It’s not an either/or question. It could be both. It depends what you want to invest in.
DOM is a master franchise and overseas operations in the UK, Ireland, the Nordic countries, Switzerland, and a stake in German Domino’s. The Nordic market has been a bit of a disaster though, but they’re selling those parts, so it should be a more stable business once that’s fully finished since the UK and Ireland part does really well.
DOM pays fees to DPZ (around 3% of revenue), so buying DPZ indirectly gets you exposure to DOM, albeit tiny. But there’s also the currency risk with buying DPZ, and also the risk of other markets dragging down performance: DOM’s largest master franchise is India, and the US market is very competitive.
So the question is where do you see growth in Domino’s. In the UK, Ireland, Germany, or in the US and other countries? It could even be both.
DPZ’s growth has been really good historically: since 2010 it’s outgrown the big tech names by a significant margin. Meanwhile DOM has a larger dividend yield.