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 ....

19 Aug 2015
Up with events short-term but German momentum bodes well for securing mid-term growth

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Up with events short-term but German momentum bodes well for securing mid-term growth
Domino's Pizza Group plc (DOM:LON) | 254 -4.1 (-0.6%) | Mkt Cap: 1,003m
- Published:
19 Aug 2015 -
Author:
Sahill Shan -
Pages:
4 -
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 ....