Source: lincolnshirelive.co.uk.
Background
It has been over one year and a half since we first covered Domino's Pizza UK (DPUKY) (DPUKF) last march. During the period, the UK-listed share (ticker DOM.L) underperformed the benchmark, as you may notice below.
Source: Yahoo Finance; data as of 11/11/2019.
The underperformance intrigues us in finding out the root causes at the business quality level and reviewing our original long-term investment thesis on Domino's Pizza UK.
Financial Review
According to Morningstar below, ROA has been trending down since 2016, driven by the deterioration of