2025-06-03-Jefferies-达美乐（DMP）_日本的领导层变动_7页_172kb

Equity Research Summary: Domino's Pizza Enterprises (DMP AU)

• Stock Rating and Price Target:

  • Rating: Buy, with a 12-month price target of AUD 42.00, up 90% from the current price of AUD 22.15.
  • Consensus Alignment: Trading update aligns with market expectations (e.g., +1.8% revenue growth for 2H25 vs. +1.5% initial estimate).

• Leadership Changes:

  • New CEO transition in Japan part of "Recipe for Growth" strategy to revitalize operations.
  • Josh Kilimnik interim CEO; search for permanent, locally-based Japanese CEO to conclude in six months.
  • Martin Steenks moves to COO role, with day-to-day operations supported by a local team.
  • Investor Day scheduled for 1H26.

• New CFO Appointment:

  • George Saoud joining in July 2025 as Group CFO, effective September after FY reporting; consistent with February update.

• Financial Projections and Valuation:

  • Earnings Growth: EBIT and NPAT projected to grow steadily through FY25-27, driven by cost reduction and productivity.
  • Valuation Metrics: P/E ratio expected to decrease from 16.0x to 12.7x; EV/EBITDA improving to 7.7x; DCF model used with WACC 8.0% and terminal growth rate 3.5%.
  • Risks/Opportunities: Upside from better ANZ margins or franchisee behavior; downsides include aggregator impact and competition.

• Market Context:

  • Company is the largest franchisee outside the US, operating master franchise in key regions.
  • Ongoing monitoring with analyst certifications confirming views based on personal analysis.

• Key Announcements:

  • No trading update provided, as consistent with consensus; focus on strategic changes and future events.