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Credit Suisse reiterates 'outperform' on Domino's Pizza

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Credit Suisse reiterates 'outperform' on Domino's Pizza

Fri, 11 August 2017
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Credit Suisse reiterates 'outperform' on Domino's Pizza
Domino's Pizza Group Quote more

Price: 268.50

Chg: -4.60

Chg %: -1.68%

Date: 16:49

FTSE 250 Quote

Price: 19,626.46 Chg: -146.62 Chg %: -0.74% Date: 17:09

(ShareCast News) - Analysts at Credit Suisse reiterated their 'outperform' recommendation on shares of Domino's Pizza following the company's creation of a joint-venture with its largest franchisee in the capital.
The Swiss broker said it liked the long-term attractions of the business model, pointing out that while it was "unusual" it should generate a decent return on invested capital.

To back up its observation, it argued that returns on store openings - which it pegged at between three or four a year for the JV from 2018 - were "attractive"
and that London was underserved.

However, it also said: "This marks a move back into UK store ownership and might meet some skeptical responses about a lack of franchisee willingness to invest behind growth."

Credit Suisse estimated that the purchase price implied a current multiple of roughly between 10 and 11 times EBITDA.

Still at 365p, the target was also unchanged.

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