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I bought in just below 90p as it is a bargain price if politics sorts itself. If not it'll be a bumpy ride that's for sure ! I also hold DPP too & that share looks cheap - if no dilutions are on the horizon
Just to add that pizza in and of itself is also a relatively resilient / affordable product. If DPEU were dependent on expensive imported products the depreciation would be a disaster. But it's wheat, tomatoes, cheese, etc - all locally sourced. Assuming debt is a non-issue and with the ability to modulate growth capex they should be able to get through this. Also 25% of the business is in Russia / CIS, which is much less affected...
What did Buffet say "You pay a high price in the stock market for a cheery consensus". Jokes aside it's obviously a complete punt at this stage. Much in the short term depends on whether the Turkish govt blinks. History suggests that no one can buck the market indefinitely, so some sort of (face saving) back track is surely on the cards. Assuming normalisation does occur and the Lira bounces back the stock will too. I have invested this morning on the basis of an eventual normalisation. At these levels you are getting a double digit growing DOM franchise with over 670 restaurants for an EV of c. £150m. Compared to any other listed DOM franchise that valuation of c. £200K odd per restaurant is a bargain. The company is not highly levered with under 2x historic EBITDA. BUT a portion of this (including a ST portion) is Euro dominated, although the recent trading update suggested that a portion (all?) of this was being refinanced with a RUB loan. The trading update in and off itself was very strong, with strong growth across the estate. Interim results are due mid-September. I would argue that if you are patient and have capital you can afford to lose this is a wonderful punt at these levels...
have any thoughts on this given the current devaluation of the Turkish Lira and possible knock-on effect of their wider economy?
Will it halve or double at results time?!
Many thanks,
AP.
Strong Results, , Just Topped Up,,
the way the stock trades is dreadful....awful. no interest, no liquidity
Group revenue up 38.5% and system sales up 29.0%, driven by both like-for-like growth and store openings o� Turkish system sales increased by 10.1% o� Russian system sales increased by 200.3% ����� Adjusted EBITDA up 26.4% to TRY 39.4 million (2016: TRY 31.2 million) ����� Adjusted net income TRY (
Should be interesting Tomorrow, 2Q. Results due,, with expansion on track,, could tick up nicely.. Great buying opportunity.
This company should NEVER have listed. Management could not care less about shareholders. There is no liquidity, and performance lousy. Exit
DP Eurasia claims it is the largest pizza delivery firm in Turkey and the third largest in Russia based on the number of stores it has, and is the fifth largest master franchisee within the global Domino's Pizza system with 571 stores in total - 488 in Turkey, 76 in Russia, four in Azerbaijan and three in Georgia. In preparation for the IPO, DP Eurasia has appointed Peter Williams as chairman of the group and Frederieke Slot as company secretary and executive director, in addition to Thomas Singer as senior independent non-executive. DP Eurasia said its revenue was 38% higher in 2016 than in 2015 while adjusted earnings before interest, tax, depreciation and amortisation were up by an impressive 73%, as its margin rose to 12% from 5% the year before. A total of 70 stores are to be opened in 2017 by DP Eurasia, 40 in Russia and 30 across the other countries it operates in, with a longer terms aim of opening 70 to 90 stores on an annual basis.
Nice buying opportunity,, New 70 outlet's coming online this year,, 570+ online..