New management at Domino’s, after an uncertain start, has confounded a number of our concerns. This was best demonstrated by a strong set of interims last month and a positive tenor to justify a near 12% P/E re-rating subsequently. We use this note to formally issue our new 3 year forecasts, which at the EPS level are 2-4% above consensus. Our revised 12m TP is 903p. The shares have had a tremendous run YTD (+32%) and on a FY16 P/E of 26x with 3 year EPS CAGR of 14% it is difficult to justify mo ....
