Dominos Pizza Financial Model

Financial Statements Modeling

1 Income Statement
2 Depreciation Schedule
3 Working Capital
4 Balance Sheet
5 Cash Flow Statement
6 Debt Schedule
7 Wall Street Estimates
8 Scenarios

Corporate Valuation
1 Comparable Company Analayis Hardcores
2 WACC Formulas
3 Discounted Cash Flow Analysis Links
4 Football field External Links
5 Valuation Range
 Model Steps
1 Setting up your financial statements model format
2 Income Statement projections
3 Depreciation schedule
4 Working capital assumptions
5 Forecast current assets & liabilities
6 Adjust net change in cash & equivalents with CF statement
7 Reconcile the cash flow statement with your balance sheet
8 Dividend payout ratio
9 Shares repurchase
10 Debt schedule
11 Interest expense & income
12 Scenarios
13 Sanity check assumptions
Domino's
Income Statement
($ amount in millions except per share data)
Historicals
2016
Revenues:
U.S. Company-owned stores 439.02
U.S. franchise royalties and fees 312.26
Supply chain 1544.35
International franchise royalties and fees 177.00
U.S. franchise advertising ###
Total revenues 2472.63

Cost of sales:
U.S. Company-owned stores 331.86
Supply chain 1373.08
Total cost of sales 1704.94
Gross Profit 767.69
Operating Expenses
General and administrative 313.65
U.S. franchise advertising ###
Total Operating Expenses 313.65
Operating Income( EBIT) 454.04
Interest income 0.69
Interest expense (110.1)
PreTax Income 344.66
Income Tax (130.0)
Net income 214.68
Earnings per share:
Common Stock – basic 4.41
Common Stock – diluted 4.30

Dividends declared per share 1.52

Shares Outstanding
Basic 48.6
Option Impact 1.3
Diluted 49.9

Revenue Growth

Margins as % of Total Revenue

COGS-U.S. Company-owned stores 76%
COGS-Supply chain 89%
Total cost of sales 69%
Gross Profit 31%
General and administrative 13%
U.S. franchise advertising 0%
Effective Tax Rate 38%
Net income 9%
Operating Income(EBIT) 18%
Depreciation and Amortization
CapEx
 1000

Historicals For the Years Ended December 31st

2017 2018 2019 2020 2021 2022 2023 2024

490.85 514.80
351.39 391.49
1739.04 1943.30
206.71 224.75
### 358.53
2787.98 3432.87

377.67 398.16
1544.31 1732.03
1921.99 2130.19
865.99 1302.68

344.76 372.46
### 358.53
344.76 730.99
521.23 571.69
1.46 3.33
(122.5) (146.3)
400.15 428.68
(122.2) (66.7)
277.91 361.97

6.05 8.65
5.83 8.35

1.84 2.20

46.0 41.9
1.7 1.5
47.7 43.3

77% 77%
89% 89%
69% 62%
31% 38%
12% 11%
0% 10%
31% 16%
10% 11%
19% 17%
2025