Chain pizzeria Domino's Pizza (NYSE: DPZ) has been a surprisingly successful stock for some time now. Share prices are up more than 2,300% since 2010 despite the fact that they trade near their 52-week low today.

The stock is down 45% from its peak, its most significant drawdown since the Great Recession. Is this an opportunity to pounce on this multi-year winner, or is the stock falling for good reason? Keep reading to find out what's cooled off Domino's Pizza and why investors should scoop up shares before they heat up again.

It's lazy to say a stock is cheap just because the share price fell. The stock could be more expensive than before if the fundamentals deteriorated. From a valuation standpoint, Domino's has taken quite a haircut. Shares trade at a price-to-earnings ratio (P/E) of 23, a notable gap below its long-term average of nearly 34.

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Source Fool.com