Domino’s finals have surprised on the upside. There is good news on franchisee profitability, UK expansion outlook, current trading (10.5% LFL’s) and share buy backs are back on the agenda. We anticipate consensus upgrades of at least 3% this morning. The shares are reassuringly expensive on c.26x YR1 P/E (post upgrades), but justified given expectation of 15% EPS growth in FY16 and a brilliant track record. We lift our 12m TP from 1000p to 1150p.S
