First Read: Domino's Pizza Enterprises "DPZ 2Q26: DMP continues to weigh on..."

研报英文原文证据摘录

First Read: Domino's Pizza Enterprises "DPZ 2Q26: DMP continues to weigh on..."

Forecast returns

Forecast price appreciation 28.7%

Forecast dividend yield 4.2%

Forecast stock return 32.9%

Market return assumption 9.6%

Forecast excess return 23.4%

Company Description

Domino's Pizza Enterprises (DMP) is the master franchisee for Domino's in Australia and New

Zealand. It has expanded internationally via acquisitions into Belgium, France and the

Netherlands (2006), then Japan (2013) and Germany (2015), with further acquisitions in-

market (France [Sprint] and Germany [Joey's] in 2015, and again in Germany [Hallo] in 2017),

and then smaller territory acquisitions (Luxembourg & Denmark [divested Jun-23] in 2019).

Recent acquisitions include Domino's Taiwan in 2021 and Malaysia, Singapore, & Cambodia

in 2022. DMP has a store milestone of 7100 by 2033.

Valuation Method and Risk Statement

We value DMP on a blended DCF and SOTP (EV/EBIT) basis. DMP is exposed to a range of risks

which could have a material impact on the business, these include: (1) Changes in

competition across pizza and broader QSR operators, as well as the aggregators, although the

bigger long-term risk is improved delivery efforts from established QSR operators; (2) Store

openings higher than expected due to changes in franchisee appetite and/or ability to secure

sites; (3) FX and commodity prices movements that weigh on volumes/margins, and broader

supply chain risks as some food and non-food product is imported into operating territories;

(4) Labour shortages and rising minimum wages could impact volumes / margins; and (5)

Changes in consumer preferences and perceptions away/toward from DMP product.

Domino's Pizza Inc:

Risks include but are not limited to: deteriorating macro-economic factors that could