Domino’s Pizza Enterprises Financial Analysis
Introduction
The report involves performing a financial analysis of a company present in the S&P/ASX 200. In my case, I will perform the analysis on Domino’s Pizza Enterprises. Horizontal analysis will be used to calculated Domino’s Pizza Financial Statement over a two-year period. Horizontal analysis is “used to compare data from two or more periods, side-by-side” (Ang, 2019). Horizontal analysis is a technique used to show changes and to evaluate trends. Horizontal analysis uses the earliest period as the base period and its statement is used to compare with the later periods. Horizontal analysis will be conducted for Domino’s Pizza income statement and balance sheet. Every company will fluctuate with positive and negative trend. The companies that are effectively monitoring its financial records will take the negative trends and turn them into positive trend. Domino’s Pizza has a great deal of positive trend as each year the company increase in Revenue and assets. The company’s sales and gross profit continues to increase year after year. Delivery expense had a drastic increase due to the company’s expansion of its delivery service, putting them number one in the world of delivering the best pizza in a timely manner. Telephone expense decreased and there was an increase in utilities expense as the company opened to new systems and technologies. The company is seeing growth and success as stockholder’s equity continues to increase over the years. Domino’s Pizza seems to have no negative trend as its sales, net income and gross profit continues to increase (Tsay, 2019).
Financial ratios are numerical information that gives insight analysis into the liquidity of a business. Ratio does not show the whole truth as it just compares different accounts and statements. Liquidity is a measure a business use to assess its assets for the conversion to cash. Liquidity ratios is used by businesses to assess its capability in meeting its short-term goals or obligations. Liquidity ratios is used by investors to assess a firm’s consistency in meeting its short-term debt. Liquidity ratios are used by investors to see the path a company will be heading and whether there will be any growing concerns.
Company Overview
Domino’s Pizza Enterprises was founded in Australia as a master franchise in the 1980s and is the continent’s largest pizza-delivery and carryout company (Hitt, Ireland, & Hoskisson, 2018). Domino’s pizza is operating over multiple units in Australia and in operation in multiple states. Domino’s is a pizza restaurant chain with competition from various pizza companies like Totti’s and Papa Gino’s. “Domino’s Pizza is characterized by financial pundits as a highly profitable company in the fast-food industry” (Ruppert & Matteson, 2018). The founder of Domino’s pizza, Tom Monaghan, build a company that provides a variety of products to meet customer needs with handcrafted and quality food.
Overview of the industry profitability based on Porter’s 5 forces assessment.
The fundamental explanation behind making business methodologies is to have an edge during the opposition with different organizations in the market. Porter’s five powers model glances at expanding organization profit. The organization utilizes this model in scrutinizing if the organization is advancing in the correct way during their business exchanges as to the market climate. Business techniques can be made from breaking down the market and distinguishing which segments are existing and what the organization needs to do so as to accomplish benefit amplification (Bennett & Hugen, 2018). This is the place the five powers model comes in. The model examines five significant powers that influence the business during its market period. The powers take a gander at the market and how it is advancing from every day with various highlights that emerge. These powers are:
1. Competition in the business
Business rivalry generally happens to at least two adversary organizations that are in the market and are selling a similar item. This implies that clients need to pick between one organization and the other. The organizations could be founded on any field, be it horticulture, innovation, science, or even accommodation. So as to have an upper hand over the other organization, new methodologies are made to help the benefit it achieving benefit augmentation (Tsay, 2019). This achieves advancement so as to stay aware of the market and furthermore offer the public what the other organization doesn’t have. Organizations likewise improve their administrations so as to guarantee that clients would select to pick their organization over the adversary. There are numerous procedures an association will concoct to guarantee that they have the high ground on the adversary contender. Acquiring more clients is the principal focal point of most systems so as to expand benefits. Notwithstanding, one ought to likewise take note of that the clients who are accomplished at times leave the organization inevitably (Miller, Vandome, & John, 2017). Holding your clients additionally turns into a significant assignment. This is generally done by granting your steadfast clients with rewards and coupons because of their devotion. Domino’s Pizza Enterprises uses this method in ensuring that they have low-cost outlets and very fast deliveries which help retain their current customers and attain new ones. The most ideal approach to stay aware of the serious market and outperform it is by guaranteeing that their clients can utilize their systems proficiently. So as to do this, the company has had an effective website and even developed a mobile application for having customer make orders.
