CEO Russell Weiner Announces Retirement, COO Joe Jordan Replacing Him; Remain Buy, but Reducing Price Target to $425

Research evidence excerpt

CEO Russell Weiner Announces Retirement, COO Joe Jordan Replacing Him; Remain Buy, but Reducing Price Target to $425

Investment Thesis

We believe Domino's is a secular market-share gainer in the pizza category owing to the significant competitive advantages it has

established on digital ordering, national marketing and value. The strength of these advantages has driven considerable increases

in retail sales, market share and unit economics in recent years. Continued comparable sales growth and moderating inflation and

labor pressures have allowed franchisee unit economics to recover over the past three years, and we expect this trend to continue.

The improving unit economics, ramping sales benefit from DoorDash (DASH, Buy, $280 PT; Analyst: Jake Fuller) and Uber Eats (Uber

Technologies, UBER, Buy, $100 PT; Analyst: Jake Fuller), stronger menu innovation, and refreshed loyalty and technology platformsRESTAURANTS

should allow the company to recapture its previous pace of sales gains.

Upcoming Catalysts Price PerformanceEQUITY ■ New menu launches $600

■ Further data points on Uber Eats and DoorDash progression $550

■ 2Q26 earnings in late July $500

$450

$400

$350RESEARCH Base Case Assumptions: $425 Price Target $300

■ Domestic comparable sales of 0.1% in 2Q26, 1.0% in 3Q26, and 1.1% for the full $250

year as digital revamp and menu news are offset by weaker industry trends. Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 ■ International comps of 1.0% through the year as trends modestly improve in the

Middle East, Asia and select European markets. DPZS&P 500 (rebased)

Source: FactSet ■ Global unit development improves this year with 175 net openings (2.4%) in the

U.S. and 795 internationally (5.3%) as closure activity moderates.