together with its subsidiaries, engages in the manufacture and sale of convenience food products primarily in the United Kingdom and Ireland. The company provides various products, including sandwiches, salads, sushi, chilled ...
How the Company Makes Money
Greencore generates revenue primarily through the production and sale of convenience food products to retailers and food service businesses. The company's key revenue streams include ready-to-eat meals, sandwiches, salads, and other prepared foods...
Greencore Earnings Call Summary
Earnings Call Date:Nov 18, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 26, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong performance with record profitability, significant revenue growth, and successful new product launches. While there were challenges, such as inflationary pressures and underperformance in the salad category, these were outweighed by the positive financial metrics and progress in strategic initiatives like the Bakkavor acquisition.Positive Updates
Record Profitability Achieved
The company reached a record level of profitability, achieving a 15% return on invested capital (ROIC), which is an increase of 350 basis points from the previous fiscal year.
Negative Updates
Challenges in the Salad Portfolio
Performance in parts of the salad portfolio was challenging in comparison to other segments.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Profitability Achieved
The company reached a record level of profitability, achieving a 15% return on invested capital (ROIC), which is an increase of 350 basis points from the previous fiscal year.
Read all positive updates
Company Guidance
In the fiscal year 2025, the company reported a strong performance across multiple financial metrics, achieving a revenue of nearly GBP 2 billion, which represents a 7.7% year-on-year growth. The adjusted operating profit increased by 28.9% to GBP 125.7 million, resulting in an operating margin growth of 110 basis points to 6.5%. The return on invested capital (ROIC) rose to 15%, a 350 basis point increase from the previous year. The company's free cash flow was GBP 120.5 million, with a leverage ratio of 0.4x net debt to EBITDA. The successful onboarding of new contracts, particularly in the ready meals segment, contributed significantly to this growth. Additionally, the company launched 534 new products and maintained over 99% service levels with ongoing operational excellence initiatives. Looking ahead, the company anticipates continued profitable growth and plans to close the acquisition of Bakkavor in early 2026, projecting at least GBP 80 million in cost synergies. The company remains committed to enhancing shareholder value through disciplined capital allocation and strategic investments.Greencore Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
68
Positive
Cash Flow
70
Positive
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.95B | 1.81B | 1.91B | 1.74B | 1.32B |
| Gross Profit | 632.50M | 599.60M | 568.80M | 523.00M | 422.90M |
| EBITDA | 158.70M | 147.80M | 124.10M | 110.60M | 101.30M |
| Net Income | 57.60M | 46.30M | 35.90M | 32.30M | 25.40M |
Balance Sheet | |||||
| Total Assets | 1.27B | 1.20B | 1.30B | 1.34B | 1.29B |
| Cash, Cash Equivalents and Short-Term Investments | 81.80M | 57.30M | 116.50M | 99.60M | 119.10M |
| Total Debt | 207.70M | 250.30M | 315.50M | 327.60M | 361.80M |
| Total Liabilities | 780.70M | 754.50M | 837.90M | 873.10M | 868.30M |
| Stockholders Equity | 492.00M | 450.20M | 459.80M | 465.60M | 423.20M |
Cash Flow | |||||
| Free Cash Flow | 122.20M | 79.60M | 61.60M | 42.90M | 62.50M |
| Operating Cash Flow | 165.60M | 112.00M | 99.00M | 92.90M | 102.70M |
| Investing Cash Flow | -43.40M | -31.70M | -31.30M | -50.00M | -17.60M |
| Financing Cash Flow | -85.50M | -98.70M | -81.50M | -69.40M | -58.10M |
Greencore Technical Analysis
Negative
241.00
Price Trends
268.57
Negative
255.15
Negative
247.23
Negative
Market Momentum
-6.97
Positive
34.03
Neutral
24.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GNC, the sentiment is Negative. The current price of 241 is below the 20-day moving average (MA) of 251.95, below the 50-day MA of 268.57, and below the 200-day MA of 247.23, indicating a bearish trend. The MACD of -6.97 indicates Positive momentum. The RSI at 34.03 is Neutral, neither overbought nor oversold. The STOCH value of 24.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:GNC.
