Domino's Pizza UK: The Pizza Trail Runs From London To Dublin

Summary

• Domino's Pizza Group is expanding through acquisitions, notably Shorecal Limited in Ireland and a minority stake in DP Poland, targeting under-penetrated markets.
• Despite sluggish growth in the UK QSR market, DPG's franchise-level profitability is improving, with store-level EBITDA margins up to 14% in H1 2024.
• Financial results show stable system-wide sales but a decline in corporate revenues due to lower commissary revenues, with a controlled Debt/EBITDA ratio of 2.56x.
• Initiate coverage with a 'Hold' rating and a price target of $5.50 to $6.00, citing limited growth options compared to broader Domino's shares.

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A Master Franchise in the Land of the Crown

You’ve probably stopped to think about the size of Domino’s Pizza’s (DPZ) footprint, haven’t you? There are over 21,000 locations around the world, with almost 70% of them outside

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