Domino’s Pizza Group PLC (DPZ, Financial) is the master franchisee of the Domino’s Pizza brand in the U.K., Ireland and other European countries. The company entered continental Europe with the goal of replicating its success in the U.K. When its share price corrected substantially due to lack of progress in Germany, we built a position on the belief that the market had overpenalized it for the weakness in Germany and that its business there would make progress. During the third quarter, the company reported earnings that demonstrated a solid turnaround in Germany. (Kyuhey August)
From Baron Funds' Baron International Growth Fund shareholder letter for third quarter 2015.
