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DPZ reverse DCF 
This is dumbed down as much as possible, fwiw, is a blunt force tool, & suffers to explain much. Examples: concentration from supply chain ops & US biz vs international, vs mix shift going forward; capital structure & use of FCF.
Takeaways: unit growth is primary driver of sales growth not comps; co has 10 year runway to build out units, which mgmt has control over; market valuing DPZ assuming legacy unit growth gets cut in half, no margin expansion, no share repurchases, exit multiple compresses by 20%.
Set up right here reminds me a lot of ORLY 2 year ago. Business has slowdown resulting from numerous overlapping factors, some macro/cyclical, some self inflicted, that in hindsight seem normal. But the market explains the slowdown as secular disruption in the present.
That said, DPZ mgmt changed their tone in Q2 vs Q1. Previously said Q1 was peak competitive intensity vs 3P. Now saying this is here to stay. Thus, recent SSS slowdown over prior 7 quarters can get even uglier before its gets better.
