We upgrade JUBI to BUY. Drivers of our optimism are (1) loyalty program potentially driving higher order frequency (~15% of Domino’s customers account for ~56% of revenues – a classic marketing case of heavy-user dependency - which is good, in our view), (2) continued network expansion ahead of competition, (3) likely positive surprise in Popeye’s execution and ramp-up (consensus may start ascribing option value by FY24e), (4) lower incrementalimpact from fortressing (splitting of stores) strategy and (5) 24% underperformance vs Nifty over last 12 months.