Domino's Pizza (DMP): Grab a slice

Bell Potter


Domino's Pizza (DMP): Grab a slice. DMP announced an underlying FY14 EBITDA of $95.1m (BPe $93.7m), and underlying NPAT of $45.8m (BPe $45.1m), both in line with guidance. DMP has strong earnings growth prospects for the next decade. This is underpinned by a proven business strategy led by a well-regarded management team. A rock solid balance sheet, attractive cash flow metrics & high return metrics provide fuel to drive this growth. Whilst at face value multiples appear elevated, we now believe this is justified considering these strengths as well as scope for highly accretive acquisitions. We upgrade to Buy with a revised PT of $26.75 (previously $15.00).

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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