2. Potential of new contestants
New contestants are showing up much more oftentimes especially in this growing economy. The danger of new participants accompanies the danger of taking your clients since they may offer an item like yours however with more refinement (Hewsbury, 2018). Thusly it is truly essential to screen new contestants and what they have to bring to the table to the clients in the market. The organization should consider the items that are gotten by new participants and guarantee that they are one stage above them if the items they contain are compromising their economy. It is likewise critical to guarantee that the items which are offered by the organization are enhanced to outperform those of the new participants. Nonetheless, now and again the new participant might be delivering complimentary products that may help your organization deal. It is essential to collaborate with such an organization since it would reduce expenses of promoting and increment the benefit augmentation of the organization. For instance, if an organization A is selling vehicles, and an organization B is another participant in the market which sells vehicle save parts, the two could converge to have an organization that sells the two items, or organization A could secure organization B. For Domino’s Pizza Enterprises, they could require to merge with another company so as to beat the new entrants. The company has multiple shops and has built a good relationship with its customers to ensure they continue being their number 1 choice (Porter, 2018). However, the company should be wary of the new market entrants and keep watch of new methods that come about in marketing and technology.
3. Power of suppliers
Providers offer merchandise to the organization as mentioned by the organization. The purchases by the organization from the providers are generally crude materials which are utilized by the organization to measure into a completed item that is offered to the clients. By and large, providers are recruited under an agreement whereby the cost for a while, similar to one year, is summarized and paid during the finish of the financial year. The providers along these lines go about as a significant entertainer in the market. The provider likewise straightforwardly decides the cost of the completed item. For instance, if the flour provider was to increase the cost of flour by 20%, the organization would likewise expand the cost of the pizza by a comparable rate or higher so as to accomplish benefits. This on occasion makes the business drop since others see the cost to be too high thus causing misfortune. Domino’s Pizza Enterprises ought to guarantee that they have a provider who is reliable and can be depended on. This will guarantee that the items they offer are offered effectively and with insignificant deferrals, assuming any (Miller, Vandome, & John, 2017). With the organization’s large customer presence and handling of food items, they have to ensure they have the right supplier with fresh products which ensures that no food produced is bad or can cause any form of illness or food poisoning.
4. Power of customers
Clients are the general purpose of working together in a market. Customers are the most important resources to having while possessing a business. The clients are the ones who buy your item and empower you to get different deals and obtain the greatest benefits. So as to guarantee that the company has a decent business, which is decided by the benefit augmentation, the company ought to guarantee that the clients are content with the item given to them and the benefits provided. Forming the business to zero in additionally on client requirements encourages the company to gain more clients in the business. The purchasing power of the customer ought to likewise be examined to guarantee that the value which is put on an item isn’t too high to even think about scaring clients away, neither should it be too low with the end goal that you will cause misfortunes (Porter, 2018). The client criticism on various products ought to likewise be investigated to guarantee that the items can be improved in order to acquire clients and keep the ones the company already has. Domino’s Pizza Enterprises ought to guarantee that they analyze the customer requirements and valuate the price which they should price their products. The current profit per pizza is around 30 – 60 % depending on other external factors. This makes the end product (pizza) a suitable product for purchase by the customers and attracting other customers (Miller, Vandome, & John, 2017).
5. Threat of Substitute Products
Items now and again have substitutes that are sold by different organizations. The same applies to the pizza sold by Domino’s Pizza Enterprises. For instance, another organization like Bugger King is selling buggers. There are very many various situations for this situation relying upon client inclination. An individual S may favor buggers to pizza, individual T inclines toward pizza rather than buggers, individual U favors the two items relying upon the hour of the day, that is, buggers in the first part of the day and buggers at night, individual V doesn’t have any inclinations about any product, and the person can pick any. With this arrangement of information, it difficult to perceive how an organization may pick its business techniques. For Domino’s Pizza, individual S won’t be of intrigue. Alternatively, for Bugger King, individual U will not be of much enthusiasm since the individual as of now incline toward buggers. The primary thought is showcasing will be to get a handle on the consideration of individual V who can pick between the two items. This consequently requires the organization to have better-publicizing techniques in order to reach to that group of individuals. Domino’s Pizza therefore aim at increasing their pizza quality and delivery times so as to guarantee that individuals pick the item over the substitute item (Porter, 2018). The company has also recently started producing taco and cheeseburger pizzas which help the customers choose between the variety of products on shelf. Domino’s Pizza is also providing healthy pizzas which have low number of calories to also cater for health issues related with high calorie intake.
