Tag: Motley Fool

Looking at the Australian Foundation Investment Co.Ltd. (ASX: AFI) share price, and it’s clear that December so far hasn’t been too kind. Australian Foundation Investment Co (AFIC for short) shares are trading at $8.27 each at the time of writing today, up 0.61% so far. This is a company that started the month at $8.25 a share, meaning they have been flat since the start of the month until today.

So what has sparked AFIC’s miserly returns over December thus far?

Well, it’s worth pointing out that the S&P/ASX 200 Index (ASX: XJO) has actually turned its month around so far and is now well in the green for December, up 2.2% for the month to date. That certainly doesn’t make AFIC look too good since this listed Investment Company (LIC) is often held up against the ASX 200 benchmark.

So let’s check out AFIC’s most recent fund update for some potential answers. So AFIC released its ‘NTA & Top 25 Investments’ update last Friday for the month of November. It reported that the LIC had $7.55 per share (before tax) in net tangible asset (NTA) backing as of 30 November, which was up slightly from the $7.51 NTA that the LIC had on 31 October.

That put’s its 1-year return (including dividends and franking) at 20%, a significant beat from the S&P/ASX 200 Accumulation Index‘s 17% figure for the same period. But these figures also tell us an interesting story.

AFIC share price lags in December…

You may notice that AFIC’s current share price is well above what the company tells us its shares are actually worth on an NTA backing. That means that AFIC shares are currently trading on a premium – just over 10% to be exact. This is not uncommon in the LIC space. There is nothing that dictates that a LIC has to trade at its true value. As such, the market often assigns a premium, or discount, to LICs.

This is arguably influenced (there’s no way to actually tell) by a number of factors, including performance history, expectations, and how well the market views a particular fund manager.

Given AFIC’s decades-long history as a respected steward of investors capital, and its recent ASX 200 outperformance, it’s not too hard to conceive why investors might place AFIC shares at a premium to their actual worth.

But this also gives the AFIC share price something of a ‘premium buffer’. Investors can bid the price down and still sell AFIC shares for more than they are actually worth on paper. This might explain the divergence of the ASX 200’s December performance and that of the AFIC share price.

At the current AFIC share price, this ASX LIC has a market capitalisation of $10.13 billion, with a fully franked dividend yield of 2.90%. 

The post Why has the AFIC (ASX:AFI) share price had such an average start to December? appeared first on The Motley Fool Australia.

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• AFIC (ASX:AFI) aims to grow its dividends faster than inflation. Is it delivering?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Seven West Media Ltd (ASX: SWM) share price is in the red today despite good news regarding its planned acquisition of Prime Media Group Limited (ASX: PRT).

The Australian Competition and Consumer Commission (ACCC) has given the deal the thumbs up. The ACCC concluded that combining the companies won’t affect media competition in a major way.

Despite the good news, the Seven West Media share price is tumbling. At the time of writing, it is trading at 62 cents, 3.91% lower than its previous close.

Let’s take a closer look at the acquisition and the ACCC’s verdict.

Seven West share price slides despite ACCC approval

For the second time in 2 years, Seven West Media is trying to buy fellow Australian media entity, Prime Media.

Seven announced it was going to make a second attempt to buy Prime Media in early November. The ACCC has approved the deal, as it did back in 2019, but Seven still has to win over Prime shareholders.

That was the hurdle that tripped up the pair’s first proposed merger in 2019. It was scrapped when 53.5% of Prime Media shareholders voted against the transaction.

The Prime Media Board has unanimously recommended that shareholders vote in favour of this second proposal.

ACCC chair, Rod Sims said that while the merger received the watchdog’s approval in 2019, the media market’s importance drove it to conduct another review.

Sims commented:

Consistent with our findings in 2019, we concluded that the proposed acquisition was unlikely to substantially lessen competition or choice for advertisers and consumers. This is because Seven West Media and Prime are not particularly close competitors in the supply of advertising opportunities or the supply of media content, and other competitors will constrain the merged entity.

