Financial PerformanceDomino's trades on a 5.1% free cash flow yield and 14x FY24E P/E, -30% below the pre-COVID average.
Growth OpportunitiesUpside from multiple growth accelerators, including new Irish franchisee acquisition, loyalty programme ramp, Uber Eats roll-out, collection growth and increased store roll-out.
Operational ImprovementsDelivery orders stabilised after 10 consecutive quarters of decline, with total orders up 5.8% in July.