We foresee enough levers of growth in Domino's like (a) Splitting urban stores (margin accretive), (b) Menu expansion (pizza variants and in-house beverages), (c) Shorter delivery time (20 min pilot underway), (d) Reimaging stores to combat slowdown in dine-in and (e) Loyalty program (winning strategy in Domino's US). We believe these benefits will begin to reflect from 2HFY20 at a time when base for SSG starts moderating. Recent stock correction provides a good entry point. JFL performance was weak owing to moderation in discretionary spend, a heavy base (26% SSG) and aggressive A&P; spends (>12% YoY). We cut our estimates by 3% to factor 1Q miss and moderation in 2Q SSG but maintain our estimates for 2HFY20 (supported by price hikes and recovery in macros). Near-term headwinds provide a great opportunity to buy. We value at 46x on Jun-21 EPS, arriving at a TP of Rs 1,778. Maintain BUY.