Ann: Half Year 2018 Media Release, page-25

If you see DMP as a short-term trade, it is quite overvalued at $4B market cap.

But if you are like me, I see Dominos 5 years out and I don't mind paying $40-45 per share because I know they will keep paying that $1 dividend while I wait for them to dominate the pizza market.

And 7-10 years down the road, I know people who are buying at these prices will be getting a 10% dividend yield on a long-term sustainable business.

This is the search trend for Hallo Pizza vs Dominos and you can already see Dominos eating up market share and being the dominant player there. This is happening in the other European countries too.