DMP Charts, page-319

Thanks for your comments and good on if you picked $50 was too high.
You think there is a discounting war going on in ANZ market. If so it impacts all in the market players more so the low volume operators. This is true for all retailers whether pizza or grocery, low margin and high volume business.. As a result of high volume they make more contributions for advertising, sales and marketing etc.

Base on the fact high volume is better, how is Pizza Hut going to reach the market when they have no stores to service almost 75% of the market DMP is serving.
Store profitability is around $100k for both operators but Pizza Hut cost more to star up. If the market margins are constrained, I wouldn’t have thought it is the time for entrepreneurs come looking to start up pizza huts.

Incidents like in SA happens all the time with rogue operators, but only 12 stores out of 900.

My biggest positive for me is that the share price is low valuation metrics applied on DMS. Yes, investors went overboard with at $160 and unbelievable PE and EV/EBITDA ratios. Right now it is completely the opposite on 2026 FCST figures. In my opinion it is because for about 6 set of half year results, it has been going back at top and bottom line. I am expecting coming HY revenue will be still less but the bottom line in line or better than last time. This will prompt investors to see it differently.
Also DMP should be valued on EBITDA figures since it will eliminate D&Awhich at $155m is almost double what it was only few years back due to expansion. Now that that era is put on hold, you will see better cash flow retain in the business due to &A being retain. So on EV/ EBITDA DMP is close to 10 on fwd numbers, where as DPZ, MacDonald, Starbucks etc are around 20.