Intrinsic value of Domino's Pizza - DPZ

Previous Close

$178.65

  Intrinsic Value

$10.10

stock screener

  Rating & Target

str. sell

-94%

Previous close

$178.65

 
Intrinsic value

$10.10

 
Up/down potential

-94%

 
Rating

str. sell

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 7.8

 

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
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  2,473
  2,809
  3,167
  3,546
  3,946
  4,366
  4,806
  5,266
  5,746
  6,246
  6,766
  7,307
  7,870
  8,454
  9,062
  9,693
  10,350
  11,032
  11,742
  12,480
  13,249
  14,050
  14,885
  15,756
  16,663
  17,611
  18,600
  19,634
  20,713
  21,842
  23,023
Variable operating expenses, $m
 
  2,281
  2,571
  2,879
  3,203
  3,544
  3,901
  4,274
  4,663
  5,069
  5,491
  5,929
  6,385
  6,859
  7,352
  7,865
  8,397
  8,951
  9,527
  10,126
  10,750
  11,400
  12,077
  12,783
  13,520
  14,289
  15,091
  15,930
  16,806
  17,722
  18,680
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
  2,291
  2,582
  2,890
  3,214
  3,555
  3,913
  4,286
  4,675
  5,081
  5,504
  5,942
  6,398
  6,873
  7,366
  7,879
  8,412
  8,966
  9,543
  10,142
  10,766
  11,417
  12,094
  12,801
  13,538
  14,308
  15,110
  15,949
  16,826
  17,742
  18,701
Operating income, $m
  454
  518
  585
  657
  732
  811
  893
  980
  1,070
  1,164
  1,262
  1,365
  1,471
  1,581
  1,695
  1,814
  1,938
  2,066
  2,199
  2,338
  2,483
  2,634
  2,791
  2,955
  3,125
  3,304
  3,490
  3,684
  3,888
  4,100
  4,322
EBITDA, $m
  492
  558
  631
  707
  788
  873
  961
  1,054
  1,151
  1,252
  1,357
  1,466
  1,580
  1,698
  1,820
  1,948
  2,080
  2,218
  2,361
  2,511
  2,666
  2,828
  2,996
  3,172
  3,355
  3,547
  3,747
  3,955
  4,173
  4,401
  4,640
Interest expense (income), $m
  105
  101
  13
  17
  22
  26
  31
  36
  41
  47
  53
  59
  65
  71
  78
  85
  92
  100
  108
  116
  124
  133
  142
  152
  162
  172
  183
  195
  207
  219
  232
Earnings before tax, $m
  345
  417
  572
  639
  710
  785
  862
  944
  1,029
  1,117
  1,209
  1,307
  1,406
  1,510
  1,617
  1,729
  1,845
  1,966
  2,092
  2,223
  2,359
  2,501
  2,648
  2,803
  2,963
  3,131
  3,306
  3,490
  3,681
  3,881
  4,090
Tax expense, $m
  130
  113
  155
  173
  192
  212
  233
  255
  278
  302
  327
  353
  380
  408
  437
  467
  498
  531
  565
  600
  637
  675
  715
  757
  800
  845
  893
  942
  994
  1,048
  1,104
Net income, $m
  215
  304
  418
  467
  518
  573
  630
  689
  751
  816
  883
  954
  1,027
  1,102
  1,181
  1,262
  1,347
  1,435
  1,527
  1,622
  1,722
  1,825
  1,933
  2,046
  2,163
  2,286
  2,414
  2,547
  2,687
  2,833
  2,986

