Dollar General Corporation (DG)

Industry: Discount Stores Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
WMT	1	Walmart Inc.	703,061	35.22	34.18	19.17	18.77	32.15	28.22
0I47.L	2	Costco Wholesale C	280,391	47.39	41.59	27.68	24.58	38.53	31.57
TGT	3	Target Corporation	105,242	11.20	11.23	6.93	6.93	15.39	13.10
WALMEX.MX	4	Wal-Mart de Méxic	55,699	19.40	17.71	10.90	10.17	13.59	12.56
DG	5	Dollar General Cor	42,118	17.00	19.52	12.66	13.46	21.71	21.99
BJ	6	BJ's Wholesale Clu	21,160	20.13	18.40	12.97	11.96	16.29	16.19
139480.KS	7	E-MART Inc.	19,582	-	-	3.13	2.43	20.35	42.97
DLTR	8	Dollar Tree, Inc.	18,961	-	-	14.29	14.90	18.05	16.53
7532.T	9	Pan Pacific Intern	14,433	32.71	29.09	17.40	15.53	24.03	17.11
PCO.WA	10	Pepco Group N.V.	8,433	-	-	7.15	7.15	-	-
2651.T	11	Lawson, Inc.	7,088	19.49	16.98	5.27	3.84	15.45	15.79
DMART.BO	12	Avenue Supermarts	7,070	106.95	85.53	65.32	51.19	34.36	29.82
141A.T	13	Trial Holdings Inc	6,048	37.77	37.77	16.07	16.07	31.47	30.35
FIXP.IL	14	Fix Price Group PL	5,401	4.39	4.39	1.87	1.87	3.92	2.88
PSMT	15	PriceSmart, Inc.	5,270	21.81	19.20	11.17	10.25	15.00	11.98
DOL.TO	16	Dollarama Inc.	4,851	41.57	35.15	29.83	25.83	29.64	26.66

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	20.97	18.80	11.17	10.25	17.17	16.36
Full Range Median Multiple	27.26	24.14	12.97	11.96	19.20	16.82
Industry Multiple	33.17	29.27	16.61	14.76	22.02	21.12
Market Implied Multiple	25.63	29.43	16.43	17.47	28.18	28.54
Company (DG) Multiple	17.00	19.52	12.66	13.46	21.71	21.99
(*) Net Income / EBITDA / Revenue	1,277	1,112	2,921	2,749	1,703	1,682
Winsorized Enterprise Value	N/A	N/A	32,630	28,175	29,250	27,514
Full Range Median Enterprise Value	N/A	N/A	37,901	32,877	32,708	28,289
(-) Net Debt	15,268	15,268	15,268	15,268	15,268	15,268
Winsorized Equity Value	26,785	20,913	17,362	12,907	13,982	12,246
Full Range Median Equity Value	34,819	26,857	22,633	17,609	17,440	13,021
(/) Shares Outstanding	220	220	220	220	220	220
Winsorized Fair Value	$121.69	$95.01	$78.88	$58.64	$63.52	$55.63
Full Range Median Fair Value	$158.19	$122.02	$102.82	$80.00	$79.23	$59.16
Current Price	$148.74	$148.74	$148.74	$148.74	$148.74	$148.74
Upside / Downside	-18.19%	-36.12%	-46.97%	-60.58%	-57.29%	-62.60%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$85.18	$66.51	$55.22	$41.05	$44.47	$38.94
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy