Read an investor analysis on Domino's UK, very interesting. Their shares are trading at more than 10 times EBITDA and are growing at around 20% in a time of recession, so a hot stock these days indeed. But really interesting thing is, what this means for Just-Eat. We are in the UK groing 200% p.a., has a much wider choice of restaurants (not only Domino's pizza, but all kinds of pizza, indian, chinese, thai, italian, sushi, etc.) and a more scaleable economic model!. We must be on to something! A bit funny: they say in the report (from Numis), that the delivery part of the takeaway market is only GBP 1.5 bn. Well, I guess that is what the tax man sees. The reality is, that the market is much bigger, because a large chunk of the market is based on a cash economy the tax man never sees. Has always been like that, and is so in all countries. How big it is in reality, I don't know, but it is probably closer to GBP 2.5 bn. All the small, dynamic restaurant entrepreneurs often cook much better takeaway food than Domino's and the other big chains, and since they have the "cash economy" advantage (whether we like it or not), then they are very competitive. And they always will be. There is a reason for Domino's only having 550 Quick Service Restaurants (QSR's) out of close to 25.000. The huge underwood of hard working and creative QSR's and smaller chains will always be dominating the takeaway landscape.

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