Intrinsic value of Domino's Pizza - DPZ

Previous Close

$194.68

  Intrinsic Value

$11.42

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

-85%

Previous close

$194.68

 
Intrinsic value

$11.42

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

-85%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of DPZ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.55
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  2,473
  2,844
  3,242
  3,667
  4,117
  4,593
  5,094
  5,620
  6,170
  6,744
  7,342
  7,965
  8,614
  9,287
  9,988
  10,716
  11,472
  12,258
  13,076
  13,926
  14,810
  15,731
  16,689
  17,688
  18,729
  19,815
  20,948
  22,131
  23,366
  24,657
  26,006
Variable operating expenses, $m
 
  2,309
  2,632
  2,977
  3,342
  3,729
  4,135
  4,561
  5,007
  5,473
  5,959
  6,463
  6,989
  7,535
  8,104
  8,694
  9,308
  9,946
  10,609
  11,299
  12,016
  12,763
  13,541
  14,351
  15,196
  16,077
  16,997
  17,956
  18,958
  20,006
  21,100
Fixed operating expenses, $m
 
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
Total operating expenses, $m
  2,019
  2,319
  2,643
  2,988
  3,353
  3,740
  4,147
  4,573
  5,019
  5,485
  5,972
  6,476
  7,002
  7,549
  8,118
  8,708
  9,323
  9,961
  10,625
  11,315
  12,032
  12,780
  13,558
  14,369
  15,214
  16,096
  17,016
  17,975
  18,978
  20,026
  21,121
Operating income, $m
  454
  525
  600
  679
  764
  854
  948
  1,047
  1,150
  1,258
  1,371
  1,490
  1,611
  1,738
  1,870
  2,007
  2,149
  2,297
  2,451
  2,611
  2,778
  2,951
  3,131
  3,319
  3,515
  3,720
  3,933
  4,155
  4,388
  4,631
  4,885
EBITDA, $m
  492
  565
  646
  732
  823
  919
  1,020
  1,126
  1,237
  1,353
  1,474
  1,599
  1,730
  1,866
  2,008
  2,155
  2,308
  2,466
  2,632
  2,803
  2,982
  3,168
  3,362
  3,563
  3,774
  3,993
  4,222
  4,461
  4,710
  4,971
  5,244
Interest expense (income), $m
  0
  75
  10
  13
  17
  21
  25
  29
  34
  38
  43
  49
  54
  59
  65
  71
  77
  84
  91
  98
  105
  113
  120
  129
  137
  146
  155
  165
  175
  186
  197
Earnings before tax, $m
  345
  449
  590
  666
  747
  833
  923
  1,017
  1,116
  1,220
  1,327
  1,441
  1,558
  1,679
  1,805
  1,936
  2,072
  2,213
  2,360
  2,513
  2,673
  2,838
  3,011
  3,191
  3,378
  3,573
  3,777
  3,990
  4,213
  4,445
  4,688
Tax expense, $m
  130
  121
  159
  180
  202
  225
  249
  275
  301
  329
  358
  389
  421
  453
  487
  523
  559
  598
  637
  679
  722
  766
  813
  861
  912
  965
  1,020
  1,077
  1,137
  1,200
  1,266
Net income, $m
  215
  328
  430
  486
  545
  608
  674
  743
  815
  890
  969
  1,052
  1,137
  1,226
  1,318
  1,413
  1,512
  1,616
  1,723
  1,835
  1,951
  2,072
  2,198
  2,329
  2,466
  2,609
  2,757
  2,913
  3,075
  3,245
  3,422

