Domino’s has issued one of its best quarterly updates for some time this morning. UK trading has been very strong in the period with c.15% LFL growth and other territories, in particular, Germany delivering impressive results also. We see scope for us to upgrade EPS forecasts by 3-4% this morning (with consensus likely to upgrade by 5-7%). This implies FY15 PBT growth of 24% and 10% in FY16. We are lifting out TP to 1000p and upgrading from HOLD to BUY.
