Domino’s Pizza (DPZ) reported strong Q1 results yesterday including high free cash flow (FCF) margins at almost 10% and 8% FCF growth Y/Y. This makes DPZ stock look undervalued even after its recent surge. Moreover, out-of-the-money (OTM) put options are worth shorting for income. DPZ stock is at $531.15, up from $477.93 last week when I wrote about the company in my April 23 article, “Domino’s Pizza Looks Cheap Ahead of Earnings Results on Monday.” I estimated that DPZ stock was worth $598.00 per share based on 10% FCF margins during 2024. So, at today’s price, DPZ stock is still 12.5% underv…