Prime Media’s shareholders will cast their vote on the acquisition on 23 December.

The Seven West Media share price is up 18% since it announced its second attempt to buy Prime on 1 November.

The Seven West Media share price is also 70% higher than it was at the start of 2021.

The post Seven West Media (ASX:SWM) share price dips despite ACCC green light on Prime Media deal appeared first on The Motley Fool Australia.

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• Raiz (ASX:RZI) share price climbs 8% as Seven West Media makes strategic investment
• 42% in a month: Seven West (ASX:SWM) share price just hit 3-year highs
• Why is UBS so uncertain on the Seven West (ASX:SWM) share price?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The BARD1 Life Sciences Limited (ASX: BD1) share price isn’t going anywhere on Thursday.

In fact, the BARD1 share price has vanished completely from the ASX boards today.

Where is the BARD1 share price?

The good news is that nothing bad has happened to the BARD1 share price or the company itself.

The reason you can’t see it on the ASX boards is because this morning the company’s name and ticker change came into effect.

Following the approval of shareholders at its annual general meeting at the end of November, the diagnostic and exosome-based products company has now renamed itself INOVIQ Ltd (ASX: IIQ).

Why did BARD1 become INOVIQ?

The company changed its name to INOVIQ as it feels this better reflects the strategic vision, broader intellectual property assets, and its expanded product portfolio since its acquisition of Sienna Cancer Diagnostics in 2020.

This is because the original name of BARD1 related to its BARD1 technology and doesn’t reflect its broader interests across other technologies such as the SubB2M, NETs and hTERT.

INOVIQ’s CEO, Dr Leearne Hinch, explained: “The name change to INOVIQ represents the evolution of the Company’s expanded focus on developing and commercialising innovative diagnostic and exosome-based products to improve the diagnosis and treatment of cancer and other diseases. The new name future-proofs the continued growth and expansion of our business, capabilities, and product portfolio. We thank shareholders for their support of the name change and look forward to unveiling the new brand and website in coming weeks.”

Prior to the name change, the BARD1 share price was up approximately 59% in 2021. Investors will no doubt be hoping the INOVIQ share price picks up from where BARD1 left off.

The post Why has the BARD1 (ASX:BD1) share price vanished from the ASX boards? appeared first on The Motley Fool Australia.

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• BARD1 (ASX:BD1) share price ends stellar day up 41%
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Alcidion Group Ltd (ASX: ALC) share price is deep in the red today after exiting its trading halt this morning.

Shares in the company opened around 14% lower and have remained at that level, trading at 27.5 cents apiece at the time of writing.

Let’s take a look at why the Alcidion share price is struggling today?

What is Alcidion up to?

Alcidion returns to the market today after a capital raise to fund an acquisition. As reported earlier this week, the healthcare technology company is taking over UK company Silverlink PCS Software Limited.

The company has now completed the share placement and the institutional part of the entitlement offer.

The capital raise included a $30 million share placement of 120 million new shares, while the institutional entitlement offer raised $13.4 million via the issue of 53 million new shares.

Shares were offered at 25 cents apiece. That’s a 21.9% discount on the final closing price before the raise of 32 cents.

Managing director Kate Quirke has taken up 1 million shares, worth $250,000, as part of the institutional entitlement offer.

The retail entitlement offer will start next week.

Management commentary

Commenting on the capital raise, Quirke said:

We are pleased to have successfully completed the institutional placement and accelerated institutional component of the non-renounceable entitlement offer.

We are grateful for the continued support of our key existing investors, and we welcome a number of new shareholders onto our register.

Alcidion share price snapshot

Investors have recorded gains of more than 48% in 2021. In the past 12 months, the Alcidion share price surged by roughly 37%.

Alcidion reached a yearly high of 49 cents in June, while January delivered the yearly low of 18 cents.

The company’s total market capitalisation is about $288 million at the time of writing.

