Domino’s faces a risk of slowing sales. We expect same store sales growth (SSSg) to slow meaningfully over the next 12 months. While Domino’s has had strong sales and store openings, some of its sales gains are a result of COVID-19 lockdowns in our view. In Japan we expect SSSg to turn negative in 2022, this is the region that had the largest growth over 2020 and 1H of calendar 2021. As economies reopen, consumers will have other food choices.