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
  764
  862
  965
  1,074
  1,188
  1,308
  1,433
  1,563
  1,699
  1,841
  1,988
  2,141
  2,301
  2,466
  2,638
  2,816
  3,002
  3,195
  3,396
  3,605
  3,823
  4,050
  4,287
  4,534
  4,792
  5,061
  5,342
  5,636
  5,943
  6,265
Adjusted assets (=assets-cash), $m
  673
  764
  862
  965
  1,074
  1,188
  1,308
  1,433
  1,563
  1,699
  1,841
  1,988
  2,141
  2,301
  2,466
  2,638
  2,816
  3,002
  3,195
  3,396
  3,605
  3,823
  4,050
  4,287
  4,534
  4,792
  5,061
  5,342
  5,636
  5,943
  6,265
Revenue / Adjusted assets
  3.675
  3.677
  3.674
  3.675
  3.674
  3.675
  3.674
  3.675
  3.676
  3.676
  3.675
  3.676
  3.676
  3.674
  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
  3.675
  3.675
Average production assets, $m
  170
  194
  219
  245
  272
  301
  332
  363
  396
  431
  467
  504
  543
  583
  625
  669
  714
  761
  810
  861
  914
  969
  1,027
  1,087
  1,150
  1,215
  1,283
  1,355
  1,429
  1,507
  1,589
Working capital, $m
  92
  101
  114
  128
  142
  157
  173
  190
  207
  225
  244
  263
  283
  304
  326
  349
  373
  397
  423
  449
  477
  506
  536
  567
  600
  634
  670
  707
  746
  786
  829
Total debt, $m
  2,188
  277
  365
  457
  555
  658
  766
  879
  996
  1,119
  1,246
  1,379
  1,516
  1,659
  1,808
  1,963
  2,124
  2,291
  2,465
  2,645
  2,834
  3,030
  3,234
  3,447
  3,670
  3,902
  4,144
  4,397
  4,662
  4,938
  5,227
Total liabilities, $m
  2,599
  688
  776
  868
  966
  1,069
  1,177
  1,290
  1,407
  1,530
  1,657
  1,790
  1,927
  2,070
  2,219
  2,374
  2,535
  2,702
  2,876
  3,056
  3,245
  3,441
  3,645
  3,858
  4,081
  4,313
  4,555
  4,808
  5,073
  5,349
  5,638
Total equity, $m
  -1,883
  76
  86
  96
  107
  119
  131
  143
  156
  170
  184
  199
  214
  230
  247
  264
  282
  300
  320
  340
  361
  382
  405
  429
  453
  479
  506
  534
  564
  594
  626
Total liabilities and equity, $m
  716
  764
  862
  964
  1,073
  1,188
  1,308
  1,433
  1,563
  1,700
  1,841
  1,989
  2,141
  2,300
  2,466
  2,638
  2,817
  3,002
  3,196
  3,396
  3,606
  3,823
  4,050
  4,287
  4,534
  4,792
  5,061
  5,342
  5,637
  5,943
  6,264
Debt-to-equity ratio
  -1.162
  3.620
  4.230
  4.740
  5.170
  5.540
  5.860
  6.130
  6.370
  6.580
  6.770
  6.930
  7.080
  7.210
  7.330
  7.440
  7.540
  7.630
  7.710
  7.790
  7.860
  7.920
  7.990
  8.040
  8.090
  8.140
  8.190
  8.230
  8.270
  8.310
  8.340
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
  304
  418
  467
  518
  573
  630
  689
  751
  816
  883
  954
  1,027
  1,102
  1,181
  1,262
  1,347
  1,435
  1,527
  1,622
  1,722
  1,825
  1,933
  2,046
  2,163
  2,286
  2,414
  2,547
  2,687
  2,833
  2,986
Depreciation, amort., depletion, $m
  38
  40
  45
  51
  56
  62
  68
  74
  81
  88
  95
  101
  109
  117
  125
  134
  143
  152
  162
  172
  183
  194
  205
  217
  230
  243
  257
  271
  286
  301
  318
Funds from operations, $m
  347
  345
  463
  517
  575
  635
  698
  763
  832
  903
  978
  1,055
  1,135
  1,219
  1,306
  1,396
  1,490
  1,588
  1,689
  1,795
  1,905
  2,019
  2,139
  2,263
  2,393
  2,529
  2,670
  2,818
  2,973
  3,134
  3,304
Change in working capital, $m
  60
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
Cash from operations, $m
  287
  333
  450
  504
  560
  619
  682
  747
  815
  885
  959
  1,035
  1,115
  1,198
  1,284
  1,373
  1,466
  1,563
  1,663
  1,768
  1,877
  1,990
  2,109
  2,232
  2,361
  2,495
  2,635
  2,781
  2,934
  3,094
  3,261
Maintenance CAPEX, $m
  0
  -34
  -39
  -44
  -49
  -54
  -60
  -66
  -73
  -79
  -86
  -93
  -101
  -109
  -117
  -125
  -134
  -143
  -152
  -162
  -172
  -183
  -194
  -205
  -217
  -230
  -243
  -257
  -271
  -286
  -301
New CAPEX, $m
  -59
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -81
Cash from investing activities, $m
  -1
  -58
  -64
  -70
  -77
  -83
  -90
  -98
  -106
  -113
  -122
  -130
  -140
  -149
  -159
  -169
  -179
  -190
  -201
  -213
  -225
  -238
  -252
  -265
  -280
  -295
  -311
  -328
  -346
  -364
  -382
Free cash flow, $m
  286
  275
  387
  434
  484
  536
  591
  649
  709
  772
  837
  905
  975
  1,049
  1,125
  1,205
  1,287
  1,373
  1,462
  1,555
  1,652
  1,752
  1,857
  1,967
  2,080
  2,199
  2,324
  2,453
  2,589
  2,730
  2,878
Issuance/(repayment) of debt, $m
  -59
  -1,872
  88
  93
  98
  103
  108
  113
  118
  122
  127
  133
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
Issuance/(repurchase) of shares, $m
  -285
  1,659
  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
  -213
  88
  93
  98
  103
  108
  113
  118
  122
  127
  133
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
Total cash flow (excl. dividends), $m
  -17
  62
  474
  527
  581
  639
  699
  761
  826
  894
  964
  1,037
  1,113
  1,192
  1,274
  1,359
  1,448
  1,540
  1,636
  1,736
  1,840
  1,949
  2,062
  2,180
  2,303
  2,431
  2,566
  2,706
  2,853
  3,007
  3,167
Retained Cash Flow (-), $m
  83
  -1,963
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
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
 