The post Why is the Alcidion (ASX:ALC) share price down 14% today? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Alcidion Group Ltd. The Motley Fool Australia has recommended Alcidion Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Camplify Holdings Ltd (ASX: CHL) share price has been a high flyer over the past 6 months. During this time, shares in the peer-to-peer digital marketplace for recreational vehicle (RV) owners and hirers have skyrocketed 150% to $3.50 per share.

After already delivering such strong returns since the company listed on the ASX in June, spectators might be wondering if there’s still potential upside in the Camplify story.

Yesterday, Motley Fool Australia analyst Benny Ou joined our chief investment officer Scott Phillips to explore the buy case for Camplify. The coverage was part of The Motley Fool Australia’s ‘Stock of the Week‘ series on YouTube.

At the time of writing, shares in Camplify are trading 5.14% higher to $3.68. This puts the company’s share price approximately 27% below its 52-week high.

Camplify is a small-cap company with a market capitalisation of ~$117 million. Despite its small size, Benny Ou compares the ASX-listed marketplace to online rental giant, Airbnb Inc (NASDAQ: ABNB). A company that is roughly a thousand times larger in value than Camplify.

ASX-listed Camplify offers a solution to a problem

Going camping — it’s a great way to get away from it all and spend time with friends and family. For those that like to do one better than a tent, a caravan or campervan are the go-to options. However, these can cost tens of thousands of dollars — making for a significant barrier to ownership, and it makes it hard to justify if it sits unused for the majority of the time.

That’s where Camplify comes in… the company founded by Justin Hales offers a marketplace for RV rentals. This allows people to hire an RV on simple per-day pricing terms. Conversely, it provides a way for RV owners to make use of their underutilised RVs by renting them out.

While the RV rental business has been done before, Benny points out that ASX-listed Camplify has a key point of differentiation.

Ou says:

It has a digital platform, but it’s also capital light. By having this digital platform or sharing platform, it doesn’t require the cost to build or own these RVs. It doesn’t require or need to maintain rental locations, and you don’t need staff to actually be at these premises. This is in contrast to the traditional players, where they are very capital intensive.

Much like Airbnb, this business model delivers high levels of gross profit, which can be lucrative in the long term. Also in a similar fashion to Airbnb, Ou believes Camplify will benefit from network effects. As more RV owners join the platform, more hirers will be enticed by the broader selection. This is a large reason why Airbnb has successfully grown from two hosts in 2007 to 4 million hosts at present.

A reopening play

International travel is still yet to kick back into gear due to the lingering cases of COVID-19. However, this might bode well for a strong rebound in domestic tourism. Australians might be more prone to exploring the landscape on the doorstep via an RV as we are relinquished from local restrictions.

On this note, Ou highlighted the potential for ASX-listed Camplify, stating:

What we will be seeing is a lot of Australians spending a lot of their money domestically. We’ve heard there are about 200 billion dollars stockpiled by Australians that would have been spent overseas that’s going to obviously remain and spent domestically… domestic travel is still below the pre-COVID levels, so that leaves another runway of growth for it to go back to pre-COVID.

The company’s ability to deliver growth has already been demonstrated by its FY21 full-year results. Impressively, Camplify grew its gross transaction volume by 171% to $32.9 million year over year.

The opinions expressed in this article were as at December 2021 and may change over time.

The post Could Camplify (ASX:CHL) become the Airbnb of RVs? Here’s what Motley Fool analyst Benny Ou thinks appeared first on The Motley Fool Australia.

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• 2 ASX shares only just starting their growth

Motley Fool contributor Benny Ou has no position in any of the stocks mentioned. Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Camplify Holdings Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Fortescue Metals Group Limited (ASX: FMG) share price is rising as the resources giant’s green division called Fortescue Future Industries (FFI) continues to make progress on green locomotives. It’s up more than 1% at the time of writing.

