Domino’s European investor day reiterated the desire to rollout stores and emphasised a focus on acquisitions where possible. The company has an impressive track record in lifting sales productivity, especially in Germany which is up 61% in four years. Despite competitive threats, Domino’s has become the dominant pizza offering in each EU market. While the long-term story is intact, we doubt there will be any changes following the investor day and the company still faces a headwind to sales over the next 18 months.