Overview of the major strengths and weaknesses of the business strategy of Domino’s Pizza Enterprises
Competitive advantage in the Marketing procedure of Domino’s
- Supply chain Vertical incorporation over the supply chain has helped the organization in adjusting its assets and controlling the cost structure in order to be serious in the market and simultaneously rise as the most favoured Pizza supplier.
- Quick Delivery Whether you have the mouth-watering Pizza at their outlets or get it conveyed at your place, one can generally rely on Domino’s for its fast conveyance administrations which have helped the organization in improving its worth conveyance measure. It even acquired bundling to demonstrate that its pizza is conveyed Hot.
- Low-cost outlets It is one of the significant cost segments making their business feasible when contrasted with the opponent Yum brand’s outlets. There is no outlet of Domino’s which is an excellent plan with rich insides. Rather, the outlets advance quicker utilization so individuals can order, eat, and proceed onward. Pizza is advanced precisely for a big motivator for it – Fast food. Domino’s have both Veg and Non-Veg Pizza on its menu with choices of various garnishes to look over. In spite of the fact that they offer both Veg and Non-Veg Pizza, Domino’s Veg menu is more famous and subsequently, it is Star in BCG grid. With Domino’s practically removing the piece of the pie of Pizza from Pizza hovel, Nonveg pizzas are in certainty a treasure trove for Domino’s since veg pizzas have a ton of nearby rivalry however there is exceptionally less rivalry for Non-veg pizzas.
Competitive analysis in the Marketing strategy of Domino’s
The pizza business is packed with the neighbourhood and global organizations like Pizza hovel, Papa Jones, Toppers, Greco, and so forth, gobbling up one another’s piece of the overall industry. Domino’s with their online rebate offers and on-time conveyance can have a high piece of the pie in the majority of the nations (Kossowski, 2019). It has consumed the opposition by zeroing in on two principle things – Far and wide appropriation, and quicker conveyances. Domino’s as of late additionally dispatched the Pizza Burger to assume the ubiquity of McDonald’s.
Market examination in the Marketing procedure of Domino’s
Because of the presence of different inexpensive food alternatives, it is hard for the Pizza organizations to build the client base though simultaneously expands its piece of the pie. In creating countries, it is intense for organizations like Domino’s to expand the market size because of a few variables like low for every capita pay, neediness level, proficiency level, and way of life. Domino’s stores are deliberately situated to oblige the requirements of the enormous regions of close-by territories to keep the framework cost low. Likewise advancing on the web deals channel through contribution limits is pushing the organization to increment consumer loyalty levels by offering accommodation and cost control.
Customer analysis in the Marketing system of Domino’s
Most of the clients are more youthful ages in the age gathering of 20-40 years. Moreover, being health conscious is certainly influencing the customer’s mind as individuals are searching for more advantageous alternatives which are lesser in calories when contrasted with a total pizza.