A key purpose of FFI is to turn Fortescue’s operations greener and help it head towards net zero. The aim for Fortescue is to be carbon neutral by 2030 for both scope 1 and scope 2 emissions. It wants to stop using diesel across its mining fleets.

Locomotive progress

Fortescue Future Industries has said that its locomotive fleet’s decarbonisation is ramping up with the arrival of two more locomotives at FFI’s research and development facility in Hazelmere, Perth.

The two locomotives will go through further testing on the new fuel system, joining the first two which went through testing earlier this year.

Fortescue Future Industries aims to operate those trains completely on green ammonia and other green renewable fuels and technologies.

Earlier this year, the team achieved the successful combustion of blended ammonia fuel in a two-stroke locomotive.

Fortescue Chief Executive Officer, Elizabeth Gaines said:

The arrival of the additional locomotives allows FFI’s Green Team to expand their development.

Fortescue’s fleet of locomotives is a critical element in decarbonising our operations and through FFI we are investing in cutting-edge technologies to power the green mining fleet of the future.

What else is Fortescue Future Industries working on?

FFI’s team has been trialling technology in hydrogen, ammonia and battery power for trains, ship engines, haul trucks and drill rigs. It wants its trains, trucks and ships to be running on zero-pollution fuels as soon as possible.

Planning is underway to deploy a demonstration locomotive in Fortescue’s rail operations in 2022.

It has also signed various agreements and memorandums of understanding in countries like Canada, Jordan and PNG to consider green projects that can unlock new industries.

Fortescue Future Industries is being particularly active in Australia to find and fund projects that can create green heavy industry initiatives.

Just yesterday, it was announced that FFI and AGL Energy Ltd (ASX: AGL) have agreed to undertake a feasibility study to repurpose infrastructure at the Hunter Valley’s Liddell and Bayswater coal-fired power stations to generate green hydrogen from water, using renewable energy.

The Fortescue share price went up more than 3% yesterday.

FFI founder and chair, Dr Andrew Forrest, said:

FFI’s goal is to turn regional Australia into the global green energy heartland and create thousands of jobs now and so many more in the future.

Repurposing existing fossil fuel infrastructure with forward looking companies like AGL to create green hydrogen to help power the world, is the solution we have been looking for.

Green hydrogen is the only true zero-carbon, zero-methane fuel – every other type of hydrogen requires the burning of fossil fuels.

It is a practical, implementable solution that can collapse emissions and create strong economies worldwide.

The post Fortescue (ASX:FMG) share price rises amid green train progress appeared first on The Motley Fool Australia.

More reading

• Here’s why the Fortescue (ASX:FMG) share price is having a green day
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• Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) share prices hit by broker downgrade
• Why did the Fortescue (ASX:FMG) share price outperform its sector today?

Motley Fool contributor Tristan Harrison owns Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Antisense Therapeutics Limited (ASX: ANP) share price is rising on the back of positive investor sentiment on Thursday. This comes after the company provided an update on its application for ATL1102 with the United States Food and Drug Administration (FDA).

At the time of writing, the biotechnology company’s shares are up 5.56% to 19 cents.

What did Antisense announce?

Investors are driving up the Antisense share price today following news about an extended study of ATL1102.

According to its release, Antisense has submitted the protocol synopsis for a 9-month chronic monkey toxicology study to the FDA. This is expected to support the clinical dosing of patients with ATL1102 beyond 6 months for Duchenne Muscular Dystrophy (DMD).

As such, the company is hoping to receive feedback from the FDA on the protocol in the first quarter of 2022.

In June, the FDA provided clarification on the company’s Type C guidance meeting regarding the chronic monkey study and design of a Phase IIb/III trial.

The study will run for 52 weeks in the United States and will assess muscle strength among participants.

However, Antisense is considering taking the European Phase IIb/III data to the FDA to support a future marketing application.

Antisense hopes the information will be enough to get ATL1102 approved without further trials.

In addition, the FDA has previously granted a Rare Paediatric Disease Designation to ATL1102 for the treatment of DMD. Should its European trial be successful, Antisense could receive a rare pediatric disease priority review voucher from the FDA.

