Pershing Square Activist Presentation Deck
Domino's Pizza ("DPZ")
Domino's
Domino's is a high-quality business with significant long-term
growth potential led by a strong management team
Global #1 QSR pizza brand with attractive business model
► Category leader with crown jewel digital and delivery infrastructure
Long-term same-store sales growth of 7% in the U.S. and 5% internationally
▸ Exceptional unit economics underpin long runway for global store growth
Optimal capital allocation enabled by near-100% franchised business model
Many levers in place for sustainable growth post-COVID
Recent large price increases by competitors enhances DPZ's customer value
proposition and provides latent pricing power
►New products, peak advertising funds, and the eventual return of key promotions
► Carryout orders still below 2019 levels
Trades at a discounted valuation
High certainty nature of the business, consistent capital allocation, and
prospective long-term EPS growth in the mid- to high-teens
Source: Company filings, PSCM estimates.
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