Porter’s Three Generic Strategies
At the point when rivalry emerges in the market, it turns into a quick issue to attempt to decide how you can outperform your opponent organization and augment benefits so as to be better than the opposition. This opposition can take your clients and remove the business from the market. So as to stay away from this and guarantee that the organization actually has the greatest deals even with the opposition around, one needs to follow the three conventional techniques by Porter (Willow, 2018). These procedures depict manners by which the organization can in any case make benefits and keep selling its items and administrations by killing the danger of the contender. These strategies are:
1. Cost Leadership
This cycle includes the technique for limiting expenses with an end goal to increase amount of sales. The methodology is separated into two principle measures. The primary process includes increasing profits by lessening expenses and selling the items at the market’s normal cost. It ought to be noticed that the expense in this value alludes to the expense of payments and purchases made by the organization not the expense by the clients. The organization should attempt however much as could reasonably be expected to limit the expenses of acquisitions made during the monetary year. This should be possible by decreasing the quantity of supplies purchased. The organization could likewise attempt to find another supplier who is less expensive. Different assets could likewise be bought in the short-run to empower the organization to reduce expenses over the long haul. For instance, the organization could buy a delivery vehicle in the event that it is associated with a ton of transport accordingly reducing transport expenses over the long haul. The second process includes expanding the piece of the pie by diminishing the costs of the item. This will produce in benefit making despite the fact that costs are diminished since the expenses had just been decreased. Lessening costs makes for additional customers to buy the item because of the law of the demand, decline in cost causes an increment in the amount requested. This will result in maximizing profits. Domino’s Pizza Enterprises would profit from this methodology on the off chance that they applied it to their business. This will cause them to have an advantage over their rival (Magretta & Porter, 2017). All together for Domino’s Pizza Enterprises to execute this procedure, the organization must have: productive coordination which will be utilized by the organization to figure out where expenses are being used the most and how to cut them, minimal effort based activities, for example, materials, offices, and work, and it ought to approach capital to introduce innovation that will empower them to reduce down the expenses.
2. Differentiation
Differentiation alludes to the idea of making the item diverse as what different contenders are offering by including better style and features. This helps an item in guaranteeing that the item is favored by more clients. For instance, assume the pizza boxes has a basic white plain covering while the other organization furnishes a covering with stunning style and included highlights, for example, the decision of taste or various forms depending on the client. The client will in all likelihood incline toward the styled object despite the fact that the two items are the equivalent. This shows the impact of separation on items in the market. Domino’s Pizza Enterprises already utilizes this procedure whenever confronted with the test of rivals in the market which is shown on its elegant designs present both on the covers and software related interactions on both the mobile and web platform (Gentle, 2020). So as to practice differentiation, an organization needs to guarantee that it has top-notch item conveyance with the end goal that the items can be separated from the competitors. The organization additionally must have compelling aptitudes in deals and promoting which will bring up the separation between their item and different contenders and publicize it. The organization ought to likewise have great examination, advancement, and improvement which will help in improving items that can be separated from different competitors.
3. Focus
Focus alludes to the organization remaining reliable with one environment. It very well may be partition into two bits: Differentiation focus and cost focus. It ought to be noticed that this doesn’t imply that the primary spotlight is on the expense and differentiation individually. It implies that the expense of an engaged environment of differentiation that occurs in a centered environment. The best case of the focus is best indicated when an organization is predominant in a specific area and contenders can’t sell their items there because of client loyalty to one organization. The cost focus glances at indicating the expense for the climate relying upon the organization necessities through separation center glances at improving items for that climate. Domino’s Pizza Enterprises ought to imitate this in their business so as to have a faithful client rapport. The primary key in setting up in a central market is guaranteeing you add a bonus to what the organization produces and sell with the goal that the clients can pick your item.
Financial Health of the Company
The following are financial ratios for the past two year, that is, 2019 and 2020 (Lee, Lee, & Lee, 2018). The data is obtained from the company records which releases the company financial data after each financial quarter. Since 2020 is not yet over, the financial year to evaluate the data will begin on September 1 (MacroTrends, 2020):
Liquidity Ratios
1. Current Ratio
= Current assets / Current Liabilities For Year 2020: = $0.96B / $0.49B =1.96
For Year 2019: = $0.61B / $0.42B =1.44
2. Quick Ratio
= (Current Assets – Inventory – Prepaid expenses) / Current Liabilities For Year 2020: = ($0.89B) / $0.49B = 1.82
For Year 2019: = ($0.55B) / $0.42B = 1.32
Asset Management Ratios
1. Asset Turnover Ratio
= Revenue / Average Total Assets For Year 2020: = 2.6183
For Year 2019: = 3.7833
Profitability Ratios
1. EBITD Margin
For Year 2020: = 17.3928
For Year 2019: = 16.6534
2. EBITDA Margin
For Year 2020: = 19.1801
For Year 2019: = 18.4507
Domino’s Pizza Enterprises has high liquidity ratios (> 1) which means it can easily convert its assets to cash. It also boasts a great Asset Turnover Ratio and can therefore turnover its assets in case they incur debt. The profitability ratios also show a wonderful EBITDA which shows the organization’s profits are increasing significantly.