This is provided the company receives the green light for ATL1102 before 30 September 2026. If granted, it could sell the priority review voucher and use it as a source of non-dilutive capital. The value of these vouchers ranges from US$80 million to US$150 million.

About ATL1102 and the Antisense share price

Founded in 2000, Antisense develops and commercialises antisense pharmaceuticals for patients suffering from rare diseases.

Antisense is developing ATL1102, an antisense inhibitor of the CD49d receptor, for DMD patients.

Antisense recently reported promising Phase II trial results showing a significantly reduced number of brain lesions in patients with relapsing-remitting multiple sclerosis (RRMS).

Over the past 12 months, the Antisense share price has almost doubled, up 90%.

The post Antisense (ASX:ANP) share price accelerates 5% on FDA news appeared first on The Motley Fool Australia.

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• Irongate (ASX:IAP) share price halted amid cap raise and $156m property deals
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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As most investors would know, finding an ASX share that can beat the market is a hard enough task in itself. The goal of most investors is to outperform the S&P/ASX 200 Index (ASX: XJO) (or similar index) over time.

If you don’t, you’re left with the slightly awkward position of being better off investing in an index exchange-traded fund (ETF). So finding an ASX share that is a market beater, that’s one thing. But finding an ASX share that turns out to be a multi-bagger, that’s the Holy Grail!

So how does one find shares that can double your money a few times over?

That’s the question that Livewire Markets asked fund manager Luke Winchester, of small-cap focused Merewether Capital, in a recent interview. It makes for some interesting reading.

Expert tells us what to look for in a multi-bagger ASX share

So, Winchester tells Livewire that the first thing to look for is growth coming through ‘three levers’:

What you really want to find is that growth coming through, I guess, in three levers, which is the top-line revenue growth, but that’s also filtering through to margin expansion, which means the profits are growing faster.

But then what really drives those big multi-bagger moves is when the multiple the market is paying for the business expands as well.

We all like to assume a growing company will just ‘keep on growing’, but Winchester says that you have to keep your eye on the ball:

…my rule of thumb is to avoid looking too far into the future. Two to three years is where most people can get an accurate forecast. Beyond that, you’re probably crystal-ball gazing, particularly for a microcap, because these are volatile businesses.

Look for the slow burn

Winchester points out that many people look at Afterpay Ltd (ASX: APT) or Xero Limited (ASX: XRO) and want a quick repeat performance. But he says that most investors should lower their expectations:

Afterpay is the post child of that multi-bagger effect. The adoption of the product was so quick, and the share price and the business itself just exploded. That’s a once in a lifetime stock for people.

When I see people talk about the next Afterpay, or even the next Xero, which is a slower burn, I take a step back. They genuinely are once in a lifetime stocks for people if you did get in early and hold all the way.

My multi-baggers are probably much more boring than an Afterpay. It’s not that explosive growth. It’s not 10 bags in a few years. But it’s sustainable growth.

So there you have it. An expert’s opinion on how to find a multi-bagger ASX share. Not all of will be able to find the ‘next Afterpay’ or even the one after that. But there’s no harm in trying.

The post How to snare a multi-bagger ASX share: expert appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended AFTERPAY T FPO and Xero. The Motley Fool Australia owns and has recommended AFTERPAY T FPO and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Irongate Group (ASX: IAP) share price has been put in the freezer as the company undergoes a capital raise to fund its latest acquisitions.

The real estate investment trust (REIT) is purchasing a Western Australian industrial park and a 50% stake in a Victorian office building.

To pay for the acquisitions, the company has initiated a $50 million placement. While that’s happening, the Irongate share price is halted at its previous close of $1.66.

Additionally, the company has updated its guidance for financial year 2022.

Let’s take a closer look at what’s going on with the REIT on Thursday.

Irongate share price halted ahead of acquisitions

The Irongate share price is frozen today as the company undergoes a placement wherein new shares are offered for $1.55 a piece.

