DMP is down 35% in CY24 with the stock failing to be energised by this week’s investor day. The company’s global footprint is expanding, but it’s not all plain sailing. France is possibly turning the corner, German store growth is delayed, margins are low in Japan, and sales are weak in Malaysia. Overall, we are finding it easy to stay on the sidelines with regard to this well-known pizza business.
- We see no reason to catch this falling knife, which still doesn’t screen cheap compared to the overall market.
MM is neutral towards DMP
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