Greencore Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £2.74B | 8.36 | 15.07% | 2.06% | 6.96% | 28.47% | |
76 Outperform | £1.56B | 8.95 | 10.71% | 1.62% | 0.50% | 20.52% | |
71 Outperform | £432.88M | 11.83 | 12.72% | 7.01% | 8.58% | -15.81% | |
70 Outperform | £1.91B | 17.26 | 12.23% | 0.79% | 7.74% | 30.09% | |
69 Neutral | £12.94B | 15.47 | 9.22% | 2.98% | -3.06% | -26.93% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% |
* Consumer Defensive Sector Average
GB:GNC
Greencore
241.00
64.68
36.68%
GB:ABF
Associated British Foods
1,839.00
-44.11
-2.34%
GB:CWK
Cranswick
5,130.00
277.53
5.72%
GB:HFG
Hilton Food
482.00
-318.13
-39.76%
GB:PFD
Premier Foods
180.60
-2.00
-1.10%
Greencore Corporate Events
Regulatory Filings and Compliance
Greencore Confirms Total Voting Rights at Over 803 Million Shares
Neutral
Feb 27, 2026
Greencore Group PLC has confirmed that, as of 27 February 2026, its issued ordinary share capital comprises 803,422,543 shares, each carrying one vote, resulting in a total of 803,422,543 voting rights. This disclosure provides the official denomi...
Regulatory Filings and Compliance
Greencore Confirms Total Voting Rights at Over 803 Million Shares
Neutral
Feb 2, 2026
Greencore Group plc has reported that, as of 2 February 2026, its issued ordinary share capital comprises 803,293,580 ordinary shares, each carrying one voting right, giving a total of 803,293,580 voting rights. The company noted that this figure ...
Business Operations and StrategyStock BuybackShareholder Meetings
Greencore Wins Strong Shareholder Backing for Capital Authorities at 2026 AGM
Positive
Jan 29, 2026
Greencore Group plc reported that all resolutions put to shareholders at its 29 January 2026 Annual General Meeting were approved, with each motion receiving strong backing and support levels generally above 96% of votes cast. The AGM outcome gran...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Greencore Delivers Strong Q1 and Completes Bakkavor Deal to Build UK Convenience Food Leader
Positive
Jan 29, 2026
Greencore reported a solid start to its 2026 financial year, with first‑quarter standalone revenue up 5.4% to £499.8m, supported by 0.5% manufactured volume growth that outpaced the wider grocery market and by strong demand for premium ...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Greencore Expands Share Capital as Bakkavor Acquisition Takes Effect
Positive
Jan 19, 2026
Greencore Group plc has confirmed the admission to trading in London of 360,231,087 new ordinary shares, taking its total issued share capital to 803,283,097 shares, in connection with its recommended acquisition of Bakkavor Group plc. The enlarge...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Greencore Completes Bakkavor Takeover as Bakkavor Shares Delist from London Market
Positive
Jan 19, 2026
Greencore Group PLC has completed its recommended acquisition of Bakkavor Group PLC, leading to the delisting of Bakkavor’s shares from the FCA’s Official List and the cancellation of their trading on the London Stock Exchange’s ...
Executive/Board ChangesDelistings and Listing ChangesM&A TransactionsRegulatory Filings and Compliance
Greencore Advances Bakkavor Takeover With FCA-Approved Share Prospectus
Positive
Jan 8, 2026
Greencore Group has published a prospectus approved by the UK Financial Conduct Authority for the issue of new Greencore shares to Bakkavor shareholders, a key step in its recommended acquisition of Bakkavor Group. Under the agreed terms, Bakkavor...
Regulatory Filings and Compliance
Greencore Confirms Total Voting Rights at 443 Million Shares
Neutral
Dec 31, 2025
Greencore Group has confirmed that its issued ordinary share capital now comprises 443,017,199 ordinary shares, each carrying one vote, giving the company a total of 443,017,199 voting rights. The updated figure provides investors and other market...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Greencore Issues 2025 Annual Report and Sets Date for 2026 AGM
Neutral
Dec 19, 2025
Greencore Group plc has published its 2025 Annual Report and Financial Statements and issued the formal notice and documentation for its 2026 Annual General Meeting, which will take place on 29 January 2026 at the Maldron Hotel Dublin Airport in I...
Business Operations and StrategyM&A Transactions
Greencore Set to Complete Bakkavor Acquisition in January 2026
Positive
Dec 17, 2025
Greencore Group PLC has announced the expected completion of its acquisition of Bakkavor Group PLC on January 16, 2026. The acquisition has cleared major regulatory hurdles, including approvals from the UK Competition and Markets Authority and the...
Business Operations and StrategyExecutive/Board Changes
Greencore Announces Executive Share Vesting and Sale
Neutral
Dec 9, 2025
Greencore Group plc announced a transaction involving Dalton Philips, an Executive Director, who vested an award of 1,560,113 ordinary shares under the company’s Performance Share Plan. A portion of these shares was sold to cover tax liabili...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.