Analyst Note| Johannes Faul, CFA |
We maintain our AUD 71 fair value estimate on narrow moat Domino’s Pizza Enterprises. Management reaffirmed its long-term growth strategy at its investor day. "Market fortressing"—splitting geographical territories of overtrading stores to reduce delivery times and drive sales growth—remains a cornerstone of Domino’s strategy. No trading update was provided, and we continue to forecast Domino’s global store network to organically add an average of 290 net new stores per year over the next decade, from 3,327 stores as of early June 2022.