Domino’s Pizza, the delivery firm, has reached an inflection point in its maturity profile, according to a leading analyst. Wayne Browns at Collins Stewart said that the group’s organic rates of growth are slowing and its customer base is under pressure. He said: “The shares are discounting four-years of growth which leaves them exposed ahead of what could be a disappointing January update.” Collins said that despite the increased risk profile, there were a number of positive catalysts/strategic options at the group’s disposal. He said: “It could increase its roll-out from 60 new stores to 75-80, it could acquire smaller operators in Germany to more rapidly build scale, and it could increase investment behind three key LFL sales drivers in the UK: innovation, e-commerce, and provide greater support to franchisees and invest more heavily behind brand awareness. “In our view, management are likely to re-energise the strategy at the time of the prelims in Feb, which should lead to a positive re-appraisal of medium to long term forecasts. If this occurs we see upside of 30% versus the 16% suggested by our 460p target. However, failure to do this is likely to see the shares continue to de-rate.”