Fund Manager Summary
The fund managers believe that the outlook for Domino's Pizza Enterprises Ltd presents a potential opportunity for recovery as they anticipate a turnaround under new leadership. In their opinion, the departure of long-time CEO Don Meij marks a significant transition; however, they find reassurance in the company’s 25% ownership by Jack Cowin, a respected figure in the fast food industry. They note the new CEO, Mark van Dyck, brings valuable experience from his previous roles at the Compass Group and The Coca-Cola Company. Despite recent stock performance challenges, the fund managers express optimism for future growth, indicating they will monitor developments closely.
Source: Trading View
Commentary From The Managers
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Pendal Group
3 Nov 2025
$18.36
Summary
- Pendal Group updates its investment thesis on Domino's Pizza Enterprises Ltd (DMP).
- DMP's stock increased by 19.3% following reports of Bain Capital considering a bid.
- DMP clarified it has not received any communications from Bain.
- The company has faced significant underperformance due to challenges in its business model in Australia, Japan, and France.
- Bain Capital has a track record of investing in quick-service restaurant chains.
- Bain previously held 50% of DMP’s Japanese business.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Pendal Group
3 Nov 2025
$18.36
- Pendal Group updates its investment thesis on Domino's Pizza Enterprises Ltd (DMP).
- DMP's stock increased by 19.3% following reports of Bain Capital considering a bid.
- DMP clarified it has not received any communications from Bain.
- The company has faced significant underperformance due to challenges in its business model in Australia, Japan, and France.
- Bain Capital has a track record of investing in quick-service restaurant chains.
- Bain previously held 50% of DMP’s Japanese business.
Summary
Ten Cap
31 Oct 2025
$18.32
- Domino’s Pizza (DMP) was the top contributor for the month, with a share price increase of 34%.
- Ten Cap increased their investment following DMP's August results, where the risk-reward profile shifted decisively to the upside.
- The market reacted positively due to growing confidence in management’s ability to cut costs and improve operational efficiency.
- DMP is considered undervalued relative to its long-term growth prospects.
- The company’s global scale, brand strength, and operational efficiencies support the view that it is well-positioned for a cyclical recovery in consumer demand.
Summary
Katana Asset Management
31 Oct 2025
$18.32
- Katana Asset Management notes that Domino's Pizza Enterprises Ltd has rallied from a heavily oversold position.
- The rally was driven by speculation of potential interest from private equity for a takeover.
- This speculation, while not a primary reason for holding, highlights the heavily depressed valuation of the company.
- The depressed valuation serves as a potential catalyst for future investment interest.
- Katana Asset Management continues to monitor the situation closely.
Summary
Ten Cap
30 Sept 2025
$13.48
- Ten Cap believes Domino’s Pizza Enterprises (DMP) is significantly undervalued.
- Recent stock volatility does not reflect its long-term growth prospects.
- The company benefits from global scale and strong brand equity.
- Operational efficiencies further support Ten Cap's positive outlook.
- Ten Cap continues to hold its position in DMP based on these factors.
Summary
Ten Cap
9 Sept 2025
$14.57
- Ten Cap highlights the potential of turnaround stories, particularly in the case of Domino’s Pizza.
- The company has faced shareholder criticism due to its slow progress in improving performance.
- Domino’s has recognized the need to close unmarketable stores and halt excessive store rollouts.
- Improving franchisee profitability is seen as key to future store expansions.
- With earnings expected to recover from low margins, there is potential for profits to double.
- Ten Cap continues to hold its position in Domino’s, anticipating positive changes ahead.
Summary
Katana Asset Management
31 Aug 2025
$14.63
- Domino’s Pizza Enterprises Ltd share price fell 22% on reporting day.
- Decline attributed to FY26 update showing a small decrease in like-for-like sales.
- Katana Asset Management trimmed half of their holding prior to the results.
- At a valuation of 11.3x current year earnings, Katana is cautiously rebuilding their position.
Summary
ECP Asset Management
31 July 2025
$18.27
- Domino's Pizza Enterprises Ltd (DMP) negatively impacted portfolio performance during the period.