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  43
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  716
  774
  882
  998
  1,120
  1,250
  1,386
  1,529
  1,679
  1,835
  1,998
  2,167
  2,344
  2,527
  2,718
  2,916
  3,122
  3,336
  3,558
  3,789
  4,030
  4,280
  4,541
  4,813
  5,096
  5,392
  5,700
  6,022
  6,358
  6,709
  7,076
Adjusted assets (=assets-cash), $m
  673
  774
  882
  998
  1,120
  1,250
  1,386
  1,529
  1,679
  1,835
  1,998
  2,167
  2,344
  2,527
  2,718
  2,916
  3,122
  3,336
  3,558
  3,789
  4,030
  4,280
  4,541
  4,813
  5,096
  5,392
  5,700
  6,022
  6,358
  6,709
  7,076
Revenue / Adjusted assets
  3.675
  3.674
  3.676
  3.674
  3.676
  3.674
  3.675
  3.676
  3.675
  3.675
  3.675
  3.676
  3.675
  3.675
  3.675
  3.675
  3.675
  3.674
  3.675
  3.675
  3.675
  3.675
  3.675
  3.675
  3.675
  3.675
  3.675
  3.675
  3.675
  3.675
  3.675
Average production assets, $m
  170
  196
  224
  253
  284
  317
  352
  388
  426
  465
  507
  550
  594
  641
  689
  739
  792
  846
  902
  961
  1,022
  1,085
  1,152
  1,220
  1,292
  1,367
  1,445
  1,527
  1,612
  1,701
  1,794
Working capital, $m
  92
  102
  117
  132
  148
  165
  183
  202
  222
  243
  264
  287
  310
  334
  360
  386
  413
  441
  471
  501
  533
  566
  601
  637
  674
  713
  754
  797
  841
  888
  936
Total debt, $m
  2,188
  285
  383
  487
  597
  714
  837
  965
  1,100
  1,241
  1,387
  1,540
  1,698
  1,863
  2,035
  2,213
  2,399
  2,591
  2,791
  2,999
  3,216
  3,441
  3,676
  3,921
  4,176
  4,442
  4,719
  5,009
  5,311
  5,627
  5,958
Total liabilities, $m
  2,599
  696
  794
  898
  1,008
  1,125
  1,248
  1,376
  1,511
  1,652
  1,798
  1,951
  2,109
  2,274
  2,446
  2,624
  2,810
  3,002
  3,202
  3,410
  3,627
  3,852
  4,087
  4,332
  4,587
  4,853
  5,130
  5,420
  5,722
  6,038
  6,369
Total equity, $m
  -1,883
  77
  88
  100
  112
  125
  139
  153
  168
  184
  200
  217
  234
  253
  272
  292
  312
  334
  356
  379
  403
  428
  454
  481
  510
  539
  570
  602
  636
  671
  708
Total liabilities and equity, $m
  716
  773
  882
  998
  1,120
  1,250
  1,387
  1,529
  1,679
  1,836
  1,998
  2,168
  2,343
  2,527
  2,718
  2,916
  3,122
  3,336
  3,558
  3,789
  4,030
  4,280
  4,541
  4,813
  5,097
  5,392
  5,700
  6,022
  6,358
  6,709
  7,077
Debt-to-equity ratio
  -1.162
  3.690
  4.340
  4.880
  5.330
  5.710
  6.040
  6.310
  6.550
  6.760
  6.940
  7.100
  7.250
  7.370
  7.490
  7.590
  7.680
  7.770
  7.840
  7.920
  7.980
  8.040
  8.090
  8.150
  8.190
  8.240
  8.280
  8.320
  8.350
  8.390
  8.420
Adjusted equity ratio
  -2.862
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  215
  328
  430
  486
  545
  608
  674
  743
  815
  890
  969
  1,052
  1,137
  1,226
  1,318
  1,413
  1,512
  1,616
  1,723
  1,835
  1,951
  2,072
  2,198
  2,329
  2,466
  2,609
  2,757
  2,913
  3,075
  3,245
  3,422
Depreciation, amort., depletion, $m
  38
  41
  46
  52
  58
  65
  72
  79
  87
  95
  103
  110
  119
  128
  138
  148
  158
  169
  180
  192
  204
  217
  230
  244
  258
  273
  289
  305
  322
  340
  359
Funds from operations, $m
  347
  369
  477
  538
  604
  673
  746
  822
  902
  985
  1,072
  1,162
  1,256
  1,354
  1,455
  1,561
  1,671
  1,785
  1,904
  2,027
  2,155
  2,289
  2,428
  2,573
  2,724
  2,882
  3,047
  3,218
  3,398
  3,585
  3,781
Change in working capital, $m
  60
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  37
  39
  41
  43
  44
  46
  49
Cash from operations, $m
  287
  356
  462
  523
  588
  656
  728
  803
  882
  964
  1,050
  1,139
  1,233
  1,329
  1,430
  1,535
  1,644
  1,757
  1,874
  1,996
  2,123
  2,256
  2,394
  2,537
  2,687
  2,843
  3,006
  3,176
  3,353
  3,539
  3,733
Maintenance CAPEX, $m
  0
  -34
  -39
  -45
  -51
  -57
  -63
  -70
  -78
  -85
  -93
  -101
  -110
  -119
  -128
  -138
  -148
  -158
  -169
  -180
  -192
  -204
  -217
  -230
  -244
  -258
  -273
  -289
  -305
  -322
  -340
New CAPEX, $m
  -59
  -26
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
Cash from investing activities, $m
  -1
  -60
  -66
  -74
  -82
  -90
  -98
  -106
  -116
  -125
  -134
  -144
  -155
  -166
  -176
  -188
  -200
  -212
  -225
  -239
  -253
  -268
  -283
  -299
  -316
  -333
  -351
  -371
  -390
  -411
  -433
Free cash flow, $m
  286
  295
  396
  449
  506
  566
  630
  696
  766
  840
  916
  995
  1,078
  1,164
  1,254
  1,347
  1,443
  1,544
  1,649
  1,757
  1,870
  1,988
  2,110
  2,238
  2,371
  2,510
  2,654
  2,805
  2,963
  3,127
  3,299
Issuance/(repayment) of debt, $m
  -59
  -1,864
  98
  104
  110
  117
  123
  129
  135
  141
  147
  153
  159
  165
  172
  178
  185
  193
  200
  208
  217
  225
  235
  245
  255
  266
  277
  290
  303
  316
  330
Issuance/(repurchase) of shares, $m
  -285
  1,636
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -302
  -228
  98
  104
  110
  117
  123
  129
  135
  141
  147
  153
  159
  165
  172
  178
  185
  193
  200
  208
  217
  225
  235
  245
  255
  266
  277
  290
  303
  316
  330
Total cash flow (excl. dividends), $m
  -17
  68
  493
  553
  616
  683
  752
  825
  901
  980
  1,062
  1,148
  1,237
  1,329
  1,425
  1,525
  1,629
  1,737
  1,849
  1,965
  2,087
  2,213
  2,345
  2,483
  2,626
  2,775
  2,932
  3,095
  3,265
  3,443
  3,630
Retained Cash Flow (-), $m
  83
  -1,964
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
Prev. year cash balance distribution, $m
 