That represents a 6.3% discount on the company’s previous closing price.

The raised funds will partly go towards purchasing the stake in the office building for $130 million. Some will also go towards the industrial property’s $26 million acquisition.

The remaining costs will be funded using a new tranche of debt under Irongate’s existing syndicated debt facility. The facility is provided by Westpac Banking Corp (ASX: WBC) and Australia New Zealand Banking Group Ltd (ASX: ANZ).

According to the company, the acquisitions fall into its strategy of purchasing good quality industrial properties with strong tenant covenants and suburban office properties located near key infrastructure.

The industrial property – Bibra Lake – was built in 2015 and covers 16,861 square meters of lettable area across 8 warehouses. It’s located 16 kilometres south of the Perth CBD.

Irongate CEO, Graeme Katz commented on the property, saying:

We have been able to secure the property off-market at an acquisition yield of 5.8%, which provides an attractive spread to the eastern seaboard states, where industrial assets are currently commanding yields of 4.00% – 4.75%.

The office building – the Cremorne Property – is brand new and comprises 19,798 square metres of lettable area across 9 levels. It’s made up of office accommodation, ground floor retail, and 145 car parks.

It’s in Melbourne’s fringe office market, 2 kilometres south-east of the Melbourne CBD.

Commenting on the acquisition of the Cremorne Property, Katz added:

The Cremorne Property provides us with an opportunity to improve the overall quality of the portfolio in a market we are familiar with. The property was developed by Alfasi Group who will maintain a 50% interest in the property.

Guidance upgrade

The Irongate share price might also be commanding attention today following the company’s guidance upgrade for financial year 2022.

After the acquisitions, Irongate expects its funds from operations per security growth to be between 6% and 7%, in line with consensus.

Additionally, the company’s dividends per share are expected to grow from 2.5% to 3%. That represents the top end of its previously provided guidance.

Finally, Irongate’s pro forma gearing is expected to be approximately 34.3% following the acquisitions and placement.

That’s in line with its target gearing range of between 30% and 40%. That provides further debt capacity for committed development expenditure and further growth opportunities.

Right now, the Irongate share price is 28% higher than it was at the start of 2021. It has also gained 4% over the last 30 days.

The post Irongate (ASX:IAP) share price halted amid cap raise and $156m property deals appeared first on The Motley Fool Australia.

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• Domino’s (ASX:DMP) share price dips despite “important” milestone in Japan
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is suffering today despite the company reaching an “important” milestone in Japan.

The company is now the only pizza chain to have a national footprint in Japan. It now has stores in all 47 of the country’s districts.

At the time of writing the Domino’s share price is $123.33, which is 1.07% lower than its previous close.

Let’s take a closer look at today’s news from the pizza chain.

Domino’s share price slides on Thursday

Domino’s achieved this milestone by opening its 862^nd Japanese store – the first one in the Shimane district.

Domino’s also announced it is on track with its goal to have 2,000 stores in the island country by 2033.

Domino’s CEO and managing director, Don Meij, says the company has changed its approach in the Japanese market.

Meij commented:

Less than three years ago we operated 550 stores and were not present in more than 10 prefectures. We highlighted that our business model at the time did not allow us to reach some of these territories – that has now changed.

Asia-Pacific CEO, Josh Kilimnik, also commented on the company’s achievement, saying it is an “important milestone” and “another step on our way to building out the opportunity we have in Japan”.

Kilimnik says:

We know from looking across the retail and quick service restaurant market that most brands don’t get true national recognition until they have more than 1,000 stores, and we are well on our way…

What’s most important is what it means for our customers – we can now serve more people a hot, freshly prepared meal, safely, delivered fast, because we are closer to their homes.

The Domino’s share price is 40% higher than it was at the start of 2021. It has also gained 5% over the past 30 days.

The post Domino’s (ASX:DMP) share price dips despite “important” milestone in Japan appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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