DMP -31.05%: Walloped today and fell to 4 year low following an announcement posted to the ASX at 7.17PM last night – trying to sneak one past a closed market – never positive and never a good look – surely they know better! While Same Store Sales growth (SSSg) has remained strong in the local market, weakness in Europe and Asia has led to the company walking away from previously issued guidance for the time being. ANZ SSSg was up +8.2% for the first half, however Asia was -8.9% and Europe only +0.6% for the half with latest update implying just 0.9% growth in the 2Q. Domino’s now expect first half Profit Before Tax of $87-90m, ~15% below consensus and ~5% below 1HFY23 – not a great trajectory for a company on an estimated PE of around 26x.
- We have not had any interest in DMP for the past 18-months and that view remains.
MM still has no interest in DMP
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