Papa John's International Inc

PZZA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$36.00	Rslqzzb	Qgnsbzgdb

Papa John's Earnings: Still Some Upside After Development and International Woes Send Shares Reeling

Sean Dunlop

Nov 2, 2023

Narrow-moat Papa John's posted tough third-quarter earnings, with pressure in its recently acquired U.K. stores and unit growth softness sending shares spiraling (down 4%-5%). We expect to lower our $76 fair value estimate by a mid-single-digit percentage after mulling over results, leaving shares trading at about a 15% discount to our revised valuation.

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