Financial Analysis
Financial Data is obtained from Macrotrends.net which contains information on the investment data as well as the stock pricing. There are various documents obtained in csv format which are imported into R (Jonathan K. Regenstein, 2018).
Importing the Data
The first step of beginning the analysis is importing the data by reading it into a dataframe:
# loading the data
PS_Ratio <- read.csv("PS Ratio.csv", header = TRUE)
ROI <- read.csv("ROI.csv", header = TRUE)
ROA <- read.csv("ROA.csv", header = TRUE)
ROE <- read.csv("ROE.csv", header = TRUE)
PFCF_Ratio <- read.csv("PFCF Ratio.csv", header = TRUE)
Current_Ratio <- read.csv("Current Ratio.csv", header = TRUE)Viewing DataFrame Structures
The next step is to identify the data types of the components of the dataframes in order to be able to determine certain aspects during analysis. This is done using the str() command.
str(PS_Ratio)## 'data.frame': 57 obs. of 4 variables:
## $ ï..Date : chr "10/16/2020" "9/30/2020" "6/30/2020" "3/31/2020" ...
## $ Stock.Price : num 399 425 369 323 292 ...
## $ TTM.Sales.per.Share : chr "" "$96.94 " "$92.14 " "$88.21 " ...
## $ Price.to.Sales.Ratio: num 4.12 4.39 4 3.66 3.39 2.9 3.35 3.15 3.1 3.99 ...str(ROI)## 'data.frame': 60 obs. of 4 variables:
## $ ï..Date : chr "9/30/2020" "6/30/2020" "3/31/2020" "12/31/2019" ...
## $ TTM.Net.Income : chr "$0.69B" "$0.67B" "$0.64B" "$0.63B" ...
## $ LT.Investments...Debt: chr "$0.85B" "$0.85B" "$0.67B" "$0.66B" ...
## $ Return.on.Investment : num 0.91 1.01 1.11 1.19 1.27 1.25 1.22 1.29 1.33 1.37 ...str(ROA)## 'data.frame': 60 obs. of 4 variables:
## $ ï..Date : chr "9/30/2020" "6/30/2020" "3/31/2020" "12/31/2019" ...
## $ TTM.Net.Income : num 0.47 0.46 0.43 0.4 0.38 0.38 0.37 0.36 0.34 0.32 ...
## $ Total.Assets : num 1.5 1.39 1.28 1.22 1.09 1.03 0.99 0.89 0.87 0.87 ...
## $ Return.on.Assets: num 0.31 0.33 0.34 0.33 0.35 0.37 0.37 0.41 0.39 0.37 ...str(ROE)## 'data.frame': 60 obs. of 4 variables:
## $ ï..Date : chr "9/30/2020" "6/30/2020" "3/31/2020" "12/31/2019" ...
## $ TTM.Net.Income : chr "$0.47B" "$0.46B" "$0.43B" "$0.40B" ...
## $ Shareholder.s.Equity: chr "$-3.21B" "$-3.28B" "$-3.39B" "$-3.42B" ...
## $ Return.on.Equity : num -0.14 -0.14 -0.14 -0.13 -0.13 -0.13 -0.12 -0.12 -0.12 -0.11 ...str(PFCF_Ratio)## 'data.frame': 57 obs. of 4 variables:
## $ ï..Date : chr "10/16/2020" "9/30/2020" "6/30/2020" "3/31/2020" ...
## $ Stock.Price : num 399 425 369 323 292 ...
## $ TTM.FCF.per.Share : num 11.2 11.2 10.2 10.1 10.1 ...
## $ Price.to.FCF.Ratio: num 35.7 38 36 32.1 28.9 ...str(Current_Ratio)## 'data.frame': 63 obs. of 4 variables:
## $ ï..Date : chr "9/30/2020" "6/30/2020" "3/31/2020" "12/31/2019" ...
## $ Current.Assets : chr "$0.96B" "$0.93B" "$0.79B" "$0.79B" ...
## $ Current.Liabilities: chr "$0.49B" "$0.46B" "$0.45B" "$0.45B" ...
## $ Current.Ratio : num 1.96 2.02 1.76 1.74 1.44 1.56 1.43 1.49 1.61 1.81 ...Determining the Corrrelation Between Various Columns
The correlation helps to determine what relations there are between the columns and if they will provide good data analysis (Perlin, 2020). A correlation that nears 1 shows a good relation between the data. The cor() command is used to determine the correlation of certain columns and the results explained below:
with(ROA, cor(TTM.Net.Income, Total.Assets))## [1] 0.9583853with(PS_Ratio, cor(Stock.Price, Price.to.Sales.Ratio))## [1] 0.9052135with(PFCF_Ratio, cor(Stock.Price, TTM.FCF.per.Share))## [1] 0.9739796The correlation between the various numerical data falls under 0.90 1n 0.97 which shows a very good correlation of data and how the data is closely related.
##Analysis of Stock Price
Stock Price indicates the price of a single share of the company makes which is an asset. The changes in the stock price helps analyze the economy due to various changes: external and internal, that occur (Ko, 2019).
plot(PFCF_Ratio$Stock.Price, PFCF_Ratio$Price.to.FCF.Ratio, type ="p",
main = "Relationship between the Stock Price and FCF Ratio",
ylab = "Price to FCF Ratio",
xlab = "Stock Price",
col = "red")
Identifying the Relationship between the Sales and Free Cash Flow Using the Price to Sales Ratio and Price to FCF Ratio
The price-to-free cash flow ratio (P/FCF) is a valuation method used to compare a company’s current share price to its per-share free cash flow. On the other hand, the lower the P/S ratio, the more attractive the investment. Price-to-sales provides a useful measure for sizing up stocks. In order to view this relation, plotting is done to view the trend:
plot(PFCF_Ratio$Price.to.FCF.Ratio, PS_Ratio$Price.to.Sales.Ratio, type ="p",
main = "Relationship between the Sales and Free Cash Flow",
ylab = "Price to Sales Ratio",
xlab = "Price to FCF Ratio",
col = "green")
From the graph it can be clearly viewed that the price to sales ratio and price to cash flow ratio are related and both increase the same. This means that Domino’s Pizza Enterprises has a directly proportional free cash flow to the sales per share. This is very essential since it shows that the company cash flow increases as the sales to share ratio increase.
Identifying the Relationship between the Return on Assets and the Return on Investment
Return on Assets (ROA) and Return on Investment (ROI) are two measures of financial performance used by businesses and investors. Both metrics can provide insight into how financial investment decisions contribute to or detract from the success of an enterprise, but each sheds light on a different aspect of performance. Using both metrics together can provide greater insight than using one by itself, although each is suited to a slightly different purpose.
plot(ROA$Return.on.Assets, ROI$Return.on.Investment, type ="h",
main = "Relationship between the Return on Assets and the Return on Investment",
ylab = "Return on Investment",
xlab = "Return on Assets",
col = "blue")
Recommendations
I would recommend this company to any investor as the company continues to grow. The company is taking advantage of the technological innovations. The company is using uber-style pizza delivery and tracking as well as giving its customers the option of building their own pizza. Domino’s Pizza seems to manage their finances such a way that the company will always grow when its competitors struggles. This company is in business to make a profit and its profit is increasing as the years progress (Singh & Allen, 2018).
Corporation would be ideal for the Domino Pizza franchise. “A corporation is a legal entity having existence separate and distinct from its stockholders.” and “a partnership is an association of two or more persons to carry on a business for profit as co-owner’s partnership”, while a sole proprietorship is a one-person partnership (Wainwright, 2012). Corporations have many advantages over partnership and sole proprietorships. Shareholders enjoy the benefit of not liable for corporate debts, unlike partnership and sole proprietorship, which owners are responsible for debt (Teetor, 2018). Corporations offer self-employment tax savings to its shareholders. Corporation salary and profit are taxed differently, as only the salary is taxed, unlike partnership and sole proprietorship, their profit is their salary. Many things in a Corporation are easier, such as, raising money and transferring ownership interest. Sole proprietorships and partnerships cost less to start and operate, than corporations, due to the magnitude of the business. The main disadvantages of corporations are the difficulty and expense in starting one. There are many specific state laws, rules and procedures to follow. I would recommend that a sole proprietor business would be ideal for a consulting business to start.
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