- Weak progress in the turnaround strategy was a primary factor.
- CEO Mark van Dyck's unexpected departure increased execution uncertainty.
- Chairman Jack Cowin assumed interim leadership, raising concerns about franchisee profitability.
- There is a faster-than-anticipated pace of store closures affecting the business outlook.
- Despite commitments to accelerate cost reductions, significant headwinds remain.
- ECP Asset Management divested their position due to these developments.
Summary
Katana Asset Management
31 July 2025
$18.27
- Domino’s Pizza Enterprises Ltd experienced a strong rally in early July.
- Following the CEO's departure after less than 12 months, the stock was sold down.
- Katana Asset Management continues to hold due to the substantial upside from the announced cost-out program.
- Current FY earnings projections indicate potential for significant growth.
Summary
Tamim Funds Management
10 July 2025
$18.03
- Tamim Funds Management acknowledges Domino’s Pizza Enterprises (ASX: DMP) as a household name with a strong brand presence.
- The company has faced challenges including sales stagnation, franchisee profitability decline, and increased competition from delivery aggregators.
- Recent developments indicate a strategic pivot towards operational excellence and franchisee support.
- Key initiatives include cost reductions in corporate operations and a focus on simplifying technology for better ROI.
- Rebuilding franchisee trust is a priority, with targets to increase average store earnings from $95,000 to $130,000.
- The leadership transition, following the resignation of CEO Mark van Dyck, is seen as an opportunity for a fresh approach under Executive Chairman Jack Cowin.
- Financially, Domino’s remains stable, generating over $100 million in after-tax profit and maintaining a strong balance sheet.
- Despite challenges, Domino’s is expected to see modest same-store sales growth with improved margins.
- Domino’s competitive advantage lies in its control over delivery logistics, differentiating it from aggregators.
- The macroeconomic environment favors fast food, with pizza being a defensive consumer staple.
- Risks include execution challenges, competition from aggregators, wage inflation, and market saturation.
- Tamim Funds Management views Domino’s as a potentially undervalued company with a compelling turnaround narrative.
- The brand remains strong, the balance sheet is solid, and the strategy is refocused.
- Domino’s is on Tamim's watchlist as they seek clear signs of successful execution.
Summary
Katana Asset Management
30 June 2025
$19.27
- Katana Asset Management notes that Domino’s Pizza Enterprises Ltd experienced significant tax loss selling and investor capitulation.
- Expectations for the new financial year include a notable improvement in the price.
- Katana Asset Management continues to hold its position in the company based on these anticipated developments.
- Market sentiment is expected to shift positively as the company recovers from recent challenges.
Summary
Oracle Advisory Group
30 June 2025
$19.27
- Domino’s faced challenges this quarter due to weak consumer spending and tough macroeconomic conditions.
- Turnaround efforts are ongoing in Japan and France.
- CEO resignation announcement in December led to further stock sell-off.
- Current stock price is at a 10-year low.
- Despite challenges, Oracle Advisory Group sees value in the stock.
- Oracle Advisory Group remains confident in their investment thesis.
Summary
Oracle Advisory Group
31 Dec 2024
$29.44
- Oracle Advisory Group acknowledges that Domino’s Pizza has faced challenges, leading to declines over the past two years.
- No significant negative news was required for the stock to drop further.
- Despite the recent struggles, the fund admires entrepreneurial leadership.
- The retirement of Don Meij, a prominent figure in the company, was noted as a tough transition.
- Comfort is found in Jack Cowin's continued ownership, who holds 25% of the company and has a notable history in the fast food industry.
- A new CEO, Mark van Dyck, will take charge from 6th November 2024.
- Mark's prior experience includes executive roles at high-profile companies like the Compass Group and The Coca-Cola Company.
- Oracle Advisory Group remains hopeful and will monitor developments for a potential turnaround.
Summary
ECP Asset Management
30 Sept 2024
$35.45
- ECP Asset Management highlights that Domino's Pizza Enterprises (DMP) was a key contributor over the month.
- Recent developments have attracted attention as DMP exits the ASX100 and re-enters the ASX200.
