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DPZ, a 5% higher target price
​Current 530 Target 558 +5%

December 22nd 2021
1 minute read

Sales a bit weak, declined -3%
  • Sales declined -3% in the third quarter to 998 million dollars vs our 1,074 million dollars forecast.
  • This brings the quarterly average to 4% growth.
  • We predict average growth of 5% in this next 12 months to bring sales to 1,143 million dollars in the third quarter of 2022.
​
Cash costs up 1 point, profit up on lower non cash costs
  • The cash cost ratio went from -86% to -87% profit from 116 to 121 million dollars in the third quarter on lower non cash costs.
  • The average cost ratio is at -86% now.
  • We use the average -86% cost ratio to predict a higher 146 million dollars profit in the third quarter of 2022.
​
Cashflow higher on working capital
  • Free cashflow went from 126 to 172 million dollars in the third quarter with positive working capital & -18 million dollars investment Cashflow.
  • Average quarterly Cashflow is at 155 million dollars now.
  • We assume the same -18 million dollars investment spending which with higher sales gives a 141 million dollars Cashflow in the third quarter of 2022.
​
Balance sheet higher leverage
  • Cash increased 292 to 295 million dollars in the third quarter.
  • Liabilities increased 5,862 to 5,892 million dollars so net cash worsened -5,570 to -5,597 million dollars.
  • With our forecast cashflow & a -15,739 million dollars equity payout -280 million dollars liabilities payment net cash will be -5,317 million dollars in 12 months time.
​
Valuation, a 5% higher target price
  • DPZ capital from the last 27 quarters improved 1,747 to 1,874 million dollars in the third quarter & will be 617 million dollars in12 months time.
  • At the current market value of 19,270 million dollars based on our forecasts it’s at 10.8 X assets with a 3 years payback & a 2% yield.
  • Our cashflow forecast is 580 million dollars which means an 33 X valuation. A 35 X valuation gives a 5% higher target price of 558 dollars.
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  • Files1
  • ADMF
  • AVIA
  • BBTN
  • BNII
  • ITMG
  • MEGA
  • MPMX
  • MTEL
  • NISP
  • VICI
  • WOMF4
  • Home
  • CVX
  • FB
  • MAR
  • TSN
  • TWTR
  • Presents
  • Kenny
  • Ranks
  • Palmweekly
  • WEHA
  • stockbit
  • TIRA