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -1,892
  482
  541
  604
  670
  739
  811
  886
  965
  1,046
  1,131
  1,219
  1,311
  1,406
  1,505
  1,608
  1,715
  1,826
  1,942
  2,063
  2,188
  2,319
  2,455
  2,598
  2,746
  2,901
  3,063
  3,232
  3,408
  3,593
Discount rate, %
 
  14.60
  15.33
  16.10
  16.90
  17.75
  18.63
  19.57
  20.54
  21.57
  22.65
  23.78
  24.97
  26.22
  27.53
  28.91
  30.35
  31.87
  33.46
  35.14
  36.89
  38.74
  40.68
  42.71
  44.84
  47.09
  49.44
  51.91
  54.51
  57.23
  60.10
PV of cash for distribution, $m
 
  -1,651
  363
  346
  323
  296
  265
  232
  199
  166
  136
  108
  84
  64
  47
  33
  23
  16
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Domino's Pizza, Inc. is a pizza restaurant chain company. As of January 1, 2017, the Company operated in over 13,800 locations in over 85 markets around the world. The Company operates through three segments: domestic stores, international franchise and supply chain. Its basic menu features pizza products in various sizes and crust types. As of January 1, 2017, its Domestic Stores segment consisted primarily of its franchise operations, which consisted of 4,979 franchised stores located in the contiguous United States. As of January 1, 2017, its International Franchise segment consisted of a network of franchised stores in over 85 international markets. As of January 1, 2017, its supply chain segment operated 18 regional dough manufacturing and food supply chain centers in the United States, one thin crust manufacturing center, one vegetable processing center and one center providing equipment and supplies to certain of its domestic and international stores.

