저자: RussianPatel · 외국인
요약 보기
도미노피자에 대한 빌 애크먼의 6% 지분 매수 소식을 다룬 영상으로, 결론은 '관심 종목으로 워치리스트에 넣되, 밸류에이션과 추가 리서치 필요로 지금은 매수 보류'다. [투자 배경] 애크먼은 행동주의 투자자로 단순하고 예측 가능하며 현금흐름이 좋은 기업을 선호하며, 도미노피자가 이에 부합한다고 평가. 2008~2009년 턴어라운드 이후 성장했고, 과거부터 관심을 가져온 기업이라 충동적 매수가 아니라고 설명. [사업 및 성장성] 디지털 매출 비중 약 75%, 자체 배달 시스템 보유, 미국 시장점유율 약 22%(8년간 두 배)로 성장 여지가 있다고 봄. 인도·중국 확장과 경영진·배달 품질을 긍정적으로 평가. [재무] 최근 10년간 매출 성장, 이익률은 높지 않으나 매년 흑자이며 점진적으로 개선, 자산수익률과 주당현금흐름 양호. [밸류에이션 및 리스크] 매수 시점 PER 약 27 수준(현재는 약 34로 상승)으로 높은 편. 높은 PER만으로 투자 부적합 판단은 어렵다는 입장. 부채비율 지표가 음수(자기자본 음수)로 나와 연차보고서 확인이 필요하다고 언급. [출연자 결론] 매수는 보류, 워치리스트 유지, 추가 리서치 필요.
다듬은 글
hi um i'm russian patel and i'm here with larissa christian haugen um and this reminder keeping the format a little bit different and we are using this to talk about little investing news um headlines and just having a little title chat about it yeah this is it um this week uh we wanted to talk about phil ackman the activist investor who has initiated a position in dominated pizza um and he owns now just shy of six percent of the business and he purchased one shelves up to 330 dollars yep i think um yes said just wanted to talk about quickly um this investment because we we like the lachman we think he's interesting there's a lot to learn from him and um he likes to invest in simple predictable and cash flow generating companies and that's what domino's is it's grown a lot over the last 10 years um they had a turnaround in about 2008 or 2009 uh bill ackman and um his team has admired uh the company for a long time um and the price dropped um suddenly and then they found a good entry point so they thought okay this is a uh time this time we can invest and um it's uh they have a um uh they're based on i mean um they've invested a lot in tech so um kind of the logistics around the delivery system is uh apparently very good or you know the 75 of the sales are uh digital um right and uh they have um i think the largest in-house delivery system when it comes to any uh similar company in the industry it's been gaining market share it's about 22 now i'm assuming that's in the us right and has that's doubled over the last about eight years and um they think it's still a lot of growth left in the market that dominos can capture more market share and they have a good management team um and you know good delivery system consistent um deliveries which is you know good customer service and they're also expanding into india and china so a lot of growth left so i think that's kind of my main notes here i mean we did the notes separately we did our separate background research so what kind of things do you want to highlight oh um so you covered quite a similar number of points to myself um and just to go back to their own delivery structure and where they've invested a lot in their text so two points is one is from one of the articles i read they were one of the first to invest in their delivery technology um trying to make them a bit of a pioneer and also first of all yeah there and secondly is um so don't mind me i'm looking at my notes on my eye right so um blackman knows the restaurant industry so he already holds shells in burger king and chipotle so within a circle of competence and that's something that we uh we've seen in quite a lot of investors only want to make plans but invest in the things you know about yeah exactly and also i don't know if you'd already mentioned that the domino's was already on there watch this have you mentioned that bit i might have yeah i think i said that they had admired the company for a while okay yeah yeah um and the whole point of that is it doesn't mean that there's that they just pick these businesses out of thin it was something they had that on for a while and and so it's not entirely a spontaneous decision yeah should we maybe move into the uh the financials and the motivation of that sort of thing so yeah so um the revenues have been growing uh over the last 10 years before that they were a bit stagnant but um that was probably before the turnaround and after the tournament they sort of things started picking up and then the margins uh the gross margin operating margin and net margin are uh you know they're uh they're decent they're not like insanely high you know compared to other companies that we've looked at for example hargreaves lands down is a company we've invested in they don't have the same type of margins as as them but it's they're different industries so you know they're positive margins making money in every single year i think and also their margins have been slowly increasing over the years and they have a very high return on assets and their cash flow per share uh it has grown a lot over the last 10 to 15 years so kind of financials are very positive so that's kind of what i mentioned i don't know if you have anything else or maybe you want to talk about the valuation valuation-wise so the pe price earnings is right about 20 27 when they purchased it right yeah right and um that's usually something that's a bit high but then again we probably want to research into the growth potential i'm sure um ackman and his team have already done that because they're probably considering the long-term growth value yeah as we've learned in last week's or the previous episode um uh what was it called when to sell um high price earnings isn't necessarily the be-all and all so yeah it doesn't always reflect the growth potential in the long term yeah it doesn't reflect it yeah so if it's a very high quality company that's going to grow a lot yeah for you to be put up just by high pe is can be a mistake because it can you can make a lot of money from investing in the company so yeah and i mean that's everything i've got to add and i suppose that takes us nicely to like what do we think is it something that we would buy straightaway or not and given you know we still have a few questions here so we've got the pe is a little bit high and we still want to read more into what's the growth potential of the business really and um also i saw the debt to equity ratio and uh surprisingly that was negative i don't know what that means but that's something that well it's negative because of the equity is negative negative equity but whatever you read about like negative equity it's always it's you know the negative thing in itself but yeah i don't yeah i we haven't done enough research on the company so that's kind of one of those things that kind of uh made me raise my eyebrows a bit because usually a company has negative equities usu it's usually a bad sign yeah but obviously dominos is a good company so we don't know if there's something strange with maybe uh the numbers that we're looking at maybe we would need to look at the annual report or maybe there's something there that we're not understanding maybe they're you know buying back stocks like eliminating some of the equity i don't know off the top my head i don't know if that makes sense actually so it's a strange one i mean i the the honest answer is that we don't know so it's one of those things that we would have to look into so my conclusion from the whole thing is that i just find it interesting to follow blackman because um i can learn from looking at how he's thinking and i can implement some of that myself because he's he's a very um thoughtful investor and a very successful investor and uh yeah this is something i would like to have on my watch list i wouldn't be ready to buy yet because i haven't researched it and also the price is a bit too high for me at the moment because it's it's gone up even more so now the p is maybe around 34 or something yeah that's right that's kind of my conclusion from the whole thing so i don't know if you agree with that yeah that's basically i mean honestly i'd want to do a bit more reading research into it and there's still a few unanswered questions here um and i guess yeah that takes us to the end of um our little chat yeah um and uh yeah let us know what you think and thanks for watching like and subscribe and you can see more of our content on www.evalueinvesting.com and of course um yeah we're hoping to do more of these like tiny smaller videos and that's kind of why you want to know what you think all right so until next time bye bye
Comments 0