A great result and trading update from Domino's Pizza (DMP) this morning with 1H15 NPAT 5% ahead of us and consensus

Morgans Financial Limited

Morgans Financial Limited

A great result and trading update from Domino's Pizza (DMP) this morning with 1H15 NPAT 5% ahead of us and consensus. ANZ margin exceptional and well above us and previous guidance. A very strong start to the 2H and guidance upgraded as hoped - NPAT now expected to be up 32.5% (25% previously). Undoubtedly, DMP's PE causes us some concern, however this multiple will also open doors to potentially highly accretive acquisitions. Although post upgrades DMP will be trading on c31x FY16 on our forecasts, we can live with this against an exceptionally strong growth profile. Additionally, we can't think of many other stocks that have the potential to double their store footprint, whilst also maintaining a dominant digital sales platform. View result snapshot and our investment view on the Morgans Blog: (VIEW LINK)


Morgans Financial Limited
Stockbroker
Morgans Financial Limited

Morgans is Australia's largest national full-service retail stockbroking and wealth management network with over 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices in all states and territories.

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