  -1,898
  465
  516
  571
  627
  687
  749
  813
  880
  950
  1,022
  1,098
  1,176
  1,258
  1,342
  1,430
  1,522
  1,617
  1,716
  1,819
  1,927
  2,039
  2,156
  2,278
  2,406
  2,539
  2,678
  2,824
  2,976
  3,135
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
 
  -1,656
  349
  330
  306
  277
  246
  214
  182
  152
  123
  98
  76
  57
  42
  30
  21
  14
  9
  6
  3
  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 40
Price to Sales 3.5
Price to Book -4.6
Price to Tangible Book
Price to Cash Flow 29.9
Price to Free Cash Flow 37.7
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 4
Management Effectiveness
Return On Assets 37%
Ret/ On Assets - 3 Yr. Avg. 36.7%
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 19.7%
EBITDA Margin - 3 Yr. Avg. 19.2%
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 13.6% 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 4.7% 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 43.738 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 $7.8 billion.

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COMPANY NEWS

▶ Papa Johns: Is an apology for NFL remarks enough?   [Nov-15-17 01:18PM  Yahoo Finance Video]
▶ Domino's® Opens Its First Store in Austria   [Nov-13-17 07:07AM  PR Newswire]
▶ Investing in your 20s, 30s, 40s and beyond   [Nov-10-17 07:26PM  CNBC Videos]
▶ 3 Retail Stocks to Play Russian Roulette With   [Nov-07-17 02:53PM  InvestorPlace]
▶ Hungry at Work? Now You Can Order Domino's® via Slack   [Nov-06-17 07:07AM  PR Newswire]
▶ [$$] US pizza: Papa don't preach   [Nov-05-17 02:00AM  Financial Times]
▶ Why Did Papa Johns Earnings Margin Decline in 3Q17?   [Nov-03-17 01:15PM  Market Realist]
▶ There Aren't Enough Toppings to Make Domino's Look Good   [Nov-01-17 02:22PM  TheStreet.com]
▶ Should You Sell Dominos Pizza Inc (DPZ) At $184.68?   [Oct-29-17 07:51PM  Simply Wall St.]
▶ What Drove McDonalds Same-Store Sales Growth in 3Q17?   [Oct-27-17 11:26AM  Market Realist]
▶ Trade of the Day: Yum! Brands, Inc. (YUM)   [09:05AM  InvestorPlace]
▶ Malta Welcomes Its First Domino's® Store   [07:07AM  PR Newswire]
▶ 3 Companies Making Payments as Easy as ABC   [Oct-18-17 07:46PM  Motley Fool]
▶ This Likely Drove Dominos 3Q17 EPS   [10:39AM  Market Realist]
▶ How Did Dominos Just Expand Its EBIT Margin?   [09:11AM  Market Realist]
▶ How Dominos Is Expanding Its Business   [07:41AM  Market Realist]
▶ 2 Restaurant Chains, 2 Different Pains   [Oct-16-17 10:55PM  Motley Fool]
▶ Summer Soldiers; Supply Begets Demand: Best of Cramer   [Oct-13-17 09:00PM  TheStreet.com]
▶ Cramer: The Summer Soldiers Are Fleeing   [07:01PM  TheStreet.com]
▶ Domino's Pizza CEO on future of delivery   [06:52PM  CNBC Videos]
▶ Deal Labs and Pizza Securitizations   [09:32AM  Bloomberg]
▶ Domino's Pizza beats Street 3Q forecasts   [07:39AM  Associated Press]
▶ Is It Time To Buy Dominos Pizza Inc (DPZ)?   [07:34AM  Simply Wall St.]
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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