The Intrinsic Value Podcast发布 2026-08-23
《Domino's Pizza (DPZ): Is the Royalty Engine Still Running?》
$DOM看跌
放弃DOM；该股估值昂贵且护城河薄弱，面临GLP-1和债务风险，缺乏增长催化剂。
你知道，从业绩来看，管理层相当不错，但如果我说我被震撼了，那是在撒谎。如果我们看看自Russell Weiner接手以来的一些KPI，收入复合增长率约为3%，每股收益和EBIT约为5%。
you know, management in terms of looking at their performance, it's pretty decent, but I would be lying if I said I was blown away. If we look at a few KPIs since Russell Weiner has taken over, you got compounding of revenues of about 3% and then earnings per share and EBIT about 5%.
另一个我认为必须提及的警示信号是，过去两年中大多数内部交易都是卖出，而且其中很多是行使期权。因此，在过去两年里，我实际上没有找到任何公开市场买入。
Another yellow flag that I think I have to mention here is that the majority of insider transactions over the last 2 years have been sales and a lot of these have been in the exercising of options. So, in the last 2 years, there actually hasn't been an open market buy that I could find.