FINANCIAL RATIOS  of  Domino's Pizza (DPZ)

Valuation Ratios
P/E Ratio 43.6
Price to Sales 3.8
Price to Book -5
Price to Tangible Book
Price to Cash Flow 32.6
Price to Free Cash Flow 41.1
Growth Rates
Sales Growth Rate 11.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.3%
Cap. Spend. - 3 Yr. Gr. Rate 8.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.6
LT Debt to Equity -114.1%
Total Debt to Equity -116.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 28.4%
Ret/ On Assets - 3 Yr. Avg. 33.8%
Return On Total Capital 57.6%
Ret/ On T. Cap. - 3 Yr. Avg. 57.6%
Return On Equity -11.7%
Return On Equity - 3 Yr. Avg. -12.5%
Asset Turnover 3.3
Profitability Ratios
Gross Margin 31.1%
Gross Margin - 3 Yr. Avg. 30.6%
EBITDA Margin 15.5%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 18.4%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 14%
Pre-Tax Margin - 3 Yr. Avg. 13.6%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 34.4%

DPZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DPZ stock intrinsic value calculation we used $2473 million for the last fiscal year's total revenue generated by Domino's Pizza. The default revenue input number comes from 2017 income statement of Domino's Pizza. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DPZ stock valuation model: a) initial revenue growth rate of 15% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.6%, whose default value for DPZ is calculated based on our internal credit rating of Domino's Pizza, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Domino's Pizza.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DPZ stock the variable cost ratio is equal to 81.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $10 million in the base year in the intrinsic value calculation for DPZ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Domino's Pizza.

Corporate tax rate of 27% is the nominal tax rate for Domino's Pizza. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DPZ stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DPZ are equal to 6.9%.

Life of production assets of 4.9 years is the average useful life of capital assets used in Domino's Pizza operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DPZ is equal to 3.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-1883 million for Domino's Pizza - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 47.054 million for Domino's Pizza is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Domino's Pizza at the current share price and the inputted number of shares is $9.2 billion.

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COMPANY NEWS

▶ Restaurants: Have & Have-Nots Will Continue To Diverge   [Sep-18-17 11:19AM  Barrons.com]
▶ Domino's® BOGO Deal is Back   [07:07AM  PR Newswire]
▶ Dominos, Papa Johns, and Yum! Brands Valuation Multiples   [Sep-11-17 10:37AM  Market Realist]
▶ Dominos Had Strong Earnings Growth in 2Q17   [09:07AM  Market Realist]
▶ Disinterested teens can make the best investors   [Sep-08-17 07:25PM  CNBC Videos]
▶ Dominos Pizza Had the Highest Unit Growth   [12:06PM  Market Realist]
▶ What Analysts Recommend for Dominos Pizza   [09:07AM  Market Realist]
▶ How Dominos Valuation Stacks Up   [07:37AM  Market Realist]
▶ Ford, Domino's Carpool On Pizza Deliveries   [04:04PM  Investor's Business Daily]
▶ What Analysts Expect for Dominos Revenue   [02:06PM  Market Realist]
▶ Ford, Dominos test pizza delivery by self-driving cars   [12:35PM  San Jose Mercury News]
▶ Domino's and Ford testing self-driving pizza delivery   [12:35PM  American City Business Journals]
▶ Has Dominos Stock Price Bottomed Out?   [12:21PM  Market Realist]
▶ [$$] Dominos Pizza Wont Make You Dough Like It Used To   [Aug-26-17 12:34AM  The Wall Street Journal]
▶ [$$] Domino's Pizza Won't Make You Dough Like It Used To   [12:24PM  The Wall Street Journal]
▶ [$$] Domino's Australia: triangulation points   [09:05AM  Financial Times]
▶ Domino's Pizza Smashed 14% on Earnings Miss   [Aug-14-17 10:26PM  Barrons.com]
▶ Salesforce rival Appboy clinches $50 million in venture capital   [Aug-09-17 03:14PM  American City Business Journals]
▶ What Drove Papa Johns Earnings in 2Q17   [10:36AM  Market Realist]
▶ How Papa Johns Is Expanding Its Business   [07:37AM  Market Realist]
▶ Disinterested teens can make the best investors   [Aug-04-17 07:48PM  CNBC Videos]
Financial statements of DPZ
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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