- This shift positions DMP more prominently among small-cap managers.
- Despite subdued earnings, there is positive momentum in regions like ANZ and Germany.
- Trading conditions in key markets, such as Japan and France, remain challenging.
- ECP remains cautious but optimistic about DMP's prospects.
- The upcoming AGM and further trading updates will be closely monitored.
- Focus will be on franchise profitability levels and operating performance following recent cost-saving measures.
Summary
ECP Asset Management
31 July 2024
$32.77
- Domino's Pizza Enterprises (DMP) has underperformed this year due to poor trading conditions in France and Japan.
- Despite some green shoots in ANZ, Germany, and the Benelux regions, the earnings mix is heavily skewed toward the Japanese market.
- ECP Asset Management remains cautious during this time, acknowledging the substantial outperformance during the pandemic.
- The fund manager notes the general impact on many value-oriented QSRs in the current environment.
- ECP Asset Management continues to monitor their position in Domino's Pizza Enterprises.
Summary
ECP Asset Management
30 June 2024
$35.79
- Domino's Pizza was a key detractor during the month.
- Recent update indicated that ANZ performed ahead of expectations.
- Results from Europe and Asia were mixed.
- Domino's Pizza is on track to deliver A$50 million in restructuring benefits in FY24.
- ECP Asset Management remains confident in the long-term opportunity for Domino's Pizza.
Summary
Selector Funds Management
31 Mar 2024
$43.33
- Domino’s Pizza Enterprises is the largest franchisee outside of the U.S., operating in 12 countries across Australia & New Zealand (ANZ), Europe, and Asia.
- The company has over 3,800 stores and generated $2.1b in sales for half year 2024.
- ANZ reported an 8.2% increase in same store sales, the strongest growth in six years.
- New product launches, such as My Domino’s Box and Meltzz, have broadened offerings into lunch and snacks.
- Growth in delivery customers is a key focus, with ongoing efforts to attract carry-out customers.
- Challenges remain in France and Japan, with ongoing adjustments in marketing and pricing strategies.
- Despite subpar execution in some markets, Domino’s remains the largest pizza chain in the region.
- Management is working on enhancing team capabilities, including recruiting a new marketing officer.
- In Japan, there is a focus on increasing order frequency and targeting carry-out customers with lower-priced products.
- Management is committed to delivering new product innovations and maintaining healthy margins for franchisees.
- Over the next three to five years, Domino’s targets same store sales growth of 3%-6% and plans CAPEX investments of $100m-$150m annually.
- Domino's has a market capitalisation of $3.9b and declared an unfranked interim dividend of 55.5c per share.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a legacy like Jack Cowin's backing Domino's, the potential for a comeback seems tantalizing. Yet, with the departure of a beloved CEO and a stock that’s been on a downward spiral, patience may be the name of the game for investors."
Last Updated: 03 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Domino's Pizza Enterprises Ltd (ASX:DMP)?
Fund managers including Oracle Advisory Group, Katana Asset Management, ECP Asset Management, Selector Funds Management, Ten Cap, Tamim Funds Management and Pendal Group have invested in Domino's Pizza Enterprises Ltd (ASX:DMP).
Why do fund managers invest in Domino's Pizza Enterprises Ltd?
Fund managers are investing in Domino's Pizza Enterprises Ltd due to its strong leadership legacy and potential for a turnaround. Despite recent stock declines, the company's significant ownership by renowned entrepreneur Jack Cowin provides confidence. The appointment of new CEO Mark van Dyck, with his extensive experience in major corporations, is viewed as a positive step towards revitalizing the brand and improving performance.
What happened to Domino's Pizza Enterprises Ltd (ASX:DMP)?
Fund managers are investing in Domino's Pizza Enterprises Ltd due to its potential for recovery and long-term growth. Despite recent challenges, including leadership changes and underperformance in key markets, managers see value in the company's identified strategies for cost reduction and operational efficiency. With a focus on closing underperforming stores and enhancing franchise profitability, there is optimism for a rebound in earnings. Analysts believe the stock is undervalued, supported by strong brand equity and global scale, positioning Domino's for future success.